This Week's Boston Deal Sheet
Lena New Boston and 2Life Communities filed plans Friday for a new 265-unit multifamily development on the site of the former Boston State Hospital in Mattapan.
The 260K SF development, branded as Olmsted Village, would include six buildings across three different housing communities: Brooke House, Treehouse at Olmsted Village and another community of mixed-income homeownership opportunities. The proposal, filed as a letter of intent with the Boston Planning & Development Agency, was first reported by Dorchester Reporter.
In 2019, the state issued a request for proposals for the redevelopment of the 10-acre site. In 2021, the Department of Asset Management and Maintenance designated Lena New Boston and 2Life Communities as development partners for the project.
The RFP was the last in a series of redevelopment projects on 42 acres of land spread across Dorchester and Mattapan, including the Olmsted Green residential community, which is adjacent to the new project.
SALES
Electra America Hospitality Group acquired the historic Loews Boston Hotel for $116.6M. In a joint venture with AKA, the 225-room hotel will be renamed AKA Back Bay, the hospitality group's first hotel in the city. Before it was Loews Boston Hotel, the property served as the Boston Police Department's headquarters until 1990.
JLL secured financing for the acquisition. The firm’s Jeffrey Davis, Alan Suzuki, Matthew Enright and Noelle DesLauriers represented the seller, while Kevin Davis, Barnett Wu and Jonathan Schneider represented EAHG and AKA.
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New Heights Charter School of Brockton has acquired the building that it previously leased. With the help of MassDevelopment and BayCoast Bank, the school obtained a $6.7M tax-exempt bond to buy the property at 1690 Main St. The 58K SF building, formerly occupied by Verizon, had been leased by the school since 2016.
The school serves 735 students in grades six through 12. The school’s charter was renewed last year and is effective through June 30, 2026.
FINANCING
A joint venture between Redgate and AEW Capital Management secured an $82.2M loan for a planned office-to-lab conversion in Bedford, according to the Boston Business Journal. The joint venture acquired the property at 14 Oak Park Drive, the former headquarters of Progress Software Corp., for $27M in April. Cushman & Wakefield’s Tom Sullivan and Ross Fishman arranged the financing, which was provided by Ares Management.
The 166K SF building is the second conversion the joint venture has launched in Bedford. The first, in partnership with Optimum Asset Management, was the conversion of a 288K SF facility at 100 Crosby Road that the trio acquired for $47.5M last year.
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MassHousing has closed on $40.8M in financing for Pac10 Lofts, a 180-unit apartment project in Lawrence. Reed Community Partners LLC, the developer behind the loft apartment complex, transformed a section of Pacific Mills textile complex into new mixed-income housing, including 40 workforce housing units. Pac10 Lofts is already completed and is expected to be fully leased by the end of this year.
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Jones Street Investment Partners secured $53.4M in financing for its 149-unit development at 35 Braintree St. near Boston Landing in Allston. The project broke ground in April and is expected to be completed in August 2023. Seventeen of the units will be designated affordable, including six for artists.
Boston Realty Advisors’ Nicholas Herz represented Jones Street Investment Partners. The loan was provided by Cambridge Savings Bank and Barings.
CONSTRUCTION AND DEVELOPMENT
Davis Cos. unveiled its plans for the 95-acre former ExxonMobil fuel tank farm in Everett, the Boston Globe first reported. The Boston-based developer laid out two potential scenarios for the multiparcel development. The first would total 2.4M SF, including 980K SF of multifamily, 350K SF of industrial space, 1M SF of high-tech manufacturing and 45K SF of retail. The second plan would total 4.7M SF, including 1.7M SF of housing, 1.4M SF of lab space, 780K SF of manufacturing and 57K SF of retail.
The project will require approval of tax incentives to offset environmental costs and rezoning to add height above the existing 45-foot limit. The Davis Cos. reached an agreement to buy the site in June.
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Lee Kennedy Co. has started construction on Boston-based sportswear brand NOBULL’s 86K SF headquarters at THE BEAT on Morrissey Boulevard. NOBULL will be the first major tenant in the redevelopment, according to a press release. The headquarters is being designed by Studio Luz Architects.
THE BEAT, at 135 Morrissey Blvd., is a 695K SF mixed-use redevelopment of the former Boston Globe headquarters. The project includes light industrial, creative office, technology, life sciences and retail spaces.
