This Week's Boston Deal Sheet
National Real Estate Advisors, Cathexis and The HYM Investment Group secured a $150M construction loan for the apartment building in the first phase of the Suffolk Downs mixed-use project in East Boston and Revere.
The project, branded as Amaya, is a 475-unit, 415K SF multifamily building. The financing was provided by Ullico, a labor-owned insurance company, and was secured by JLL.
“We are honored to have had the opportunity to arrange construction financing for Amaya, the first of many developments within Suffolk Downs. Ullico immediately recognized the strong attributes of this proposed development including its design, quality and strength of the sponsorship team," Riaz Cassum, executive managing director at JLL, said in a release.
The development trio broke ground on Amaya along with 100 Salt St., a 280K SF life sciences building, in May. Both buildings are set to be completed in 2024.
The projects are part of the redevelopment of Suffolk Downs, a 161-acre former horse racing track. The project is planned to bring 16M SF of development including a mix of apartments, condos, senior housing and affordable housing, plus life sciences space and retail.
SALES
The Wesleyan Building, an office building near Copley Square, sold for $19.5M from an affiliate of Abraham Properties to a partnership that includes an affiliate of Chevron Partners, according to Massachusetts land records.
The Wesleyan Building is located at 581 Boylston St. and is eight stories tall and 43K SF. The office building was built in 1912 and renovated in 1987, according to LoopNet. The property also features ground-floor retail, including a New Balance store.
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CBRE brokered two property sales in Worcester during the last week, the brokerage announced in separate releases. The first property was ReNew Tatnuck Square, a 120-unit apartment community that sold for $26.7M to Arrowpoint Properties. The second was 9 Hemans St., a development site approved for 210 apartments that sold to SMC Management Corp. for $5.5M, according to property records.
ReNew Tatnuck Square consists of five three-story buildings in Tatnuck Square. 9 Hemans St. is a fully amenitized five-story building in a designated opportunity zone. CBRE's Simon Butler, Biria St. John and John McLaughlin represented the buyers and sellers — FPA Multifamily LLC and Boghos Properties c/o 9 Hemans Street LLC — in both deals.
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Cabot, Cabot & Forbes and Equity Residential bought a 24-acre site at 200 Quannapowitt Parkway in Wakefield for $30M. The developers have permitted the property to become a 440-unit waterfront apartment community. The property lies at the northern end of Lake Quannapowitt and is home to many seasonal outdoor activities like sailing, biking and windsurfing.
Denenberg Realty Advisors President Neil Denenberg negotiated the off-market sale and represented both the buyers and the seller, Waterstone Wakefield LLC.
LEASES
Private equity firm HarbourVest Partners signed an 11-story, 250K SF lease at the 36-story One Lincoln office tower in the financial district. The lease coincided with Fortis Property Group closing on a $1B-plus refinancing deal, which it will use to invest more than $200M in upgrades into the building.
The lease is nearly double the space the firm currently occupies in One Financial Center, according to the Boston Globe. HarbourVest will occupy the top four floors and another seven floors in the building. The financing was secured with MSD Partners, according to Bloomberg. This financing will be used to repay existing debt and provide renovations, including the lobby, food service space and amenities.
EXECS
John Nasca has joined Lee & Associates as executive director to lead its Boston capital markets team, the firm announced last week. In this role, Nasca will manage all aspects of sales transactions for the firm. Over his career, Nasca has executed more that $2B of office, industrial and life sciences deals in the Greater Boston area.
He brings with him 10 years of experience in capital markets. Prior to Lee & Associates, Nasca was the vice president on Colliers' capital markets team and an associate for JLL's Capital Markets team.
CONSTRUCTION AND DEVELOPMENT
The Boston Planning & Development Agency pushed back a proposed lab conversion project in the city's Fort Point neighborhood, stating that further discussion about the safety of the lab in the residential area is needed. BPDA Director Arthur Jemison also announced a "labs action agenda," which will establish guidelines for lab development in the city moving forward, according to the Boston Globe.
The developer, GI Partners, proposed a lab conversion of an existing 97K SF office building at 57 Melcher St. Concerns arose about the lab sharing walls with neighboring condos, although the developer reassured residents of the safety of the lab.
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The Peebles Corp. revealed new details and a rendering of its massive air rights project, Parcel 13, in the Back Bay. The developers filed a project notification form with the Boston Planning & Development Agency that outlined a 422K SF building with 300K SF of labs and 125 affordable apartments.
The lab building will stand at 12 stories and 178 feet, while the residential section will have 10 stories and rise 120 feet. The firm is also considering making the project gas-free, including the lab component.
