This Week's Boston Deal Sheet
New Balance's development arm has proposed a new six-story condo project near the footwear company's Boston Landing campus in Brighton.
NB Development Group filed a letter of intent with the Boston Planning & Development Agency for a 79K SF, 78-unit condominium project at 131 North Beacon St. The development is also proposed to include 2K SF of ground-floor retail and 43 parking spaces for residents.
The one-story building currently on the site is occupied by a single tenant, Ambit Creative Group.
A two-minute walk from NB Development Group's major Boston Landing project, the condominium project is part of a wave of development that has flooded the North Beacon Street area of Brighton. The Boston Landing development consists of New Balance's 250K SF corporate headquarters as well as hotel, residential, lab and office space.
Three doors down, IQHQ proposed a 150K SF lab development in April at 103 North Beacon St. The developer plans to redevelop a one-story property that was the former home of local liquor store Marty's, the Boston Business Journal reported.
SALES
International investment company BlackRock bought a 350-unit luxury apartment building in Concord for $156M, according to public records. The Prescott at Concord was built in 2012 by Mill Creek and consists of 302 apartment units and 48 townhomes. CBRE’s Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller and buyer in the deal.
LEASES
Pembroke signed two new leases at its Seaport West and East buildings. Data and analytics consulting firm Cervello Inc. signed a five-year, 12K SF lease at Seaport West. Energy company Citizens Energy Corp. signed a 10-year, 7K SF lease at Seaport East. The two buildings are part of the firm's bigger revitalization project of the Commonwealth Pier, a 2.2M SF mixed-use development that also features the Seaport Hotel.
FINANCING
MassDevelopment issued $232M in tax-exempt sustainability bonds to Boston Medical Center. The medical center will use the bonds to finance multiple projects, including the renovation and expansion of its primary care campus in the South End. The financing will help BMC achieve its goal to become net-zero carbon by 2030. The expansion will include adding 70 new inpatient beds.
This is the first medical institution to which the agency has issued sustainability bonds, but in August it gave Harvard University $208M in green bonds to help it refinance three sustainable university buildings in Boston and Cambridge.
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Rise closed on financing for its $200M life sciences development in Medford. The development will be on the site of a vacant parcel at 4054 Mystic Valley Parkway and will include a 311K SF building with ground-floor retail, below-grade parking, indoor bike storage and a landscaped public plaza. Newmark's Dave Douvadjian Sr. and Harrison Zucco arranged the financing for the development.
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MassDevelopment provided $11.3M in financing for the conversion of a downtown Attleboro mill property into 43 market-rate units. Developer Jonathan Cozzens is leading the development team in charge of redeveloping the site at 54 Union St., the former home of Pcraft Jewelry. HarborOne Bank also provided financing.
PERSONNEL
John Dolan was appointed managing director to oversee Avison Young’s New England region, including its offices in Boston and Hartford. In the new role, Dolan will be responsible for talent recruitment, client services and business development opportunities. He succeeds Tom Collins, who retired from the firm as principal and managing director. Dolan joined Avison Young in 2021 as a principal.
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Sujit Sitole was appointed as senior vice president of the Grossman Development Group. Before joining the firm, Sitole was a principal with Cambridge West Partners. He brings 17 years of real estate experience, also holding roles with The Noannet Group, Long Wharf Capital and the Fidelity Real Estate Group.
CONSTRUCTION & DEVELOPMENT
Toll Brothers proposed a 244-unit apartment building in Newton at 528 Boylston St., according to filings with the city. The proposal was submitted under Massachusetts' 40B law, the state's affordable housing development requirement, and 25%, or 61 units, would be reserved for households earning up to 80% of the area median income. The property holds a landscaping laydown area, two two-family homes and vacant land.
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On Tuesday, Boston officials and affordable housing leaders celebrated the opening of The Loop at Mattapan Station, a 135-unit mixed-use development next to Mattapan's trolley line station. The development includes 10K SF of ground-floor retail occupied by grocery store the Daily Table. The housing community was developed on a vacant MBTA parking lot next to the trolley stop and is also a block away from the Mattapan Square commuter rail stop. Mayor Michelle Wu and Lt. Gov. Kim Driscoll were in attendance.
