This Week's Boston Deal Sheet
MassDevelopment issued a $129M tax-exempt bond to 2Life Communities for a new senior housing development in Newton, the developer's third campus in the city.
The 174-unit apartment building, dubbed Opus Newton, will be designated for residents 62 and older. Nine of the apartments fall under the city's inclusionary zoning requirement and will be restricted for households earning up to 80% of the area median income.
2Life broke ground on the development in March, and nearly every unit was pre-sold. The development made news for its unique cost-cutting solutions for housing middle-income seniors in Greater Boston.
Opus Newton will include 112 one-bedroom units and 62 two-bedroom units. Amenities in the building include a library, café, game room, convenience store, art room and fitness studio.
MassDevelopment CEO Dan Rivera said in a release the proposal is an “innovative solution” to Massachusetts’ housing shortage.
“This new housing development will provide middle-income seniors with an opportunity to downsize and age in community at a vibrant independent living environment,” he said.
2Life has developed six apartment communities and almost 1,300 apartment units in Newton, Brighton, Brookline and Shirley.
SALES
Long Wharf Capital LLC and Newton Crosspoint Associates acquired the Twin City Shopping Center in Leominster for $24M, the Boston Business Journal reported. The partners bought the property from Leominster-based Geronimo Commercial Properties. The 226K SF property includes a 65K SF Hannaford Supermarket, Planet Fitness, Bob's Store and Buffalo Wild Wings.
LEASES
Global architecture firm HOK moved into a new studio in Boston's Leather District neighborhood. The office at 129 South St. will be led by Senior Regional Practice Leader Tom Grimble. The firm has studios in 26 cities internationally, including 17 in the U.S.
CONSTRUCTION & DEVELOPMENT
The Boston Planning & Development Agency approved two new developments totaling 201K SF and 118 residential units on Thursday. Of the new units, 65% will be designated as income-restricted. The board approved 900 Morrissey Blvd., a 99-unit, 100% income-restricted housing development to support formerly homeless residents in Dorchester, and 3390 Washington St., an 82-unit mixed-use development in Jamaica Plain.
The BPDA also approved updates to development projects that include 4-18 Cheney St., 375 Cummins Highway, 88 Black Falcon Ave. and 2 H St. The planning guide, PLAN: Mattapan, was also approved by the BPDA and proposes recommendations for new development and growth in the neighborhood.
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Erland Construction completed its Hancock Village residential community that includes 211 apartments in Brookline. The project has 11 townhomes as well as four-story and six-story apartment buildings. The development sits on 80 acres and consists of 350K SF. The project also includes a 25K SF community center home to the leasing offices, a fitness center and a café.
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The Community Builders held a groundbreaking ceremony for the redevelopment of the Mildred C. Hailey Apartments in Boston's Jackson Square neighborhood. The six-story, two-building project at 2 and 6 Lamartine St. will include 223 affordable and moderate-income units.
The development will also include a new Anna Mae Cole Community Center and ground-floor retail. The developer, along with Jamaica Planning Community Development Corp. and Urban Edge, have partnered to redevelop the public housing site in guidance with the Boston Housing Authority.
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Boston-based Port One Cos. began construction on its 500K SF industrial project in Hooksett, New Hampshire. The new building at 47 Hackett Hill Road will be able to accommodate a single or multiple tenants. The development is targeted to deliver in early 2024. Newmark's Brian Pinch and Richard Ruggiero will act as the development's exclusive leasing advisers.
PERSONNEL
Rob Byrne has joined CBRE as the leader of its Boston-area industrial leasing team. Byrne spent the last five years at Cushman & Wakefield, where he led the firm's Boston industrial team. Byrne finalized over 50 leases and sale deals in each of the last 10 years. Prior to working at Cushman & Wakefield, Byrne worked at Transwestern for four years and Richard Barry Joyce & Partners for eight years.
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Samuels & Associates added two senior leaders to its human resources and accounting departments. Piero Mendiguetti was named vice president of human resources, and Mike Levesque became vice president of accounting.
Mendiguetti, a native of Peru, has a decade of experience in human resources, most recently as the human resources director for the Barkan Cos. Levesque previously held accounting roles in the hospitality industry and will oversee accounting, analysis and reporting for the firm's portfolio.
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Karen Cutone has joined Redgate as senior vice president of higher education. Cutone brings over 20 years of experience in real estate planning to her new role, which she will use to grow the firm's higher education portfolio. Prior roles Cutone held include director of real estate development for the Harvard Allston Land Co. and director of real estate development for Boston University.
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Bialow Real Estate has appointed Andrew Jaffe and Andrew Mahr as partners. Jaffe joined the firm in 2012 and has helped to expand its New England presence. Mahr oversees most of the company's national tenants, including Indochino, Pet Supplies Plus, Sleep Number and Goldfish Swim School.
