This Week's Boston Deal Sheet
MassDevelopment issued a $32.5M bond for the renovation of 94 units of public housing in Ipswich.
The Ipswich Housing Authority and Harborlight Homes received the bond to renovate and modernize the Agawam Village complex. The community consists of 80 one-bedroom, four two-bedroom, eight three-bedroom and two four-bedroom units.
The renovation will include roof and window replacements and upgrades to mechanical, electrical and plumbing systems. The team said its plans won't permanently relocate or displace any existing residents.
“This project will make an enormous difference in the lives of our residents and will also help to preserve one of the most important resources in our community,” Ipswich Housing Authority Executive Director Kate McGuire said in a statement. “We are so grateful for the support we have received from our many community partners in this project, including MassDevelopment.”
MassDevelopment and the Massachusetts Department of Housing and Community Development also helped the team secure $20.1M in federal Low-Income Housing Tax Credit equity for the project.
SALES
Weston resident Ali Lofti bought the 400 Crown Colony Drive office building in Quincy for $5.5M, the Boston Business Journal reported. Lofti acquired the seven-story, 119K SF office building in an online auction with a $2.5M starting bid. The 36-year-old building last traded when it was sold by CW Capital to UBS for $18M in 2005. It was the former home of the Patriot Ledger newspaper.
LEASES
Two life sciences companies signed leases in Waltham and Woburn totaling 11K SF, the Boston Real Estate Times reported. Blue Martin Laboratories leased 5K SF at 100 Trade Center in Woburn, a building owned by Cummings Properties. R.W. Holmes' Mike Ogasapian represented the tenant, and Cummings Properties' Mike Truesdale brokered the deal on behalf of the landlord.
Quantum Diamond leased 6K SF at 1466 Main St. in Waltham. R.W. Holmes' Elizabeth Holmes and Dean Blackey represented the landlord, Legacy Real Estate Ventures, and Lincoln Properties' James Tambone represented the tenant.
FINANCING
Fortis Property Group received an $85M bridge loan secured by the unsold condominiums in its 168-unit The Parker Tower. A partnership of Gatehouse Capital Partners, Fort Amsterdam Capital and Crayhill Capital Management provided the loan, collateralized by the 102 condos and one retail unit at the luxury building.
Fortis put additional equity into the property to secure the inventory loan, which will pay down the in-place construction loan, fund the final pieces of construction and provide runway to sell out the remaining condos.
CONSTRUCTION & DEVELOPMENT
Hood Park LLC, Catamount Management Group, Lee Kennedy Construction and Trademark Partners are scheduled Tuesday to celebrate the topping off of 100 Hood Park Drive, a five-story, 186K SF lab building in Charlestown. The event will mark the completion of vertical construction on the project.
The development will serve as the anchor of Hood Park, a 20-acre campus that is planned to include 1.8M SF of office and lab space, 100K SF of retail and 335 residential units when completed. The campus has 598K SF built out with another 180K SF set to deliver in 2024, according to its website.
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Greystar began moving in its first residents at the Mason in Everett. The 330-unit apartment community is the developer's first of three residential developments to open in the fast-growing city. The development includes 400 parking spaces and 5K SF of ground-floor retail.
Other amenities include a fitness center, yoga studio and courtyard pool. The apartment building has access to the Chelsea MBTA station. When all three developments are completed, they will generate $730M in investment to the city and over 1,900 housing units, the developer said.
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Boston Medical Center and a coalition of community organizations are planning to build over 400 units of supportive housing at the Lemuel Shattuck Hospital. The state chose the group after issuing a request for proposals last year. The project is expected to cost $543M, including $207M from the state.
The coalition partners include Bay Cove Human Services, Boston Healthcare for the Homeless Program, Health Care Resource Centers, Pine Street Inn, Victory Programs, The Community Builders and the Jamaica Plain Neighborhood Development Corp.
CORRECTION, JUNE 27, 3:50 P.M. ET: A previous version of this story incorrectly stated 100 Hood Park Drive's address and height. The story has been updated.
