This Week's Boston Deal Sheet
Trammell Crow Residential closed a construction financing deal for a new apartment complex in Waltham, it announced Tuesday.
The Texas-based developer is building a 210-unit, five-story apartment project branded Alexan Waltham at 73 Pond St. Construction has already begun and is planned to be completed in the summer of 2025.
“This project is another example of TCR’s strategy to invest in high-growth areas across the U.S.,” Andy Huntoon, managing director of the Northeast division of Trammell Crow Residential, said in a statement. “We continue to be active in the Greater Boston area and look forward to working with our partners and the City of Waltham to provide much needed and desirable housing to the area.”
The complex will include studio, one-, two- and three-bedroom units ranging from 650 SF to 1,400 SF. The apartment building will be in Waltham's downtown, near dozens of restaurants and a short distance from the Waltham commuter rail stop.
LEASES
Tapas chain Boqueria this week announced a Sept. 12 opening date for its new restaurant in the Seaport District. The restaurant signed a lease last year at the former One Kings Lane space at 25 Thomson Place, Eater reported. The chain will join Bartaco and health food chain DIG. Boqueria has other locations in New York, Washington, D.C., Chicago, Nashville and another location to open in Philadelphia next year.
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Danish toymaker Lego signed a lease to move its new Americas headquarters into Samuels & Associates' P12 development. Lego will take on over 100K SF across five floors in the development's 20-story office and lab building. The toymaker will join CarGurus, which signed a 15-year lease for 11 floors totaling 275K SF in 2019. The 655K SF air rights project also includes a 150K SF CitizenM hotel.
FINANCING
Forbright Bank used its Housing and Urban Development lending platform to provide a $6.4M loan to Willow Apartments, a 44-unit affordable housing complex in Lynn. The loan will help pay off the apartment's existing mortgage, fund repairs to the building and provide cash out to the borrower. The loan was funded by the Department of Housing and Urban Development's Multifamily Acquisition and Refinancing program.
PERSONNEL
Cushman & Wakefield hired Patrick Cheeseman as the firm's senior managing director and client solutions lead for Presence by Cushman & Wakefield, which gives landlords and investors a tool to engage with building employees and retain tenants. In his new role, Cheeseman will lead operations and push for advancements on the firm's asset services and tenant experiences platform as well as the Presence platform.
Prior to this new role, Cheeseman most recently served as managing director of Americas consulting at CBRE. He also helped to build the firm's experience services product team.
CONSTRUCTION & DEVELOPMENT
Gibson Sotheby's International Realty listed a 1.3-acre parcel near Tufts University that has by-right entitlement for a 250K SF lab development. The project site is on Boston Avenue in Medford. The site is near the Green Line and has access to both I-95 and I-93. Gibson's Kenneth Leva listed the project.
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King Street Properties celebrated the topping off of its $915M, 585K SF Allston Labworks development alongside Consigli Construction Co. The mixed-use development includes 500K SF of labs, 35 apartments, a working studio and gallery space, ground-floor retail and a Learning Lab space run by BioBuilder Education Foundation. King Street broke ground on the project in October 2022.
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Boston-based V10 Development filed plans for Rivergreen Park, which is to consist of 591 units across three five-story multifamily buildings in Everett. In addition to the 830K SF development, part of the 25-acre site would be devoted to a 14-acre public riverfront path and park.
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Hawkins Way Capital and Värde Partners filed plans to permanently convert 250K SF of the 1.1M SF Sheraton Boston Hotel into student housing for Northeastern University. The owners plan to redevelop 428 rooms of the hotel's south tower into a dormitory that would accommodate 854 students.
The team also plans to repurpose the hotel's ground-floor retail area and third-floor hotel area into 18K SF of student amenities, including a lounge, laundry room and fitness center. The joint venture acquired the 1,220-room hotel for $233M in February 2022.
