This Week's Boston Deal Sheet
The owner of Hotel Commonwealth, a landmark hotel in Kenmore Square that traded hands at the height of the pandemic, has secured an $84M refinancing deal.
Barings provided the loan to owner Ohana Real Estate Investors, with JLL brokering the deal, the lender announced Tuesday morning.
Ohana bought the property in December 2020 for $113M from Xenia Hotels & Resorts. The property sold at a $23M loss from what Xenia had paid four years prior, the Boston Globe reported at the time.
The hotel was renovated and expanded in 2014 and 2015. The hotel has 245 rooms, with 75 of them offering views of Kenmore Square and Fenway Park. It also has 12K SF of meeting space.
The hotel had faced hard times earlier in the pandemic, with restaurants Eastern Standard, Island Creek Oyster Bar and the Hawthorne closing in 2021. In 2022, New York-based Blue Ribbon Restaurants opened three restaurants, filling the empty retail space, the Globe reported.
"Fundamentals in the Boston hotel market continue to improve following the COVID-19 pandemic with limited new supply entering the market in the near term," Barings Managing Director Ryan Naumes said in a statement. "Hotel Commonwealth is uniquely positioned to benefit from Boston’s diverse demand drivers including a concentration of the world’s best medical and academic institutions, a leading life sciences and research sector, and its world-renowned professional sports teams."
SALES
Berkeley Partners acquired three industrial buildings in Marlborough for $30.2M. The California-based investor bought the properties at 19, 41 and 53 Brigham St., known as Brigham Business Park, from an entity linked to Stockbridge Real Estate. The properties include tenants New England Hydroponics, Hi-Tech Sound, Hubley Painting & Carpentry and Ambri Inc.
LEASES
Celera Properties and True North Management Group completed the lease-up of the first phase of the 250K SF Andover Technology Park at 600 Federal St. in Andover. The team secured four new leases totaling 42K SF at the site. One new tenant is Univercells, a vaccine manufacturer that is receiving funding from the Bill & Melinda Gates Foundation. The other three tenants weren't disclosed. CBRE's Don Domoretsky, Alex Plaisted and Jack Scribner represented Celera and True North in marketing and leasing the property.
FINANCING
WinnDevelopment secured $69.1M in financing for its 114-unit mixed-income multifamily development in Swampscott. The project, known as The Westcott, is planned to include 16 affordable units for households earning 30% of the area median income, 62 units for those earning 60% AMI and 16 units for those earning up to 110% AMI.
The units are a mix of studios, one-, two- and three-bedrooms. Amenities include a rooftop deck, a café, a fitness center, a resident lounge, private workspaces, a dog spa and package lockers. The Swampscott Zoning Board of Appeals approved the project in June 2022.
***
MassDevelopment issued a $26M tax-exempt bond on behalf of an affiliate of Stow Elderly Housing Corp. The organization will use the bond to renovate an existing 50-unit Elizabeth Brook apartment complex and build a new 37-unit affordable housing project in Stow. Minuteman Senior Services will provide case management to the building’s residents, including assessment and support services. Construction began in October and is expected to be completed in April 2025.
PERSONNEL
John Hurley was promoted to partner at The HYM Investment Group after 12 years of leadership with the firm. Hurley joined HYM in 2012, serving most recently as the director of development. Hurley has been a part of the Bulfinch Crossing development, which includes One Congress, a 1M SF office building. He will join Thomas O'Brien, Paul Crisalli and Doug Manz as partners.
***
Cruz Cos. announced several promotions and new hires, including the appointment of Justin Cruz as chief operating officer. The company also promoted John Teixeira to project manager, Jennifer Then to regional property manager and Cherelle Spencer to senior property manager. Cruz Cos. also hired Isabel DeAndrade as an executive assistant.
CONSTRUCTION AND DEVELOPMENT
Trammell Crow Residential last week announced it began construction on its 180-unit multifamily project in Peabody. The Alexan Peabody is a four-story luxury multifamily development with 25% of the units affordable at 80% of the area median income.
The project amenities include a pool, outdoor courtyards, grilling stations, a fitness facility, a business center and a resident event room. The construction comes after the firm broke ground on Alexan Waltham, a 210-unit multifamily community in Waltham.
