This Week's Boston Deal Sheet
Two development teams have put forth plans to build roughly 400 units of income-restricted housing on city-owned parking lots in Roxbury.
The Boston Planning & Development Agency received two separate filings in response to a request for proposals from teams led by Related Beal and Beacon Communities, according to the BPDA website.
Related Beal and partner Dream Development filed plans for a 500K SF, 402-unit income-restricted development that includes five buildings and would cost $254M. Of the units, 79 would be condos and more than a fifth would be set aside for senior housing.
Beacon Communities, along with partners Madison Park Development Corp. and JGE Development LLC, proposed a 383-unit, six-building project. Of those units, 72 would be condos and 77 would be designated for seniors.
The planning agency said it hopes to select a development team by April and expects the team to secure building permits for the first phase of the project by August 2025.
SALES
FoxRock Properties acquired 1200 Crown Colony Drive in Quincy for $6M from Bridge Investment Group. The 236K SF property is located in the Crown Colony Office Park and is half a mile from Quincy Adams MBTA stop and near Interstate 93. The new landlord said it has already lined up deals with new tenants. They will join private aviation company Magellan Jets and law firm Baker, Braverman & Barbadoro. The seller bought the property in 2018 for $43M.
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Carmel Partners acquired a stake in a 46-story, 368-unit apartment building from HYM Investment Group and National Real Estate Advisors. The firm didn't disclose the price or percentage of the stake, but public records show it was $43M. A total of 102 apartments are designated as affordable housing. The property also includes 55 condominiums, which weren't part of the transaction. JLL's Riaz Cassum, Roberto Casas, Martha Nay, Kellie Coveney, Madeline Joyce and Ari Bogen represented National and HYM.
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Nordblom Co. acquired Philadelphia-based Audacy's radio studio in Allston for $18.1M, Banker & Tradesman reported. The 39K SF property at 83 Leo Birmingham Parkway is home to Magic 106.7 WMJX, Mix 104.1 WWBX and Big 103 WGBG. Audacy filed for bankruptcy in January, CNBC reported.
FINANCING
Boston Pinnacle Properties received $5.1M in financing from Rockland Trust for its office-to-residential project that would convert the 11K SF building at 281 Franklin St. into 15 rental units. Construction on the project is set to begin within the next few months and is projected to be completed within the year.
The six-story office building still has five tenants, with three leases set to expire in June, one in November and one in 2027. Boston Pinnacle Properties President Adam Burns acquired the property for $3.8M in February, just more than half of what the seller bought it for in 2017.
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Rhino Capital Advisors raised $11.5M in CrowdStreet funding for its 180K SF flex manufacturing development in Taunton, the New England Real Estate Journal reported. The development will be located in the Myles Standish Industrial Park. The site is one of the final undeveloped sites in the park. Tenants at the 2-acre park include Amazon, General Dynamics, Verizon and The Boston Globe.
CONSTRUCTION AND DEVELOPMENT
Beacon Communities and The Mount Vernon Co. celebrated the opening of their 140 Clarendon housing project, which consists of more than 200 affordable apartments in Back Bay. The project is the renovation of the historic YWCA building and includes the largest group of permanent supportive housing in the state.
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FoxRock Properties has welcomed the first residents at its 201-unit Center & Stone apartment building in Quincy. The project renovated the former Quincy Masonic Temple and includes an outdoor courtyard with a pool, fire pits, clubrooms and garage parking.
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Trammell Crow Residential has begun construction on a 340-unit housing development near UMass Lowell called Alexan Chelmsford. The project is scheduled to be completed by the fourth quarter of 2025. It includes a mix of studio, one-, two- and three-bedroom units and three-bedroom townhome units.
The university sold the property to the developer in 2019 for $3M, the Boston Business Journal reported. TCR's portfolio consists of 2,000 units in development, including recent announcements of its 210-unit Alexan Waltham and 180-unit Alexan Peabody.
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Cervenka Development Partners won approval for a 450K SF logistics park at 149-166 Nashua Road in Pepperell. The town's Planning Board granted approval on Feb. 6. The industrial park consists of two facilities of 254K SF and 201K SF and will be completed in two phases. JLL was selected as the leasing agent for the properties.
