This Week's Boston Deal Sheet
Massachusetts General Hospital is making its inaugural allocation toward affordable housing by giving millions of dollars to 22 community groups.
The hospital awarded $18M of its $62M Community Health Impact Fund to support affordable housing in Boston and Suffolk County, MGH announced on Monday. The funding will help selected organizations produce and preserve affordable housing as well as prevent evictions and develop community.
The funds come from MGH's determination of need process for its 1.5M SF Phillip and Susan Ragon Building, which is under construction and will add nearly 500 beds to the hospital's West End campus. The process requires the hospital to distribute funds made from the development to "improve local, community-identified health needs."
"The evidence is clear: a lack of access to stable housing leads to inequitable health outcomes," MGH CEO Dr. Anne Klibanski said in a statement. "The new Ragon Building will help ensure that our patients receive the care they deserve, while the Community Health Impact Funds will help boost quality, safe and affordable housing in the communities we serve."
The organizations selected include the Boston Tenant Coalition, the Citizens' Housing and Planning Association, the Boston Mayor's Office of Housing, the Dudley Street Neighborhood Initiative, Madison Park Development Corp., The Neighborhood Developers and Urban Edge.
The remaining $44M from the fund will be awarded in the fall and will go to organizations that focus on mental and behavioral health, economic mobility and financial stability, the Boston Business Journal reported.
SALES
CBRE Investment Management sold the Riverway Plaza retail center in Weymouth to an unnamed institutional investor for $23M, CBRE announced Monday. The 250K SF property at 715-795 Bridge St. is anchored by Lowe's Home Improvement, and other tenants include Michael's, Dollar Tree and Staples. CBRE's Nat Heald and Jordana Roet brokered the deal on behalf of the seller.
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The Clark's Block building in Natick sold for $6M to an entity named The Clark's Block LLC, MetroWest Daily News reported. The historic 43K SF commercial building at 23 N. Main St was previously owned by Kensington Investment Co. The property has retail space on the first floor and office space on the second and third floors. The building's leases include Optica Eyewear, Orangetheory Fitness, Bank of America and Lola's Italian Kitchen & Market.
LEASES
Vertex Pharmaceuticals has reportedly decided to renew its 1.1M SF lease at 11 Fan Pier Blvd. and 50 Northern Ave., where it has been based since 2014. The company's lease was set to expire in 2028. The Fan Pier building is owned by Newton-based RMR Group, which bought the property in 2014 for $1.1B from developer The Fallon Co.
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Fab Foundation has opened its global headquarters and Fab Lab at 325 Main St. in Cambridge, Connect CRE reported. The deal was a partnership with landlord BXP, and Executive Vice President Bryan Koop said in a release the REIT dedicated the space as a social impact commitment.
The lab will provide access to tools used in digital fabrication. The Fab Foundation began as an outreach program from MIT but now has more than 2,700 locations across 135 countries.
FINANCING
Tremont Realty Capital closed on a $40M mortgage for the SpringHill Suites Boston Logan Airport Revere Beach hotel at 400 Ocean Ave. in Revere. The loan has a two-year initial term with three one-year extension options. HREC Investment Advisors helped facilitate the loan provided by The RMR Group.
