Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

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18 • November/December 2015 • Northeast Real Estate Business www.REBusinessOnline.com M A S S A C H U S E T T S Society of Industrial & Offce R altors Visit sior.com to locate an SIOR broker or become a member. The best real estate idea you have ever had. Society of Industrial & Offce Realtors THE AHA MOMENT. SECOND PHASE OF AFFORDABLE HOUSING CONVERSION NEAR BOSTON COMPLETE LAWRENCE, MASS. — Malden Mills Phase II Loft Five50, which com- prises 62 units of affordable hous- ing in Lawrence, is complete. WNC, a national investor in real estate and community development initiatives, provided approximately $12.7 mil- lion in low-income housing tax credit (LIHTC) equity to WinnDevelopment to fund the adaptive reuse project that is transforming the historic for- mer Malden Mills manufacturing site into affordable housing. Malden Mills Phase II Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. Amenities include onsite man- agement, a clubhouse and commu- nity area, ftness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning. WNC also provided $14.4 million in LIHTC equity to help construct the frst phase of Malden Mills Loft Five50 in 2012, including 75 units that are fully occu- pied. CBRE/GROSSMAN RETAIL ADVISORS TO MERGE WITH CBRE/NEW ENGLAND BOSTON — Boston-based CBRE/ Grossman Retail Advisors and CBRE/ New England are merging operations. CBRE/Grossman was formed in 2009 to create a premier retail service pro- vider for its clients and combined the network and resources of the largest commercial real estate service compa- ny in the country with the focus of lo- cal knowledge and expertise. Jeremy Grossman will continue to lead the ur- ban and agency side of retail pursuits and Kevin Higgins will continue to lead national and tenant representa- tion pursuits. FANTINI & GORGA ARRANGES $13.5 MILLION LOAN FOR MASSACHUSETTS APARTMENT BUILDING NEW BEDFORD, MASS. — Fantini & Gorga has arranged $13.5 million in permanent fnancing for Riverbank Lofts, a former mill that was con- verted to an apartment property in New Bedford. Situated on 6.5 acres, the three-story property features 126 units in a mix of one-, two- and three- bedroom layouts, a 160-vehicle ga- rage, a ftness center and a common room. The units feature high ceilings, exposed wide plank hardwood foors and stainless steel appliances. Derek Coulombe and Jason Cunnane of Fan- tini & Gorga secured the fnancing for the undisclosed borrower. EQUUS SELLS 202,033 SF OFFICE/RETAIL PROPERTY IN BOSTON FOR $77.5 MILLION BOSTON — Equus Capital Partners Ltd., a private equity fund manager, has sold 18 Tremont Street in Boston to an affliate of DLJ Real Estate Capital Partners for $77.5 mil- lion ($384 per square foot). The 12-story, 202,033 square- foot offce/retail property was 88 percent leased at the time of sale. Frank Petz and Matt Sherry of Jones Lang LaSalle's Boston offce represented the seller and buyer in the trans- action. Equus acquired the property in 2007 on behalf of one of its value-add funds, BPG Investment Partnership VIII and VIIIA L.P. (a $550 million dollar equity fund), and has since worked to modernize the 100-year-old U-shaped building. WS DEVELOPMENT ACQUIRES 12.5 ACRES IN BOSTON'S SEAPORT DISTRICT BOSTON — WS Development has acquired a 12.5-acre parcel that spans 10 city blocks and is slated to include 2.8 million square feet of residences, offces, hotels, retail, parks, and community space in Boston. Morgan Stanley and Boston Global Investors (BGI) — long-time develop- ment partners of WS Development — sold the parcel for $359 million. The land is located along Seaport Boulevard, Congress Street, and Summer Street. WS Development owns 500,000 square feet of retail on seven adjacent blocks. WS will work with the City of Boston and BGI, which will continue to provide urban planning services, to develop the space.

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