Massachusetts

929-Mass-Ave-Cambridge
FinanceInvestment SalesMassachusettsNewsNortheast

Walker & Dunlop Arranges $53.6 Million Sale of Mixed-Use Asset in Cambridge, Massachusetts

by Lynn Peisner

CAMBRIDGE, MASS. — Walker & Dunlop has arranged the $53.6 million sale of 929 MASS, a mixed-use, two-building property in the Central Square area of Cambridge. Walker & Dunlop represented the unnamed institutional seller in the deal with a team led by Travis D’Amato, Michael Coyne, Brendan Shields, Kevin Gleason and Maggie McFarland. Concurrently, Andrew Gnazzo and Mike Darling secured acquisition financing for buyer John M Corcoran & Co. (JMC), arranging a $37.1 million fixed-rate, interest-only Fannie Mae loan. JMC has partnered with Stars REI, a global, privately held company …

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1008-Mass-Ave-Cambridge
FinanceMassachusettsNewsNortheast

JLL Arranges $23 Million Refinancing for Metro Boston Property

by Lynn Peisner

CAMBRIDGE, MASS. — JLL Capital Markets has arranged a $23 million loan through Manulife/John Hancock Life Insurance Co. to refinance 1008 Mass Ave, a 65-unit luxury community in Cambridge. The borrower was Boston Residential Group. The seven-story building, constructed in 1999, features 65 studios, one- and two-bedroom apartments along with ground-floor retail space currently occupied by Gibson Sotheby’s International Realty. The property is home to 67 covered parking spaces and amenities including 24-hour concierge services, a fitness center, a seventh-floor deck with panoramic city views and laundry facilities on every …

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Portico-Revere
DevelopmentMassachusettsNewsNortheast

HYM, Cathexis Break Ground on Second Residential Project in Boston’s Suffolk Downs Redevelopment

by Lynn Peisner

REVERE, MASS. — The HYM Investment Group, along with project partners Cathexis Holdings, the City of Revere, Related Fund Management and Suffolk, have broken ground on Portico, the second residential building at the 161-acre Suffolk Downs, a redevelopment of a former horse racing track. HYM and Cathexis bought the site in 2017 with a plan to redevelop the property into a mixed-use district. The first project, Amaya, was completed in 2024. Portico is slated for a February 2028 completion. Additional partners on the 473-unit project include Prellwitz Chilinski Architects, MEP …

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Brian-Killinger-Gilbane
Company NewsMassachusettsNewsNortheastPeople NewsRhode Island

Gilbane Appoints Brian Killinger Head of Asset Management

by Lynn Peisner

PROVIDENCE, R.I. — Gilbane Development has hired Brian Killinger as head of asset management, a role that requires oversight and growth of a national portfolio of more than 8,000 multifamily units, 3,550 purpose-built student housing beds as well as other retail and office assets. Prior to joining Providence-based Gilbane, Killinger directed a regional portfolio of 200 multifamily properties consisting of approximately 70,000 apartments in the Eastern United States in his capacity as senior vice president, asset management, at LivCor, a Chicago-based subsidiary of The Blackstone Group. Killinger works out of …

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The-Clayborn-Medford-Mass
Affordable HousingDevelopmentMassachusettsNewsNortheast

The Davis Cos. Breaks Ground on Industrial Conversion Project in Greater Boston

by Lynn Peisner

MEDFORD, MASS. — Boston-based developer The Davis Cos. broke ground in August on The Clayborn, an industrial-to-multifamily conversion project at 970 Fellsway in Medford, seven miles northwest of Boston. The company bought the 7.9-acre site, which was home to a self-storage facility, in 2019 for $25 million. According to a LinkedIn post quoting Davis, the project cost is approximately $78 million. The development team includes Plumb House as general contractor, Bohler as civil engineer, WSP as mechanical engineer and H+O as the structural engineer. Cube 3 is the project architect, …

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25-Garvey-Street-
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

Joint Venture Secures Financing for Affordable Development Near Boston

by Lynn Peisner

EVERETT, MASS. — MassDevelopment has issued a $34.3 million tax-exempt bond to Impact Residential Development and The Neighborhood Developers as part of the funding for an affordable housing project in Everett, six miles north of Boston. The development will include 107 units rented to households earning up to 60 percent of area median income (AMI), 17 units rented to households earning up to 30 percent of AMI and one property-manager unit. Construction is underway and is expected to be completed in May 2027. The tax-exempt bond was purchased by First …

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THE-CHARLEY
DevelopmentMassachusettsNewsNortheastOperations

Berkeley Investments Opens The Charley in Boston

by Lynn Peisner

BOSTON — Locally based Berkeley Investments has opened The Charley, a 103-unit development in Boston’s Allston neighborhood. The six-story property, built to LEED Gold standards, offers units as studios and one-, two- and three-bedroom floor plans. Units feature quartz countertops, washers and dryers and Wi-Fi-enabled appliances and heating and cooling controls. Monthly asking rents range from $2,490 to $4,999. Amenities include garage parking with electric vehicle chargers, bike parking, a dog park, a pet wash and grooming area, a lounge, coworking spaces, a coffee bar, rooftop deck with fire pits, …

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Royal-Crest-Marlborough
FloridaInvestment SalesMassachusettsNew HampshireNewsNortheastRhode IslandSoutheast

Aimco Sells Two Portfolios for $1.26 Billion

by Lynn Peisner

DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in …

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3-Johns-Ave
Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Arranges $7 Million Sale South of Boston

by Lynn Peisner

HOLBROOK, MASS. — Marcus & Millichap has arranged the $7 Million sale of Johns Avenue Apartments, a 34-unit building in Holbrook, 17 miles south of Boston. Marcus & Millichap’s Tony Pepdjonovic and Evan Griffith represented the seller and procured the buyer. Neither party was identified. The property was built in 1965 and totals 26,164 square feet on about a 1-acre lot. Floor plans are mix of four studios and 30 one-bedrooms.

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The-Viridian-Boston
FinanceMassachusettsNewsNortheast

PGIM Funds $132 Million Loan for Abbey Group’s Viridian in Boston

by Lynn Peisner

BOSTON — PGIM Real Estate has provided a $132 million, floating-rate refinancing loan for The Abbey Group’s Viridian project in Boston. Amy Lousararian, managing director at JLL Capital Markets, arranged the financing. The Abbey Group opened the 342-unit, 20-story community in 2015. Apartments are offered as studios or in one-, two- and three-bedroom layouts as well as penthouse units. According to the property website, asking monthly rents for studios start at $3,015, and three-bedrooms start at $6,250. Amenities include a two-story atrium with 24-hour concierge service, two rooftop decks with …

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