TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located roughly 100 miles southeast of Boston near the northern tip of Cape Cod. Thirty-nine units will be restricted to households earning between 30 and 100 percent of the area median income. The other four apartments will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the …
BOLTON, MASS. — Atlanta-based developer Wood Partners has broken ground on Alta Nashoba Valley, a 229-unit project in Bolton, roughly 45 miles west of Boston. Alta Nashoba Valley will feature a mix of one-, two- and three-bedroom units spread across four three-story buildings. Shared amenities will include a clubroom, workspaces, fitness center, private bar and dining area, dog park, playground, electrical vehicle chargers, a pet spa, pool and firepits and grilling areas. Twenty-five percent of units will be set aside as affordable housing, but income restrictions were not disclosed. The …
WINTHROP, MASS. — Marcus & Millichap has brokered the $10.7 million sale of Shore Drive Apartments, a 71-unit community in Winthrop, roughly six miles east of Boston. The property offers a mix of studio, one- and two-bedroom units. Plans are underway for the addition of another 27 units as part of a reconstruction effort following a fire at the property last year. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap Boston represented the seller and procured the buyer, both of which requested anonymity, in the deal.
CAMBRIDGE, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.4 million loan for the refinancing of an apartment building located at 891 Massachusetts Ave. in Cambridge. Robert Damigella of MMCC arranged the nonrecourse loan, which carries a fixed interest rate of 7.12 percent and a 65 percent loan-to-value ratio, through a local credit union. The sponsor was not disclosed. Situated across the Charles River from Boston, the property comprises 16 units. According to Apartments.com, the building was completed in 1880 and rises four stories.
BOSTON — Randolph, Massachusetts-based NEI General Contracting has completed the renovation of Carol Avenue Apartments, a 33-unit community located in the Allston-Brighton neighborhood of Boston. According to the City of Boston, 29 of the units are affordable rental units. Income restrictions for these residences were not disclosed. The project involved the top-to-bottom renovation of three buildings totaling 16,196 square feet. The community received new windows, roofs, wall insulation and solar energy panels. Additionally, the project team restored and reused the building’s historic brick façade. Financing sources for the project included …
BRAINTREE, MASS. — WinnDevelopment and development partner Arch Communities have broken ground on The Eastwalk, a $47-million mixed-income project in Braintree, roughly 12 miles south of Boston. The five-story community will be built on the former location of the Braintree Electric Light Department. The project also includes the creation of a pedestrian riverwalk along the Monatiquot River, which will provide public access to the river. The Eastwalk will feature a mix of one-, two- and three-bedroom apartments. Of the total 56 units, 30 will be set aside for households earning …
SOMERVILLE, MASS. — A joint venture between affiliates of Magellan Development Group, RAS Union Square Development LLC, Cypress Equity Investments and Affinius Capital has secured a loan for the refinancing of Prospect Union Square in Somerville, roughly 5 miles northwest of Boston. Danny Kaufman, Brett Paulsrud, Madeline Joyce and Ali Howard of JLL Capital Markets arranged the loan through Northwestern Mutual. Located at 20-50 Prospect St. in Somerville’s Union Square neighborhood, Prospect Union Square spans two buildings on a 1.3-acre site. The property consists of a 25-story high-rise tower and …
BOSTON — CBRE has brokered the sale of a 133-unit apartment complex located in the Dorchester Lower Mills area of Boston. The site originally housed the Baker Chocolate Factory, and the building was converted to residential usage in the 1980s and subsequently renovated in 2008. Units come in studio, one- and two-bedroom floor plans and have an average size of 793 square feet. Amenities include a fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership created …
WINTHROP, MASS. — Marcus & Millichap has arranged the sale of Shore Drive Apartments, a 71-unit property in Winthrop, roughly 7 miles north of downtown Boston, for $10.8 million. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap’s Boston office marketed the property on behalf of the seller and procured the buyer. Neither party’s identity was disclosed. Located at 91 Veterans Road, Shore Drive Apartments offers studio, one-, and two-bedroom units. The property sustained fire damage in 2024, and plans for reconstruction have been developed. Plans include the addition …
BROOKLINE, MASS. — Pine Realty Associates has sold Harvard Avenue Apartments, a 24-unit property located at 48-50 Harvard Ave. in Brookline, roughly 6 miles west of downtown Boston. Built in 1950, Harvard Avenue Apartments features studio and one-bedroom units. Residents have access to off-street parking and an on-site laundry facility. Matthew Pierce of Marcus & Millichap’s Boston office marketed the property on behalf of the seller and procured the buyer, a private investor. Additionally, Robert Damigella of Marcus & Millichap Capital Corp. arranged $3.3 million in acquisition financing through a …
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