Massachusetts

 BOSTON — Locally-based development and investment firm The Davis Cos. has begun leasing Hew at 1515, a 150-unit property located in the Brighton neighborhood of Boston. The building rises seven stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a clubroom with a catering kitchen, fitness center, rooftop terrace and bar, co-working spaces, a multi-sport simulator and a pet spa. Hew at 1515 is part of a larger complex at 1515 Commonwealth Ave. that includes a 102-unit condo building. The community was designed by RODE Architects. The …

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Gibson Point in Revere, Massachusetts

REVERE, MASS. — Redgate is currently underway on the development of Gibson Point, a 291-unit community in the Boston suburb of Revere. Gibson Point offers studio, one-, two- and three-bedroom units. Amenities include a fitness studio, sauna and cold plunge pools, recovery room, private co-working areas and a lounge with an indoor/outdoor bar, deck and fully equipped kitchen. The property will also feature an on-site restaurant and immediate access to the nearby Gibson Park. Pre-leasing at the community is slated to begin on June 1, with the first move-ins beginning …

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WESTFORD, MASS. — Adirondack Capital Partners has negotiated the sale of Abbot Mill, a 234-unit property in the northwestern Boston suburb of Westford. Aker purchased the asset from an undisclosed local developer for $102.5 million. Michael Hunter Coghill and David Johnson of Adirondack Capital Partners brokered the deal. Abbot Mill is the first phase of the redevelopment of a historic mill, which was originally built in the 1870’s, according to Apartments.com. The community offers one- and two-bedroom apartments. Amenities include a fitness center, business center, clubhouse and a lounge.

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WORCESTER, MASS. — MassHousing has provided $9.6 million in financing for The Aurora, an affordable housing complex in the central Massachusetts city of Worcester. The borrower, The Community Builders, plans to use the proceeds to fund renovations and preserve the property’s affordability status for the next 20 years. The Aurora comprises 85 units across five stories. The building originally opened in 1898 as a hotel and was converted to residential use in the 1980s. The community is affordable to households earning up to 30, 50 and 60 percent of the …

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200 Quannapowitt in Wakefield, Massachusetts

WAKEFIELD, MASS. — JLL Capital Markets has arranged a capitalization for the development of 200 Quannapowitt, a 440-unit project in the Boston suburb of Wakefield. The borrower and developer was Cabot, Cabot & Forbes. JLL worked on behalf of the developer to secure the joint venture equity with Equity Residential (NYSE: EQR). Brett Paulsrud, Andrew Gray and Mike Shepard led the JLL Capital Markets Advisory team. Situated on Lake Quannapowitt, the community will include one-, two- and three-bedroom apartments. Eighteen percent of units will be designated as affordable. Income restrictions …

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Westminster Village Arms in Lowell, Massachusetts

LOWELL, MASS. — MassHousing has provided a $94 million 35-year permanent loan for the refinancing of Westminster Village Arms, a 432-unit affordable housing complex in Lowell, 30 miles northwest of Boston. The funds will be used to preserve the community’s affordable housing component and to carry out approximately $20 million in property improvements. Related Affordable refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. The MAP/Ginnie Mae loan program provides expedited Federal Housing Administration insurance approvals. MassHousing offers program through …

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Emblem 120 in Woburn, Massachusetts

WOBURN, MASS. — Mesa West Capital has provided an $81 million loan to refinance Emblem 120, a 289-unit property in the Boston suburb of Woburn. The borrower was a joint venture between affiliates of Toll Brothers Inc. and Carlyle. Newmark’s Boston Debt & Structured Finance team of David Douvadjian, Timothy O’Donnell and David Douvadjian arranged the financing. Emblem 120 was developed by Toll Brothers Apartment Living. The property was completed in 2022. Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central …

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BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing in Boston dedicated to serving African Americans. The renovation was funded through State and Federal housing and historic tax credits, as well as public and private loans.

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LOWELL, MASS. — Marcus & Millichap has brokered the sale of a 17-unit building located at 887 Varnum Avenue in the northwestern Boston suburb of Lowell. The community offers five studios and 12 two-bedroom units. Amenities include onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties requested anonymity.

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NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford. The borrower, an affiliate of HallKeen Management, plans to use the proceeds to fund capital improvements and preserve the property’s affordability status. The historic property was constructed in the 1870s and includes 29 buildings. The buildings primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income.

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