Massachusetts

7 Hartwell-Lexington
DevelopmentFinanceMassachusettsNewsNortheast

Dinosaur Capital Partners Receives $45.8M Loan for Metro Boston Development

by Lynn Peisner

LEXINGTON, MASS. — Boston-based Dinosaur Capital Partners has obtained a $45.8 million construction loan to build 7 Hartwell Avenue, a 130-unit, ground up project in the Boston suburb of Lexington. JLL’s Anthony Cutone, Madeline Joyce, Michael Schwarze and Joe Marinaro arranged the loan through Affinius Capital. Slated for completion in June 2028, 7 Hartwell Avenue will consist of a five-story community featuring studios, one-, two- and three-bedroom units, including 20 affordable units. Rent restrictions were not disclosed. The development also will include 132 parking spaces, a courtyard with grilling stations, …

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Alta-Thoreau-Concord
Affordable HousingDevelopmentMassachusettsNewsNortheast

Wood Partners Breaks Ground on Alta Thoreau in Concord, Massachusetts

by Lynn Peisner

CONCORD, MASS. — Atlanta-based Wood Partners has broken ground on Alta Thoreau, a 237-unit community in Concord, approximately 20 miles northwest of Boston. Units will be offered as one-, two- or three-bedroom floor plans across two five-story residential buildings. Amenities include Pilates and yoga studios, a golf simulator, tavern-style lounge, coworking spaces, a pool, fire pits, a pet spa and a dog park. Alta Thoreau will be Wood Partners’ first Passive House-designed community in Massachusetts, a designation for buildings that use reduced energy. Features include porous pavement, a more sustainable …

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Chicopee-Village-Chicopee
Affordable HousingDevelopmentInvestment SalesMassachusettsNewsNortheast

WinnCos. Acquires, Rehabs Western Massachusetts Affordable Housing Property

by Lynn Peisner

CHICOPEE, MASS. — WinnCos. has acquired a 290-unit affordable housing community in Chicopee and begun a $41.5 million rehabilitation of the property. The sales price was not disclosed. Affordability restrictions at Chicopee Village Townhomes were set to expire this year. Financing for the acquisition and rehabilitation closed on Aug. 13, guaranteeing the property will remain affordable housing for 50 years. Upon completion of the renovation — slated for summer 2028 — 30 apartments will be converted to unrestricted units, allowing existing over-income households to remain housed and avoid displacement. The …

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Forge-Lenox
Affordable HousingDevelopmentMassachusettsNewsNortheast

Pennrose Opens Mixed-Income Property in the Berkshires

by Lynn Peisner

LENOX, MASS. — Pennrose has completed and opened Forge, a mixed-income community in Lenox. The 65-unit Forge includes 13 townhome-style buildings offering one-, two- and three-bedroom units, 50 of which are reserved for households earning 30 to 60 percent of area median income (AMI). Nine homes are reserved for tenants who qualify for Massachusetts Rental Voucher Program (MRVP) assistance, a state-funded rental subsidy. Fifteen units are designated as workforce housing, for households earning up to 120 percent of AMI. Funding came from a variety of public and private sources. Pennrose …

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Elora-Lawrence
Affordable HousingFinanceInvestment SalesMassachusettsNewsNortheast

Northmarq Arranges $22.9M for Affordable Housing Acquisition in Lawrence, Massachusetts

by Lynn Peisner

LAWRENCE, MASS. — Northmarq has arranged a Fannie Mae loan for approximately $22.9 million for Arrowpoint Properties’ acquisition of Elora Flats & Townhomes in Lawrence, 30 miles north of Boston. Northmarq’s Boston-based team was led by Jeff Munoz, Kevin Sykes, Ed Riekstins and Jeffrey Munoz. Built in 2009, Elora Flats & Townhomes features six four-story buildings with 104 residential units reserved for families earning up to 80 percent of area median income. The property has maintained an average occupancy of 97.6 percent over the past 12 months. Amenities include parking for …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

TCB Opens Province Post, Bringing 65 Affordable Units to Provincetown, Massachusetts  

by Lynn Peisner

PROVINCETOWN, MASS. — The Community Builders (TCB) and the Town of Provincetown have opened Province Post, a 65-unit mixed-income community intended to serve the year-round workforce and residents of the Cape Cod resort town. Units are reserved for renters earning from 80 to 30 percent of area median income. Amenities include shared patios, a laundry room, seating areas, bike racks and direct access to a bike path. A variety of sources provided funding, including the Town of Provincetown, MassHousing, the Executive Office of Housing and Livable Communities, Community Economic Development …

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95-Everett-Boston
Affordable HousingDevelopmentMassachusettsNewsNortheast

Pennrose Breaks Ground on $51.9M Mixed-Income Boston TOD

by Lynn Peisner

BOSTON — Pennrose has begun construction of 95 Everett Street, an 88-unit, transit-oriented, mixed-income development in the Allston-Brighton neighborhood of Boston. The approximate project cost, according to the City of Boston, is $51.9 million. The property is across the street from the Boston Landing MBTA commuter rail station. Units offered as studios or with one, two or three bedrooms will come with rent restrictions ranging from 30 up to 120 percent of area median income. Residents will have access to a clubhouse, rooftop terrace and a fitness center. Pennrose Management …

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Riverhouse-9-Weehawken
Company NewsMassachusettsNew JerseyNewsNortheastOperations

RHO Residential Tapped to Manage Former Veris Residential Portfolio

by Lynn Peisner

ROSELAND, N.J. — RHO Residential has been selected by the new ownership of Veris Residential to manage 15 properties in New Jersey and greater Boston. Veris Residential (NYSE: VRE) was taken private in an acquisition finalized in May. Craig Solomon of Affinius Capital in partnership with Vista Hill Partners, a real estate investment and development group headed by Bradford Klatt and Jonathan Kushner, bought the REIT for $3.5 billion. The assignment nearly doubles RHO Residential’s unit count to just under 12,000 apartments across 40 communities as well as approximately 182,000 …

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Roosevelt-Apartments-New-Bedford
Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Arranges $8.7M Sale of 1920s Apartment Building in New Bedford, Massachusetts

by Lynn Peisner

NEW BEDFORD, MASS. — Marcus & Millichap has arranged the $8.7 million sale of Roosevelt Apartments in downtown New Bedford, about 58 miles south of Boston. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap marketed the property on behalf of the seller, a family office based in New Jersey, and procured the undisclosed buyer. Roosevelt Apartments consists 73 studio, one- and two-bedroom units. The six-story brick apartment building was built in 1924, sits on about a half-acre lot and includes 26 off-street parking spaces. The property is located at …

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Modera-Allston-Boston
DevelopmentMassachusettsNewsNortheast

Mill Creek Residential Breaks Ground on $145M Modera Allston in Boston

by Lynn Peisner

BOSTON — Mill Creek Residential has broken ground on Modera Allston, a midrise community in the Lower Allston neighborhood of Boston. The property, located at 250 Everett St., will feature 240 units in one-, two- and three-bedroom floor plans. Some units will include dens or private patios and balconies. Residents will have access to a rooftop deck, grilling area, clubhouse, a speakeasy-inspired lounge with a sports simulator, coworking spaces and private workstations and offices. A landscaped courtyard, pet spa, fitness center, electric vehicle charging stations, bike storage and a controlled …

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