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200 Quannapowitt in Wakefield, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

JLL Capital Markets Arranges Development Capitalization of 200 Quannapowitt Near Boston

by Channing Hamilton

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
Affordable HousingFinanceMassachusettsNewsNortheast

MassHousing Provides $94 Million in Financing for 432-Unit Affordable Housing Community in Lowell, Massachusetts

by Channing Hamilton

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
FinanceMassachusettsNewsNortheast

Mesa West Capital Provides $81 Million Refinancing for Emblem 120 in Boston Suburb

by Channing Hamilton

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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Affordable HousingDevelopmentMassachusettsNewsNortheast

Beacon Communities Completes Renovation of Affordable Lenox Apartments in Boston

by Channing Hamilton

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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Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Brokers $3.1 Million Sale of 17-Unit Property in Lowell, Massachusetts

by Channing Hamilton

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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Affordable HousingFinanceMassachusettsNewsNortheast

MassDevelopment Provides $17 Million in Financing for Affordable Wamsutta Apartments in New Bedford, Massachusetts

by Channing Hamilton

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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The Westcott in Swampscott, Massachusetts
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsMassachusettsNortheast

Boston Investors in Holding Pattern

by Channing Hamilton

Boston is a famously difficult place to build or buy new apartments. Developers often spend years searching for a suitable site and gaining approvals from municipalities prior to construction.  In the development boom that peaked in 2022, just on the heels of the coronavirus pandemic, developers started construction on hundreds of thousands of new apartments across the country — the largest amount of new construction in decades. In Boston, developers started tens of thousands of new apartments. It’s a lot of new construction, but it’s still less than Boston developers …

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V2 Apartments in Chelsea, Massachusetts
DevelopmentMassachusettsNewsNortheast

Fairfield Completes 256-Unit V2 Apartments in Boston Suburb

by Channing Hamilton

CHELSEA, MASS. — Fairfield has finished the construction of V2 Apartments, a 256-unit asset in the Boston suburb of Chelsea. The property is located near the MBTA commuter rail and Chelsea’s downtown area. V2 Apartments features studio, one- and two-bedroom floor plans. Amenities include a fitness center with personal e-trainer, pool, co-working lounge with complimentary Wi-Fi, dog park, three courtyards and electric vehicle charging stations.

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Affordable HousingDevelopmentMassachusettsNewsNortheast

Beacon Communities Completes 210-Unit Affordable Housing Redevelopment in Boston

by Channing Hamilton

BOSTON — Beacon Communities has completed a 210-unit affordable housing redevelopment project located at 140 Clarendon Street in Boston’s Back Bay neighborhood. The site originally housed a historic YWCA building, which was originally constructed in 1929. The property now offers studio and one-bedroom units for low-income renters and formerly homeless individuals. Amenities include a fitness center, community room, library, computer learning center and a wellness office. The redevelopment preserved the spaces of Lyric Stage Co., the Snowden School and other nonprofits currently residing in the building.

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The Sudbury in Boston
FinanceMassachusettsNewsNortheast

JLL Capital Markets Arranges Recapitalization of The Sudbury in Boston

by Channing Hamilton

BOSTON — JLL has arranged the recapitalization of The Sudbury, a 36-story residential tower within the Bulfinch Crossing development in downtown Boston. JLL’s Riaz Cassum, Roberto Casas, Martha Nay, Kellie Coveney, Madeline Joyce and Ari Bogen represented the owner, a partnership between National Real Estate Investors and HYM Investment Group, in the deal. The team also procured the new equity partner, Carmel Partners. The Sudbury was built in 2020. The building features one-, two- and three-bedroom units with an average size of 855 square feet. The property also offers 55 …

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