MARLBOROUGH, MASS. — Wood Partners has broken ground on Alta French Hill, a 276-unit community in Marlborough. Situated at 303 Lincoln Street and neighboring the Assabet River Rail Trail, Alta French Hill will offer one-, two- and three-bedroom layouts. Amenities include a fitness center, resident lounges, two courtyards with a pool, games, grilling areas and a dog park. The property also includes 10,000 square feet of retail space. The project is slated to begin pre-leasing in 2024, with first move-ins expected in February 2025. Wood Partners also plans to develop …
FRAMINGHAM, MASS. — Marcus & Millichap Capital Corp. has arranged a $5 million Freddie Mac acquisition loan for The Grant Street Complex, a 26-unit community in the Boston suburb of Framingham. Robert Bhat of Marcus & Millichap originated the financing. The borrower and direct lender were not disclosed. The Grant Street Complex offers one-, two- and three-bedroom apartments.
WAREHAM, MASS. — Pennrose and Wareham Redevelopment Authority (WRA) have broken ground on Littleton Drive, a 93-unit mixed-income community located off Swifts Beach Road in Wareham. The 16-acre project will include a 49-unit property with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. The communities will be affordable to households earning between 30 and 100 percent of the area median income. Units will come in one-, two- and three-bedroom floor plans. Once the community is complete, Pennrose Management Co. will …
CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a …
BRIDGEWATER, MASS. — Capstone Communities and MPZ Development have opened The McElwain School Apartments, a 57-unit mixed-income community in Bridgewater, 27 miles south of Boston. Of the total unit count, 51 are affordable to households earning at or below 60 percent of the annual median income. Amenities include on-site management and maintenance, a dog park, playground, community room and a wildflower bee meadow. The $28.9 million project is the redevelopment of a historic former school building, which sat vacant for over 20 years. The development was funded through a mix of state, local, and …
BROOKLINE, MASS. — Marcus & Millichap have arranged the sale of Beals Street Apartments, a nine-unit property located in the Boston suburb of Brookline. Matthew Pierce of Marcus & Millichap’s Boston office marketed the property on behalf of the seller, an individual/personal trust, and procured the buyer, an LLC. Constructed in 1909, Beals Street Apartments six two-bedroom units and three studio apartments. The 12,280-square-foot asset sold for $5.3 million.
BOSTON — Harbor Group International (HGI) has sold a portfolio of 1,722 units across six communities in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million. The company instituted a $13.6 million capital improvement program to renovate interior units, update property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the deal. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. The properties included in the portfolio are:
SPRINGFIELD, MASS. — MassHousing has arranged $13.3 million in affordable housing financing for the acquisition and renovation of Van der Heyden Apartments in Springfield. The borrower, a partnership comprising Van der Heyden Apartments Limited Partnership and Paul Oldenburg, secured $9.9 million in construction financing and $3.4 million in construction and permanent financing. MBL Housing and Development was the project consultant. The general contractor is N.L Construction. The architect is Studio One. The management agent is Valley Real Estate. Additionally, the Massachusetts Executive Office of Housing and Livable Communities provided $8.5 million in equity financing, …
AGAWAM, MASS. — Way Finders has secured $5.2 million in affordable housing financing from MassHousing to develop Rosewood Way Townhomes in Agawam. The project will offer 62 apartments across 10 townhome-style buildings. Units will come in one-, two- and three-bedroom floor plans. Eight units will be affordable to households earning at or below 30 percent of the area median income (AMI), 12 units to households earning up to 50 percent of AMI, 27 to households earning up to 60 percent of AMI, 10 will be workforce housing units for households …
BOSTON — Beacon Communities and the Chinese Consolidated Benevolent Association of New England have broken ground on Pok Oi, an 85-unit affordable community in Boston’s Chinatown neighborhood. Pok Oi will offer one-, two- and three bedroom units. The project is financed in part through the Low-Income Housing Tax Credit program. Income restrictions for the complex were not disclosed.