Massachusetts

Stone Ends in Stoughton, Massachusetts.
Investment SalesMassachusettsNewsNortheast

Harbor Group International Sells 1,722-Unit Portfolio in Metro Boston

by Channing Hamilton

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:

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Van der Heyden Apartments in Springfield, Massachusetts
Affordable HousingDevelopmentInvestment SalesMassachusettsNewsNortheast

MassHousing Brokers $13.3 Million for Van der Heyden Apartments in Springfield, Massachusetts

by Channing Hamilton

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, …

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Rosewood Way Townhomes in Agawam, Massachusetts
DevelopmentFinanceMassachusettsNewsNortheast

MassHousing Provides $5.2 Million to Develop Rosewood Way Townhomes in Agawam, Massachusetts

by Channing Hamilton

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 …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

Beacon Communities Break Ground on Pok Oi in Boston’s Chinatown Neighborhood

by Channing Hamilton

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.

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115-123 Essex St. and 125 Essex St. in Lawrence, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassDevelopment, Reading Cooperative Bank Provide $6.6 Million for Affordable Housing Conversion in Lawrence, Massachusetts

by Channing Hamilton

LAWRENCE, MASS. — The Jowamar Cos. has secured a $6.6 million loan to convert two vacant buildings in Lawrence, approximately 30 miles north of Boston, into a 24-unit affordable housing community. The buildings previously offered a mix of office and retail space. The retail space will be repurposed as a food hall for the community. Details on income restrictions were not disclosed. MassDevelopment and Reading Cooperative Bank provided the financing. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. …

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The Somerset in Winthrop, Massachusetts.
DevelopmentMarket ReportsMassachusettsNortheastOperations

Why Apartment Investors Remain So Bullish On Boston 

by Channing Hamilton

Commercial developers don’t receive the same sunny embrace in Boston compared with other booming multifamily markets to the south. NIMBYism exists everywhere, but developers face a litany of objections and roadblocks to new construction in Beantown. Labor unions, antiquated zoning practices and a scarcity of development sites are some of the barrier-to-entry culprits. In this challenging climate, Boston multifamily is typically summarized by one word: undersupplied. A modest amount of new development combined with strong renter demand ensures most properties will achieve rent growth and occupancy levels that investors like …

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Rendering of 54 Union in Attleboro
DevelopmentMassachusettsNewsNortheast

Jonathan Cozzens Secures Financing for Massachusetts Historic Mill Redevelopment

by Lynn Peisner

ATTLEBORO, MASS. — MassDevelopment has partnered with HarborOne Bank to provide $11.3 Million in loan financing to developer Jonathan Cozzens doing business as 54 Union Street LLC. Cozzens will use the funds to renovate a former mill and manufacturing facility at 54 Union St. in Attleboro, located about 12 miles north of Providence, Rhode Island. The mill, constructed in 1908, is the former home of Pcraft Jewelry, a business founded in 1931. Attleboro was once known as the jewelry capital of the United States. The new market-rate community will consist …

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Rendering of 288 Harrison
Affordable HousingDevelopmentMassachusettsNewsNortheast

Affordable Housing Development in Boston’s Chinatown Receives Bond Funding

by Lynn Peisner

BOSTON — MassDevelopment has issued a $26 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing community at 288 Harrison Ave. in Boston’s Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA. The organization chose Beacon Communities as its development partner in …

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A rendering of the 116 Norfolk redevelopment in Cambridge, Massachusetts
Affordable HousingMassachusettsNewsNortheast

MassDevelopment Issues $151 Million in Bonds to Four Cities for Affordable Housing Redevelopment

by Lynn Peisner

BOSTON — MassDevelopment, Massachusetts’ state development finance agency, has issued $151.7 million in tax-exempt bonds to public housing authorities throughout the state but primarily near Boston. The funds were issued to authorities in Brookline, Cambridge, Framingham and Medford. These cities will use the bond proceeds to renovate and expand affordable housing properties. The redevelopment efforts will preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness. Additionally, the bond proceeds will be used to create 46 new affordable apartments as well as to …

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The front of Vero Apartments, a gray and white high rise building with orange and black accents.
Affordable HousingDevelopmentMassachusettsNewsNortheast

Fairfield Residential Completes First Phase of Vero Apartments Near Boston

by Channing Hamilton

CHELSEA, MASS. — Fairfield Residential has finished building the first phase of Vero Apartments in Chelsea, located about five miles north of Boston. The first phase consists of 436 units. The second phase, called V2, is underway and will deliver 250 additional apartments. A completion date for Phase II was not disclosed. The project is a redevelopment of the 126-year-old Chelsea Clock manufacturing building and a waste management transfer station. Vero Apartments offers studio, one- and two-bedroom units, with 14 units set aside as affordable housing. Rent restrictions on the …

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