| Green Brick Development paid $3M to buy 1 HF Brown?s Way in Natick from NEICO Realty. The 31k SF flex office building sits on five acres. New Dover Associates? Scott R. Hughes repped the buyer and The Diamond Group's Richard Diamond repped the seller. Green Brick appointed New Dover as the leasing agent.FINANCING|
MassHousing closed on a $45M loan for the acquisition and preservation of the 432-unit Westminster Village Arms in Lowell. An affiliate of The Related Cos has purchased the property and the sale will extend 400 Section 8 subsidies that were due to expire May 31, 2012. Extensive exterior and interior renovations are planned.
Avison Young closed on a $40M investment from private equity firm Tricor Pacific Capital. AY, a Toronto-based brokerage, said that it closed the deal on Friday. Tricor managing directorsRoderick Senft and Brad Seaman joined the AY board.
BGC Partners, a global brokerage to wholesale financial markets, completed its previously announced acquisition of all of the outstanding shares of Newmark & Company Real Estate (akaNewmark Knight Frank). Newmark offers a complete range of leasing and corporate advisory services, investment sales and financial services, consulting, project and development management, and property and facilities management. BCG Chairman and CEO Howard W. Lutnick expects to introduce tools that will enable Newmark brokers to help clients hedge against changes in real estate prices.
The Home for Little Wanderers, originally founded as an orphanage in 1799, received $18M in tax-exempt bond financing issued by MassDevelopment and purchased by RBS Citizens to build a new special ed and residential campus at Longview Farm in Walpole. It will accommodate the 40 students who receive services in Walpole and 40 additional students from a Boston program. The new campus will include a school building, two dorms, and two residential cottages. The project also will include renovations to existing school buildings and to the grounds.
Kevin Malloy joined Avison Young as a principal and director of the firm's technology practice. He comes from ten years at Lincoln Property. He'll partner with AY principal/managing director John Fenton and recent new hires Jack Kerrigan and Steve Cook.
Mace North America hired Frank Alvarado as Northeast Regional Project Management Director. Frank came from his position as a managing director at JLL for the Northeast and Latin America to lead Mace?s strategy and services arm, focused on New England, NY/NJ, and DC.