City Approves Wentworth's 972-Bed Dorm Project: The Boston Deal Sheet
The Boston Planning Department approved two developments totaling 272K SF at its monthly meeting.
At the meeting, the Planning Department gave the green light to Wentworth Institute of Technology's institutional master plan, which includes the construction of the 972-bed Pike Residence Hall.
Wentworth agreed to pay at least $400K to the city over the next five years as part of its deal for the campus expansion.
This is the first time the school has paid toward the city's payment-in-lieu-of-taxes program in five years. Northeastern University made similar commitments when its IMP was approved in November.
The board also approved a 33-unit affordable rental housing proposal put forth by the Dorchester-based Vietnamese American Initiative for Development. All the units of the community development corporation's project will be affordable, and two-thirds of the units will have two or three bedrooms to accommodate families.
SALES
Mesirow Financial acquired a Cambridge apartment complex known as Twenty20 for $218M from PGIM Real Estate and secured a $139M mortgage for the property through Walker & Dunlop. The property is in the Cambridge Crossing mixed-use neighborhood.
CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller and procured the buyer.
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Hudson Valley Property Group acquired two affordable housing properties in Dorchester: Boston Bay at 205 Magnolia St. and Hope Bay at 5 Norwell St. The landlord plans to invest roughly $6.4M in renovations to the buildings and plans to extend affordability at Boston Bay and Hope Bay for 27 and 31 years, respectively.
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Hyperice signed a six-year, 14K SF lease at Beacon Capital Partners' Southline project in Dorchester, Banker & Tradesman reported. The adaptive reuse project is at 135 Morrissey Blvd.
The athletic training equipment brand is backed by professional athletes including Jayson Tatum, Lyndsey Vonn and Patrick Mahomes.
LEASES
Bain Capital and Phase 3 Real Estate Partners secured two leases at their Genesis lab property at 21 Hickory Drive in Waltham. The leases were signed by Dash Bio and Bonito Biosciences, which collectively leased 48K SF.
CBRE's Eric Smith, Alex Plaisted and Perry Beal represented the owners. Savills represented Dash Bio, and Cushman & Wakefield represented Bonito.
FINANCING
MassHousing closed on $17.8M for a 43-unit affordable housing project at 24 Webster Ave. in Somerville.
Just A Start, a community development organization, plans to demolish the existing building and develop the six-story project to Passive House standards on the property.
The state's financing agency is providing the loan through its conduit loan program and is providing a tax-exempt bond. TD Bank is also providing $22.8M in construction financing.
PERSONNEL
Cushman & Wakefield hired Gabrielle Harvey and Brendan Callahan as executive vice chairs of the firm's Boston office. The duo joins C&W from JLL, where they held senior leadership positions. The two have closed more than $2B in deals for local and national clients.
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Shawmut Design and Construction has expanded its team to include Chris Halliday, the company's first director of construction innovation and technology in the Northeast, and Colleen Kelly, director of business development.
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Newmark hired Steve Purpura as its new executive vice chairman, the Boston Business Journal reported. Purpura most recently came from Beacon Capital Partners, where he served as president. He led the firm's life sciences strategy and portfolio growth since 2021.
CONSTRUCTION AND DEVELOPMENT
Neiman Marcus is closing its Copley Place location as part of Saks Global's bankruptcy proceeding, leaving nearly 100K SF vacant. Simon Property Group plans to redevelop the space, adding two new tenants: Italian marketplace Casa Tua Cucina and Greek seafood restaurant Estiatorio Milos. Construction is anticipated to begin in 2028.
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WinnDevelopment acquired a 97-unit mixed-income community in Somerville with plans to begin a $17.3M renovation project. The project at The Somerhill will convert the property into an all-electric apartment community by replacing the entire building's envelope and HVAC systems.
