FoxRock Secures $128M Loan For 465-Unit Quincy Apartment Community: The Boston Deal Sheet
FoxRock Properties secured a refinancing loan for a Quincy multifamily community.
The Quincy-based developer acquired a $128.2M loan for its 465-unit property at 100 Whitwell St., known as Ashlar Park, from CBRE's Fannie Mae Delegated Underwriting and Servicing platform, according to a CBRE LinkedIn post.
FoxRock began construction on the multifamily project in 2021, with the developer demolishing the former Quincy Medical Center's administration building. The company secured a $128.7M construction loan in 2022 from Citizens Bank.
The property includes four residential buildings — The Woodlands, The Quarry, The Harbor and The Skyline — and a three-story community building.
CBRE represented the borrower in the deal.
SALES
An entity named HC 320 Summer St. acquired a 122K SF office building at 320 Summer St. for $26.3M, Banker & Tradesman reported.
The seller in the deal was an affiliate of ASB Real Estate Investments, which acquired the property for $17.8M in 2007.
The property was the former office of LogMeIn.
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Braintree-based Schochet Cos. acquired a 37-building apartment complex in Ayer known as Devenscrest Village for $32M. The developer plans to maintain income restrictions for the 114-unit affordable apartment community, B&T reported.
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MassDevelopment sold 2 acres of land at 25 Adams Circle in Devens to Reframe Systems. The company plans to build 12 housing units across six duplexes.
Reframe said it will use artificial intelligence to automate the homebuilding process. The units would be 2,100 SF each.
LEASES
American Surgical Co. signed a 20K SF lease at Cummings Properties' 100 Cummings Center in Beverly. The medical tools manufacturer plans to relocate its headquarters from Shetland Park in Salem.
The manufacturer joins Beth Israel Lahey Health Specialty Care, Hamilton Thorne and Hettich Instruments at the Beverly property.
FINANCING
Vigilant Real Estate Holdings secured a $15M acquisition loan for a two-building, 129K SF industrial portfolio in Avon. The properties are located at 20 and 40 Ledin Drive and are fully leased to Waste Management. Vigilant purchased the properties for $22.6M.
M&T Bank supplied the five-year, fixed-rate loan. JLL's Amy Lousararian and Anthony Nakhle arranged the financing.
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Arrowpoint Properties LLC acquired an 85-unit apartment building at 66 Hawthorne Drive in Bedford, New Hampshire, for $24M and secured an $18M acquisition loan. The seller of the property, The Meridian at Bedford, wasn't named in the sale.
Northmarq's Brett Curtis, Chris Doerr, Alix Curtin, Chris Norton, Kevin Sykes, Jeffrey Munoz and Ed Riekstins worked on the deal, representing the seller and procuring the buyer.
PERSONNEL
Suffolk Construction appointed Jon Davies as its chief marketing officer to scale the company's national brand. Davies will lead the company's national marketing strategy to strengthen the brand, enhance client engagement and drive growth initiatives.
Davies has more than 20 years of marketing experience, most recently at Fidelity Investments.
CONSTRUCTION AND DEVELOPMENT
DND Homes filed plans to build a 109-unit apartment project at 9 Chelsea St. in East Boston's Maverick Square. The six-story, 81K SF building would include roughly 3K SF of retail space, a rooftop deck and 21 affordable units.
