Life Sciences Complex Lands $1B Refinancing: The Boston Deal Sheet
The RMR Group landed a huge financing deal for its Fan Pier life sciences and office campus in the Seaport.
The Newton-based investment firm obtained a $1B refinancing loan for the 1.1M SF life sciences and office campus, Banker & Tradesman reported. The company owns the property in a joint venture with Diversified Healthcare Trust.
Morgan Stanley, Bank of Montreal, Goldman Sachs and JPMorgan Chase issued the five-year, fixed-rate note.
The majority of the refinancing will pay off the property's $620M CMBS loan that was set to mature next year.
The refinancing comes a year after Vertex Pharmaceuticals renewed its lease at 50 Northern Ave. and 11 Fan Pier Blvd., agreeing to occupy the space until 2044. The site has acted as the pharma company's headquarters since 2014.
SALES
Norfolk, Virginia-based Harbor Group International is under contract to buy five multifamily properties from Aimco totaling 2,719 units in Massachusetts, New Hampshire and Rhode Island for $740M, the companies announced. The portfolio includes three Massachusetts properties: Waterford Village in Bridgewater, Wexford Village in Worcester, and Royal Crest Estates Marlboro in Marlborough.
LEASES
Destination XL Group signed a 674K SF industrial lease renewal at 555 Turnpike St. in Canton. The property serves as the national headquarters and central distribution hub for the retailer of men's big and tall apparel. Cushman & Wakefield’s Pete Whoriskey, Scott Gredler and George O'Connor represented the tenant.
FINANCING
Hebrew Seniorlife was awarded state funding for the development of a 96-unit senior housing project in Stoughton. The funding amount wasn’t disclosed, but it came from a $182M initiative from the Healey administration to build more affordable housing. The development is set to begin construction in 2026 and complete the project in 2027.
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Urban Edge Properties closed on $124M in refinancing for a portion of the Shoppers World retail center in Framingham. The loan was swapped and converted to a fixed interest rate and will be used to pay off the $90M balance on the company’s credit line. The 752K SF property is anchored by T.J. Maxx, Marshalls, HomeSense and Sierra Trading.
PERSONNEL
Bialow Real Estate promoted Brett Groper and Anthony Genovese to senior vice president. Groper, based in Boston, will lead the company’s restaurant and retail leasing nationwide. He helped lease more than 60K SF of “eatertainment” space in the Seaport. Genovese will lead and grow the company’s Chicago office.
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2Life Communities named Denise McQuaide as chief of middle-market innovation. McQuaide has served as 2Life’s strategic adviser for four years. In this new role, McQuaide will be responsible for expanding the company's middle-market senior business, including the Opus from 2Life Communities brand.
CONSTRUCTION AND DEVELOPMENT
Quincy Mutual Fire Insurance Co. filed plans for a 100-unit apartment building called East of Chestnut in Quincy Center. The project includes a five-story building that would replace the former Sully's bar, which closed in 2018. The parcels at 12-18 Chestnut St. consist of a surface parking lot and two vacant commercial buildings.
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Procopio Cos. announced the topping out of 57 Main St. in downtown Marlborough. The six-story, 92-unit multifamily development also includes 3K SF of ground-floor retail as well as a large courtyard. Procopio partnered with The Architectural Team and Angus Construction.
