Northeastern Acquires Fenway Dorm Tower For $169M: The Boston Deal Sheet
Northeastern University has acquired a residential tower near its campus in a nine-figure deal.
The university acquired a 17-story, 723-bed dormitory at 291 St. Botolph St. for $169M from Phoenix Property Co., according to public records. The tower, named East Village, opened in 2015 and was developed in a joint venture with Lincoln Property Co.
The Boston Planning Department in 2022 approved an increase of the tower's capacity to 930 beds.
When it opened, East Village was one of the first privately built dorms in Boston. Since then, Northeastern has gone on to partner with American Campus Communities on an 825-bed project called LightView, which opened in 2019.
The university broke ground on another mixed-use development in February at 840 Columbus Ave. The project includes up to 1,215 beds, 4K SF of retail space and a 124K SF academic area. Northeastern is once again in partnership with ACC on that project, which is expected to be completed in 2028.
SALES
An entity linked to real estate investor Jeff Bruce acquired a multifamily property at 319-327 Chelsea St. and 340 Bremen St. in East Boston for $18M. The seller in the deal was Boston-based MG2 Group. The property, known as 319 & Park, includes 38 units, 34 parking spaces and ground-floor retail space. The five-story property was completed in 2021.
FINANCING
The Washington Trust Co. provided a $75.6M construction-to-permanent financing loan for an orthopedic ambulatory surgery center at 71 Border Road in Waltham. The 79K SF facility opened in June.
Total investment in the project is approximately $105M. The center was developed in collaboration with several physical therapy and orthopedic companies. The new facility replaces the healthcare providers' existing 10K SF facility at 840 Winter St.
PERSONNEL
Redgate hired Sarah Brophy as vice president of the company's corporate services team. In her new role, Brophy will help advise Redgate's clients on complex real estate decisions and capital projects. She will also help provide strategic advisory services, mentor team members and build client relationships. Before this role, Brophy was vice president of interior design at Pembroke and principal at IA Interior Architects.
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Benchmark Senior Living hired Sigrid Usen as senior vice president and general counsel. Usen will lead the company's legal department. She previously worked at The RMR Group as assistant general counsel and chief compliance officer.
CONSTRUCTION AND DEVELOPMENT
Midwood Investment & Development revived plans for a 760-unit downtown apartment tower at 11-21 Bromfield. The developer also proposed a smaller, 158-unit residential tower down the street at 45 Bromfield St. The skyscraper was first proposed in 2008, and the latest iteration is set to be larger, growing from more than 400K SF to roughly 800K SF.
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Preservation of Affordable Housing, local and state officials, and the Dorchester Bay Economic Development Corporation celebrated the groundbreaking of the 48-unit Columbia Crossing affordable housing development in Dorchester's Uphams Corner neighborhood.
POAH and DBEDC won a competitive bidding process to redevelop the historic Dorchester Savings Bank Hall at 568-574 Columbia Road. Besides the affordable units, the project will also include a refurbished and expanded modern exhibition space for art tenants.
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The Massachusetts Maritime Academy plans to build a $30M, 18K SF wellness center on its Buzzards Bay campus in Cape Cod, the Boston Business Journal reported. The project is being sponsored by New Balance and Clean Harbors. The academy is in the process of selecting a developer, which is expected to begin construction within the next 18 months and deliver the facility in the fall of 2029.
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Newly formed joint venture Berkeley Garbe has begun construction on a 150K SF research and development building at 161 Concord Road in Billerica. The project would include one advanced manufacturing building on 23 acres near Route 3 and is set to be completed in April 2027. Berkeley Investments purchased the property in 2022 and rezoned it for advanced manufacturing before bringing on German real estate firm Garbe as a partner.
