Newton Senior Living Property Receives $135M Bond For Expansion: The Boston Deal Sheet
MassDevelopment issued a tax-exempt bond for the renovation and expansion of a senior living facility in Newton.
The state's development finance agency provided the $135M bond to Lasell Village Inc. to renovate and expand the Lasell Village senior living community next to Lasell University's campus in Newton.
The developer will also use the bond to purchase 1.4 acres owned by the university to build 42 new independent living units. The new building will include seven supported living units.
The bond was sold through a public offering underwritten by Barclays Capital Inc.
"Lassell Village provides a first-rate living experience with unique opportunities for seniors to stay connected and engaged through learning," MassDevelopment CEO Navjeet Bal said in a statement. "MassDevelopment is proud to provide tax-exempt financing to help this growing community renovate, expand, and welcome additional residents."
SALES
Lincoln Property Co. acquired the four-building, 270K SF Stony Brook Office Park at 130 Turner St. in Waltham for $25.5M from Jumbo Capital, Bisnow first reported. The property also includes a 4K SF retail space at 5 Turner St. occupied by South Street Cafe. The sale was less than a third of the $80M Jumbo and its partner, Sound Mark Partners, paid in 2018.
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The Chelmsford Medical and Surgical Center sold for $9M to Albany Road Real Estate Partners. The 72K SF, two-story medical office building is located at 321 Billerica Road. The property achieved 91% occupancy at the time of the sale. O'Brien Commercial Properties' Rob McGarry led the team that represented the seller, Vanderbilt Norwood LLC.
LEASES
Shoe brand Asics signed a 43K SF lease at Synergy's 179 Lincoln St. in downtown Boston. The 221K SF, five-story office building spans an entire block near the Rose Fitzgerald Kennedy Greenway. The landlord spent $3M to reposition the building with renovations to its lobby and common areas. Savills' Steve Card, Ron Perry, Chris O’Connor, Matt Perry and Juliette Pucci represented Asics.
FINANCING
Rockland Trust issued $28.6M in financing for the Corporation for Independent Living to support the development, acquisition and renovation of 15 homes across Massachusetts. The financing is split into two buckets: $20.1M to fund construction and an $8.5M loan to support other national initiatives. The Massachusetts homes are in Agawam, Amherst, Chelmsford, Dighton, Easthampton, Framingham, Middleborough, Rehoboth, Scituate, South Hadley, Springfield, Wareham, Williamsburg and Wilmington.
CONSTRUCTION AND DEVELOPMENT
ExCorde Capital is seeking approval for an additional 48 units for its Allston development project. The firm acquired a fully permitted site in 2020 for roughly $20M and received approval to build 152 apartments, Banker & Tradesman reported. The new site includes the original parcels at 448 Cambridge St. and 2 Emory Road and a site at 445 Cambridge St. The new parcel increases the planned unit count to 200, including 29 income-restricted units.
