Developer Proposes 783-Unit Project In Brookline: The Boston Deal Sheet
Boston-based City Realty has proposed a four-building multifamily project that it is touting as "one of Brookline's most significant development opportunities in decades."
The developer filed project eligibility letters for two 40B projects at 1280 and 1330 Boylston St. in Brookline. The 5-acre site is home to the four-building Chestnut Hill Office Park.
"It’s clear to anyone driving by that a suburban office park is not the best use for a location of this caliber," City Realty Managing Partner Fred Starikov said in a release. "This site represents a once in a lifetime opportunity to bring new life to a deteriorating stretch of such an important area."
The developer plans to construct 783 apartments across four buildings — two seven-story buildings containing 243 units on the western parcel and two 12-story buildings containing 540 units on the eastern parcel.
The development includes a mix of studio, one-, two- and three-bedroom units. As part of the 40B process, 25% of the units will be affordable. The project has faced backlash from residents because of its size — it marks the largest project in the neighborhood's history, according to The Boston Globe.
The development was first proposed in October 2024 as a 1.2M SF mixed-use project with a 200-to-250-room hotel, medical office and senior housing. City Realty acquired the property in May 2024 for $41M.
SALES
The Seyon Group acquired an 80K SF industrial property in North Andover for $12.5M. The acquisition includes a 51K SF building at 300 Willow St. and a 21K SF building at 125 Flagship Drive. The portfolio is 85% leased to four tenants in healthcare services, furniture installation, plastic fabrication and fluid extraction. JLL's Michael Restivo, Brian Tisbert, David Coffman and Tommy Hovey led the team that brokered the deal.
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Retailer Ralph Lauren acquired its Newbury Street location at 93 Newbury St. for $38M, the Boston Business Journal reported. The deal values the 13K SF building at $2,900 per SF. The building was previously owned by New York-based ASG Equities.
LEASES
Foghorn Therapeutics signed a 73K SF lease at 99 Coolidge Ave. in Watertown. The 255K SF property is a redevelopment of the former Mount Auburn Club fitness club. Alexandria Real Estate Equities and National Development are the landlords. Foghorn had previously taken up 81K SF at Alexandria's 500 Technology Square in Cambridge. Before that, it was housed in 21K SF at 100 Binney St.
FINANCING
Nine Zero Development secured financing for its 26-unit Isobel Lofts development in Lowell. The project is under construction at 78 Middlesex St. in downtown Lowell. The financing came from the state's Housing Development Incentive Program and was supported by Cahoon Capital and Lowell Development & Financial Corp. Lowell Five Bank provided a senior construction loan.
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Makor Capital received $143M in refinancing for the 849-unit apartment complex it owns in Derry, New Hampshire. The financing package includes an early rate lock on a 10-year loan. The borrower took "advantage of the recent dip in interest rates," according to a Newmark press release. Newmark's Ed Belz arranged the funding on behalf of the owner from Fannie Mae.
CONSTRUCTION AND DEVELOPMENT
Nordblom Co. won Boston Zoning Board of Appeal approval for its redevelopment of the Audacy Brighton radio studio, Banker & Tradesman reported. The company plans to redevelop the site at 83 Leo Birmingham Parkway into 333 apartment units. The project includes 53 income-restricted units and a new road connection from Soldiers Field Place to the parkway. Nordblom acquired the property for $11.1M.
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Construction began on two on-campus Tufts University residence halls in Medford. The university hired Capstone Development Partners to build the properties on Boston Avenue.
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A local developer proposed a commercial-to-residential conversion of two buildings on Bennington Street in East Boston's Orient Heights neighborhood, B&T reported. Joseph Ricupero plans to convert two commercial buildings at 1214-1222 Bennington St. into 28 apartment units. The project is estimated to cost $8.2M, including $7.2M in construction costs.
