This Week's Boston Deal Sheet: Jamaica Plain Affordable Housing Project Secures Financing
The Community Builders landed financing for a 96-unit affordable housing project in Jamaica Plain.
MassDevelopment issued a $45M tax-exempt bond to the developer for a 96-unit apartment project at 127 Amory St. The project is part of a redevelopment in partnership with the Boston Housing Authority, Urban Edge and Jamaica Plan Neighborhood Development Corp.
The tax-exempt bond was purchased by Eastern Bank. The developer also received $40M in equity for the project through federal low-income housing tax credits.
The larger property includes apartment buildings at 101, 125, 127 and 137 Amory St., totaling 305 new units of housing. The project was approved by the BPDA in December 2021, allowing the developer to convert all of the units to income-restricted housing.
“MassDevelopment has been proud to support the Amory Street redevelopment, which is bringing much-needed housing to Boston’s Jamaica Plain neighborhood,” MassDevelopment CEO Navjeet Bal said in a statement.
SALES
An entity linked to United Properties acquired a 53-unit apartment complex called Atlas Lofts in Chelsea for $16M, according to property records. United bought the apartment building from an entity linked to Rhino Capital Advisors, which had acquired the property in 2022 for $14.9M.
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Rockpoint and Metropolitan Properties acquired the 919-unit Altitude Apartment complex in Malden for an undisclosed price. The property is on a 41-acre site at 211 Kennedy Drive. The complex consists of 13 buildings totaling 848K SF. Metropolitan Properties previously owned the property by itself before partnering with Rockpoint.
LEASES
Landlord MCB LLC announced it has secured nine leases at its New England Business Center in Andover in the last 18 months. The 260K SF office campus is now 96% leased, and the new leases represent 40K SF. The new tenants include TEC Refresh, Cascodium, Agri-Mark and Northwestern Mutual. Hunneman's Chris Curley and Ken Oppenheim led the team that represented the landlord.
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Video game developer CD Projekt Red announced plans to hire 141 employees and expand its Waltham office by 9,100 SF. The video game developer leases space at Albany Road Real Estate Partners' 51 Sawyer Road at the University Office Park. The expansion was made possible due to $2.1M in state incentives given to the company to create more jobs.
FINANCING
Capital Properties secured a $34.4M refinancing loan for the Custom House Block and Gardiner Building on Boston's Long Wharf. The financing was provided by Grant Street Funding. The two historic buildings are home to a restaurant and multiple office tenants. The property is 94% leased. Colliers' Patrick Boyle and Kevin Phelan led the team that negotiated the loan on behalf of Capital Properties.
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MassHousing closed on $10.6M in affordable housing financing for a transit-oriented, mixed-income apartment development in Chelsea. The project would include a 43-unit building at 375 Broadway St. and the rehabilitation of a 19-unit building at Broadway and Fourth streets. The financing consists of $7.7M in permanent financing and $2.9M in workforce housing financing.
PERSONNEL
Suffolk Construction promoted Pat Lucey to general manager of the Northeast region, the largest market for the national company. Lucey has worked with the company for roughly 20 years, most recently as an executive vice president.
CONSTRUCTION AND DEVELOPMENT
Wood Partners broke ground on a 229-unit apartment community in Bolton. The apartment complex called Alta Nashoba Valley will be fully electric and will have 25% of its units set aside as affordable. The apartment building is next to the Bolton Office Park campus. The apartment complex would consist of three- and four-story buildings and would include one-, two- and three-bedroom units.
