A high-rise residential tower that opened four years ago in Kendall Square has landed a massive loan.
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One65, a 25-story residential tower home to 300 apartments, locked down a $522M loan from BNP Paribas, according to an Oct. 2 mortgage record. The borrower was Willow Bridge Property Co., which manages the property and signed a ground lease for the site with Massachusetts Institute of Technology, Banker & Tradesman first reported.
MIT Investment Management Co. received approval for the project in 2019 and completed it in 2022 as part of the Kendall Square Initiative, which encompassed six buildings on Main Street and Broadway. The last site in the initiative, 200 Main Street, paused construction following the slowdown in the life sciences sector.
The building was designed by Elkus Manfredi Architects and constructed by John Moriarty & Associates.
SALES
Monarch Capital Partners acquired a 115K SF research and development and flex building at 115 and 117 Flanders Road in Westborough for almost $11M. The deal marks the first acquisition for the Boston-based firm. The deal was completed through a joint venture between Monarch and Lockspur Real Estate. The property is 52% leased, and the owners plan to complete a capital improvement program, including renovations to the lobbies, bathrooms and common areas, by the first quarter of 2027. CBRE served as the sales broker and arranged financing provided by TruNorth Bank.
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JLL Income Property Trust acquired the 396K SF Worcester Distribution Center in Boylston for $90M. The property was built in 2022 and is 100% leased to Cardinal Health. JLL IPT bought the warehouse at 80 Pine Hill Drive from NorthBridge Partners.
LEASES
Mass General Brigham signed a 105K SF lease at Greystar’s 74M lab building next to Assembly Row. MGB is the first tenant in the 469K SF lab building, which Greystar began developing in 2022. MGB plans to consolidate its pathology operations into the building and has the rights for future expansion.
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Walden Robotics signed a 50K SF lease at BioMed Realty’s 20 Sidney St. in University Park in Cambridge. The artificial intelligence robotics company is a spinout of Toyota Research Institute and in July announced a $300M funding round.
FINANCING
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IQHQ secured a $245M loan for its 27-acre Alewife Park campus in Cambridge. The loan was provided by Innovative Industrial Properties, a San Diego-based cannabis REIT. Part of the loan will help pay off the existing $85M bridge loan and will fund the completion of the rest of the project and its lease-up. The first phase of the project includes three buildings totaling 392K SF, with the second phase planned to include two other buildings up to 364K SF of development. Lila Therapeutics signed a 235K SF lease in the first phase of the project.
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Northwest Bank provided a $34M acquisition loan to Luzern Associates. The real estate firm acquired the Cherry Hill industrial portfolio in Danvers, consisting of three buildings across 200K SF. The property is fully occupied by medical device company Medtronic. CBRE and real estate law firm Bricker Graydon Wyatt advised on the deal.
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Berkeley Garbe secured a $35M financing package for 161 Concord Road in Billerica. The project is roughly 30% complete following the start of construction in June. Work on the 150K SF manufacturing building is expected to be completed in April 2027. MetLife Investment Management originated the loan. Hunneman’s Andrew Kaeyer led the team that arranged the transaction. Avison Young is the property’s exclusive leasing agent.
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WinnCos. scored $48M in financing for its 115-unit The Exchange multifamily development in Salem. The project is planned to be mixed-income, including 20 studios, 60 one-bedroom and 35 two-bedroom units. The funding was secured from 25 different types of public and private financing, including the state’s Executive Office of Housing and Livable Communities, Bank of America and MassHousing. Construction is expected to be completed in early 2028.
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Brookfield Corp. subsidiary GGP lined up a $400M refinance loan for a 1.2M SF portion of the Natick Mall. The loan, a five-year, fixed-rate package, is being originated by Bank of America and JPMorgan Chase. GGP and partner New York State Common Retirement Fund agreed to put an additional $37.2M in equity into the property. The loan will be used to refinance existing debt, fund outstanding landlord obligations and pay closing costs.
PERSONNEL
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Lizbeth Heyer started her role as president and CEO of 2Life Communities, replacing Amy Schectman. Heyer has been at the company since 2014, most recently as president. She has focused on real estate development, healthcare integration and innovation in middle-market housing. The company oversees more than 2,100 residents across 12 properties in the state.
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Todd Putt was appointed general manager of Wrentham Village Premium Outlets. In the new role, Putt will oversee day-to-day operations, strategic direction and the retail center's growth. Putt comes from Pennsylvania's King of Prussia mall, where he acted as assistant general manager.
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Gabriela Shelburne was named managing principal at Studio G, starting Jan. 1. Shelburne serves as co-managing principal alongside the company’s founder, Gail Sullivan, who plans to retire at the end of 2027. Shelburne has been with the company since 2011, being named principal in 2024. In her expanded role, Shelburne will take on broader responsibility, including business development and staff recruitment.
CONSTRUCTION AND DEVELOPMENT
An entity linked to Urban Spaces proposed a boutique hotel on a waterfront property at 88-91 Commercial Wharf in Boston, according to an Oct. 1 Boston Planning Department filing. The project would redevelop a roughly 16K SF vacant site into a 35-to-45-room hotel. The project would include a four-story building, and 50% of the site would be dedicated to open space. The developer also plans to install a new portion of the Harborwalk and water-facing frontage.
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Wingate Living and GingerCare Living opened One Wingate East, a 61-unit independent living community in Needham, on Sept. 23. The project was built on Wingate’s existing Needham campus. Amenities include a golf simulator, yoga and spin studio, sports lounge, movie theater and valet services.
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