Mill Creek Residential secured construction financing for a housing project in Medford.
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The Boca Raton, Florida-based multifamily developer closed on a $98M construction loan, the Banker & Tradesman reported. The loan comes after the company acquired the Medford industrial site Sept. 4 for $20.5M.
The site at 4000 Mystic Valley Parkway is approved for a 380-unit apartment complex. The company secured the loan from Charlotte, North Carolina-based Truist Bank.
The project includes two buildings containing 350 units and 2K SF of ground-floor retail. The complex will set aside 88 units as income-restricted.
Mill Creek has developed over 4,000 apartments across 15 projects in Massachusetts.
This summer, the company filed plans for a 321-unit apartment complex at 42 Beale St. in Quincy's Wollaston neighborhood. In April, the company broke ground on a 172-unit apartment complex at 751 Boston Post Road in Weston.
SALES
Massachusetts sold five vacant parcels at an auction for a total of $2.9M, the Boston Business Journal reported. The properties are located in Westborough, Northborough, Templeton and Phillipston and total 25 acres.
The state is now seeking bids for properties in Bedford, Bridgewater, Fitchburg and Lowell. The Healey administration said in June it identified 450 acres of state-owned land that could be developed with up to 3,500 housing units.
LEASES
Security and defense manufacturing company Qinetiq signed a 49K SF lease at an office and industrial property at 358 2nd Ave. in Waltham. R.W. Holmes' Arthur Amadei represented the landlord, Hillside Associates, and the tenant was represented by Colliers' Adam Schindler and Jason Rexinis.
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Medical equipment company XRHealth signed a 4K SF office lease at 300 First Ave. in Needham. Freudenheim Partners' Ellie Cullinan represented the tenant, and Commonwealth Commercial Advisors' Tim Coyle represented the landlord in the transaction. The property is located in Needham Crossing and is adjacent to I-95.
PERSONNEL
Patrick Shields has joined JLL's Boston Capital Markets team as a managing director. Shields will relocate from the company's Chicago office. In this new role, he will run the capital markets team alongside Scott Carpenter. Shields has 15 years of experience in real estate and finance. He joined JLL in 2019.
CONSTRUCTION & DEVELOPMENT
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The Fenway Community Development Corp. celebrated the opening of its Burbank Terrace project, a 100% affordable rental property in Boston. The project brings 27 affordable housing units to the site of a former surface parking lot at 72 Burbank St. in Boston's Fenway neighborhood. The residential project is the first the nonprofit has completed in 20 years.
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A 234-unit affordable housing project was proposed in Newtonville under the state's 40B housing law, the Banker & Tradesman reported. Atlanta-based Wood Partners proposed the project and estimates it will require a $73M construction loan and $60M in equity.
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