Greystar received a $100M construction loan for a 714-unit apartment project in Everett, the latest in a string of projects the developer is pursuing in the city’s growing downtown area.
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The loan from Brookline Bank will finance a two-phase project at 1690 Revere Beach Parkway, with the first bringing 325 units and the second adding 416. It will be built on the former site of a Stop & Shop supermarket in Everett's Commercial Triangle, Banker & Tradesman reported.
The city's commercial district has seen a wave of activity with Greystar investing in two other apartment projects. Earlier this month, Greystar broke ground on the second phase of its 85 Boston St., which will have a total of 705 units when its completed in May 2025.
“The city has been very clear about the type of uses they want in that area, and we have responded to that,” Gary Kerr, managing director of development in the Northeast for Greystar, told Bisnow earlier this month. “It’s been a very straightforward process. This has allowed us to move forward with a lot of conviction.”
In total, Greystar's developments are planned to deliver 1,905 units and over 100 affordable units in the city. Other developers active in the city include V10 Development, which is working on a seven-story, 230-unit apartment building and a 546K SF mixed-use building.
SALES
Massachusetts General Hospital bought a building near its West End campus for $9M to develop a new community center, Boston Business Journal reported.
The site at 75 Blossom Court is a former grocery store that closed in the summer after nearly two decades. The property was previously owned by an entity affiliated with developers Jonathan Davis and Paul Marcus. MGH has previously leased almost 10K SF of administrative and research space at the site.
LEASES
Boston Veterinary Clinic opened a new location on the ground floor of Pelham Hall in Brookline. The clinic will lease almost 4K SF of ground-floor retail space at the 148-unit apartment building. It will feature a "cat clinic" within the clinic as well as seven exam rooms.
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Boston Realty Advisors brokered leases for 30K SF of retail in the newly renovated Abbot building in Harvard Square. Six new tenants will occupy the space including Central Rock Gym, El Jefe's Taqueria and The Comedy Studio. The office space in the upper floor is currently being leased by JLL.
The owner, Regency Centers, redeveloped the building at 1-30 Brattle St. — and two adjacent properties — to include more modern and creative retail and office space.
CONSTRUCTION & DEVELOPMENT
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Atlanta-based developer Portman Industrial has scrapped plans to build a distribution center in Massachusetts. The developer had proposed a 1.2M SF facility at 75 Reed Road in Hudson, Boston Business Journal reported. Neighborhood advocates filed a lawsuit last month against the current owner, Intel Corp., and the town, arguing that the industrial use of the project was not allowed according to the town's zoning bylaws.
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Mayor Michelle Wu outlined the next steps for the city to purchase renewable energy for municipal properties in Boston through a request for qualifications. The city hopes to purchase the energy through power purchase agreements with external suppliers. The purchase is part of a larger city initiative for municipal energy-efficiency, and it builds off the city's Renew Boston Trust program to finance energy-efficient projects.
“This procurement will help us run our municipal buildings off of clean energy, while also creating green jobs and improving community health for generations to come,” Wu said in a release.
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