GID has acquired the recently completed Hanover CambridgePark community from the Hanover Co for a reported $215M.
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The 398-unit community is at 160 Cambridge Park Dr in Cambridge, and is Certified LEED Gold. On-site amenities include an outdoor lounge with televisions, a resident club, a theater and a private yoga studio. JLL’s Capital Markets team repped Hanover.
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Intercontinental Real Estate has acquired a three-building, 426k SF office complex overlooking the Charles River from Beacon Capital for $304M. The property is at One, Two and 10 Canal Park, and is over 96% occupied to a roster of tenants that includes HubSpot and Philips Electronics.
Financing
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Cushman & Wakefield’s Equity Debt & Structured Finance Group has arranged $43.5M in financing via Mesa West Capital on behalf of 201 Newbury – Prince LLC. Funding will be used to maximize proceeds at 201 Newbury St, a 24k SF luxury retail building in the Back Bay neighborhood.
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CBRE/New England’s Debt & Structured Finance team has secured $9.2M in acquisition financing for Calare Properties, which will use the funds to purchase industrial/flex properties at 261 Cedar Hill St and 753 Forest St.
Leasing
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Colliers International has executed five lease transactions spanning more than 20k SF at Norwood Park South, a three-building, 150k SF office park just off Route 1 in Norwood. The southwest team of Colliers repped the landlord, an affiliate of Brookwood Financial Partners, in the deals.
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Jumbo Capital and Angelo Gordon have tapped NGKF as the exclusive leasing agent for the recently acquired Wells Center, a two-building, 330k SF office campus in Newton that will be re-branded as Wells Park.
This and That
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The Boston Redevelopment Authority has approved nine projects across the city that are expected to deliver more than 1,100 new residential units. Among the approved projects is a $200M, 10.2-acre expansion of the South Bay Shopping Center proposed by Edens. It's slated to include 475 new housing units, 113k SF of retail and restaurant, a 130-room hotel and an AMC theater.
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Gov. Charlie Baker has announced the state will kick in $1.1B to the affordable and workforce housing development and preservation programs. The investment is geared towards creating or preserving 5,000 affordable housing units by 2021.
