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Brookline Multifamily Property Sells for $50.2 Million

18 Jan 2015, 9:16 pm

By Veronica Grecu, Associate Editor

A joint venture between Westbrook Partners and Nordblom Co. sold a multifamily property in Brookline, MA, in a $50.15 million transaction arranged by HFF. The residential property located at 1440 Beacon Street in the Coolidge Corner neighborhood was purchased by an affiliate of Visconsi Companies, Ltd.—a real estate development and management firm based in Pepper Pike, Ohio.

1440 Beacon - Brookline MA

1440 Beacon – Brookline MA

Located roughly 4.2 miles from Boston and within walking distance from MBTA’s Summit Avenue Green Line station and the Washington Square Shopping District, 1440 Beacon consists of 136 residences in a mix of studios and one-bedroom units ranging from 350 square feet to 725 square feet. The property also features a fitness center, patio area, garage parking and laundry room.

According to the property’s website, rents at 1440 Beacon start at $1,575 for a studio, reaching $2,300 for a one-bedroom unit. Currently the property is going through a renovation program. Completed in 1949, the nine-story rental building sits on 0.5 acres and has 97,803 square feet of living space, according to real estate website PropertyShark. The Westbrook/Nordblom partnership acquired the property from Sovereign Realty Association Lp for $35 million in March 2012.

HFF also arranged $21.2 million in acquisition financing for the multifamily property, which will be managed by Samuel & Associates. The 15-year, fixed-rate loan was secured through New York Life Real Estate Investors.

 

Image via Google Street View



Private Swiss Investor and Center Court Boston Plan Luxury Condo Tower for Tremont Street

12 Jan 2015, 2:53 pm

By Veronica Grecu, Associate Editor

A new luxury condominium tower could replace a vacant office building located at 171 Tremont Street in Boston’s Midtown Cultural District.

171 Tremont Street - Boston Midtown Cultural District

171 Tremont Street – Boston Midtown Cultural District

Maurice Dabbah, a private real estate investor from Switzerland, teamed up with Center Court Boston LLC to redevelop the 17,750-square-foot building and recently filed a letter of intent with the Boston Redevelopment Authority. As reported by the Boston Business Journal, the developers plan to build a 355-foot tall tower that will include 31 luxury condominium units.

According to Banker & Tradesman, the luxury residential tower would rise at least 31 stories above ground, with each condominium unit taking up an entire floor.

The proposed development—which is next to Parkside Condominiums, a movie theater operated by AMC and a MBTA station—will be designed by Boston-based Elkus Manfredi Architects. Vanasse Hangen Brustlin, Inc. (VHB) will serve as civil engineer for the condominium tower.

The 4,400-square-foot lot and the existing building are valued at a combined $3.4 million, the Journal reports quoting Boston city records.

The existing four-story office building was constructed by Millennium Partners in the early 2000s as sales offices for the company’s various properties across Boston. Reportedly, Millennium acquired the property for $4 million in 1999 from Millennium Music LLC, an entity affiliated with Hammerstein Music & Theatre Company, Inc. In November 2011 the office property was transferred to MP Tremont Development Co. LLC, one of the companies under the Millennium Partners umbrella.  In mid-2014, 171 Tremont Street was sold to Manhattan Development Corp. for $16.4 million.

 

Image via Google Street View

 



Pebblebrook Pays $260.4 Million for Revere Hotel, Adjacent Parking and Vacant Lot

23 Dec 2014, 3:40 pm

By Veronica Grecu, Associate Editor

Shortly after entering the Nashville market by paying $52.3 million for the Union Station Hotel, Pebblebrook Hotel Trust made a Boston acquisition in The Hub.

Revere Hotel - Boston

Revere Hotel – Boston

The Bethesda, Md.-based real estate investment trust is now the new owner of the Revere Hotel Boston Common, one of the city’s most sophisticated hotels. Known as the Revere, the 356-room luxury hotel is located at 200 Stuart Street in the historic Theater District, within walking distance of the city’s financial and retail core. Pebblebrook—which also owns the W Boston Hotel—acquired the boutique hotel, an attached, six-story parking garage totaling 282,000 square feet and a 3,181-square-foot vacant parcel nearby at 212 Stuart Street from Northwood Investors for $260.4 million.

With the Revere Hotel acquisition, Pebblebrook now owns 35 hotels totaling more than 8,720 guest rooms. The REIT invests primarily in upper upscale, full-service hotels located in urban markets in major gateway cities such as San Francisco, Los Angeles, New York City, Seattle, Miami, San Diego and Washington, D.C.

“We’re thrilled to announce our acquisition of the Revere Hotel and the expansion of our presence in the highly desirable Boston market,” said Jon Bortz, chairman and chief executive officer of Pebblebrook Hotel Trust. “The hotel is ideally located near high-quality demand generators including Class A office space, some of Boston’s finest dining, upscale destination retail, theatre venues, and medical and educational institutions,” he added.

Revere Hotel - room - Boston

Revere Hotel – room – Boston

Built in 1972, the 24-story building previously operated as a Radisson hotel. According to the Boston Herald, in 2010 New York-based Northwood Investors purchased the hotel in a $143.5 million transaction. Two years later Northwood completed a $29 million renovation under plans by Cambridge Seven Associates, Inc. (C7A) in collaboration with interior design firm BBG-BBGM from New York.

For the last 12 months the Revere operated at 87 percent occupancy, with an average daily rate of $231 and room revenue per available room of $202. The new owners estimate that, in 2015, the hotel will generate $18 million to $18.5 million in earnings before interest, taxes, depreciation and amortization, and $16.2 million to $16.7 million in net operating income after capital reserves.

 Click here for further market data on Boston.

Images courtesy of the Revere Hotel



MassDevelopment Helps Chinatown Rental Project with $14.6 Million Affordable HousingBond

15 Dec 2014, 3:21 pm

By Veronica Grecu, Associate Editor

An apartment building under construction in Boston’s Chinatown has received financial help from the Massachusetts Development Finance Agency (MassDevelopment).

Rendering of Oxford Ping On - Chinatown, Boston

Rendering of Oxford Ping On – Chinatown, Boston

A $26.6 million investment, Oxford Ping On broke ground in May. Developed by CEDC Oxford Ping On LLC, an affiliate of the Chinese Economic Development Council, the building will replace a 6,400-square-foot paved parking lot at the intersection of Oxford and Ping On Streets in the Boston Empowerment Zone—a HUD initiative first adopted in 1993 that helped revitalize some of the poorest areas in cities across the US through federal tax credits.

Rising ten stories above ground, Oxford Ping On was designed by Chia-Ming Sze Architect, Inc. and will encompass approximately 60,000 square feet of space. When fully completed in late summer 2015, the asset will have 67 low-income rental units consisting of 48 studios, 16 one-bedroom units, and three two-bedroom apartments, with one one-bedroom unit set aside for the property manager.

Now, more than half a year after construction started at the site, Oxford Ping On was granted $14.6 million in affordable housing tax breaks. According to a press release announcing the bond, MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of approximately $10.9 million in equity for the project.

“The Oxford Ping On project will fill a gap in Chinatown’s housing supply with this affordable housing development, and we applaud CEDC Oxford Ping On LLC for taking on this important project,” said Marty Jones, president and CEO of MassDevelopment. “MassDevelopment is proud to provide financing for this development, which will provide a great new option for people looking to remain or relocate into the neighborhood at affordable rents.”

 Click here for more market data on Boston.

 Rendering credits:  Chia-Ming Sze Architect, Inc.



Tocci Breaks Ground on 34-Unit Station Landing Apartments in Suburban Boston

8 Dec 2014, 2:36 pm

By Veronica Grecu, Associate Editor

With so many residential projects in the pipeline or already completed, Waltham is shaping up as one of Boston’s most desirable housing markets. Hot on the heels of Hines’ 200-unit luxury complex at 36 River Street that officially launched leasing operations last month, work is under way on another upscale apartment community developed by Woburn-based Tocci Building Companies.

Station Landing Apartments rendering - Waltham, MA

Station Landing Apartments rendering – Waltham, MA

Called Station Landing Apartments, the $8.5 million luxury residential project is located at 431 River Street in Waltham’s central section and is owned by Charles River Place, LLC. When completed in fall 2015, the five-story building will offer 60,850 square feet of residential and commercial space. According to Tocci, the Station Landing Apartments project was designed by Costa Architects while Cowen Associates of Natick, MA, served as structural engineering consultants. The rental building will include 34 two-bedroom units on floors two through five, a roof deck, a fitness facility, as well as 9,000 square feet of ground floor retail and restaurant space. Each unit features high-end amenities such as granite countertops, stainless steel appliances and hardwood floors.

“Waltham is quickly becoming one of suburban Boston’s most active markets not only for commercial development, but also residential projects. Much of this residential activity is located around busy Waltham Center, with easy access to numerous amenities and public transportation options,” said John Tocci, chief enabling officer at Tocci Building Companies, in a prepared press statement. “With this development, we will utilize highly efficient pre-construction solutions and accurate pricing methods to ensure a timely and cost-effective delivery for our client. Upon completion, we are confident that Station Landing will be an attractive and sought-after tenant destination in the market,” he added.

Click here for more market data on Boston.

 

Rendering courtesy of Tocci Building Companies







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