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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.

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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.

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Rendering courtesy of Tocci Building Companies



Leasing Starts at Hines’ 200-Unit Luxury Rental Community in Waltham

29 Nov 2014, 5:28 pm

By Veronica Grecu, Associate Editor

Currents on the Charles - Waltham MA

Currents on the Charles – Waltham MA

One year and a half after construction started at its first residential project in the Boston area, Hines has officially launched leasing operations at Currents on the Charles. Initially owned by Saracen Properties and dubbed Acadia on the Charles Apartments, the development project was acquired by Hines for $13.5 million in spring 2013.

The 200-unit luxury apartment community contains nearly 188,000 square feet and is located on a 4.1-acre site at 36 River Street in Waltham, less than ten miles from Downtown Boston. According to Hines, the project was built by construction manager Callahan Inc. under conceptual plans designed by CUBE3 Studio of Lawrence, MA. The Bozzuto Group serves as property manager and will also oversee leasing activities.

The M-shaped, four-story building sits above a two-level below-grade garage that has around 400 parking spaces. Currents on the Charles features a list of upscale amenities such as a heated pool, a fitness center with a Yoga training room, a sundeck, an internet café, an outdoor kitchen and an indoor secure bike storage and bike repair station.

Swimming pool at Currents on the Charles - Waltham MA

Swimming pool at Currents on the Charles – Waltham MA

Currents on the Charles is a pet-friendly and entirely smoke-free community that caters to young professionals, families, and empty nesters. The loft-style apartments come in a combination of studios, one-, two-, and three-bedroom units ranging in size from 609 to 1,429 square feet. All units feature high-end finishes, including ENERGY STAR appliances, stone countertops and large walk-in closets. According to Curbed Boston, rents at Currents on the Charles vary from $1,995 a month for a studio to $3,480 a month for a three-bedroom apartment.

“Our new community offers the highest levels of quality, service, and amenities that are unmatched in the Waltham area. Because of our ideal location between Boston, Cambridge, and Route 128, residents will benefit from shorter commute times and quick access to a variety of local services,” said in a press release Jessica Lee, Community Manager at Currents on the Charles.

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Renderings via Currents on the Charles 



BRA Approves 94-Unit Multifamily Project at 135 Bremen Street

21 Nov 2014, 8:21 pm

By Veronica Grecu, Associate Editor

For decades East Boston was known as a gritty, underdeveloped area in the city’s Innovation District. But as new developments started accommodating a wave of businesses in the area, “Eastie” turned into a promising neighborhood for real estate developers and investors.

135 Bremen Street - East Boston

135 Bremen Street – East Boston

One of the several construction projects waiting to kick off in the neighborhood is a $19 million apartment community between Gove and Porter Streets and off the East Boston Greenway. The project was recently approved for construction by the Boston Redevelopment Authority and will be built by 135 Bremen, LLC—a joint venture between real estate developers Joseph Ricupero and Michael Merullo.

Located at 135 Bremen Street and close to the MBTA’s Maverick Square Station and Logan Airport, the apartment complex will be built on 36,000 square feet of underutilized commercial land which is currently occupied by mid-rise vacant buildings and an open parking lot. According to project plans, 135 Bremen is expected to breathe new life into an industrial corner of Bremen Street and accommodate the housing needs of Eastie’s diverse and growing population.

Designed by Charlestown-based Neshamkin French Architects Inc., the project calls for a six-story structure of approximately 127,000 square feet. The U-shaped building will have 94 apartments, including 12 affordable housing units in accordance with Boston’s affordable unit policy, as well as 8,300 square feet of ground-floor commercial space that will include at least one restaurant/retail operator.

What makes 135 Bremen unique among other housing developments in this section of East Boston, where parking is always a concern, is the fact that it includes a relatively large parking facility. As detailed in the Project Notification Form, the apartment building will have a two-level underground garage with 126 parking spaces and 100 bike racks to encourage bicycling as a sustainable mode of transportation. The parking garage will also have a non-stop bike repair station.

According to project plans, construction at 135 Bremen is scheduled to start in fall 2015 with a completion date set for the end of 2016. The project will create more than 50 jobs during construction.

Click here for more market data on Boston.

 

Rendering courtesy of 135 Bremen, LLC via BRA







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