TODAY’S DEALS: Wood Partners JV sells 116-Unit Asset for $50.5M
Intercontinental Real Estate Corp. buys an asset from Wood Partners; NorthMarq Capital arranges $30 million in construction financing for an affordable asset; and HFF closes $14.8 million in permanent financing for a newly-built Massachusetts asset.
Arlington, Mass.—The first of our trio of Massachusetts transactions today is the $50.5 million sale of Alta at Brigham Square in Arlington, Mass. A joint venture between Wood Partners and an institutional partner sold the 116-unit community to Intercontinental Real Estate Corp. in a transaction facilitated by CBRE/New England’s Capital Markets team.
CBRE/NE’s multi-housing experts Simon Butler, executive vice president/partner, and Biria St. John, executive vice president/partner, exclusively represented the seller and procured the buyer.
“We are pleased to have facilitated this transaction on behalf of the seller,” says Butler. “Alta at Brigham Square represents a truly one-of-kind asset with its easy access to retail on Mass Ave., as well as the major employment centers in Boston, Cambridge and the 128 West Office market allowing for superior long-term rent growth”
The 2013-built community consists of a single, four-story elevator building above a single level of parking. Amenities at the condo-quality asset include a clubhouse with great room, wet bar, media room, fireplace and pool table, resident storage, garage parking, a fitness center, gaming area with Wi-Fi, an outdoor lounge with a fire pit, and a rooftop deck with views of Boston.
NorthMarq arranges a $30M construction loan for affordable asset
Salisbury, Mass.—NorthMarq Capital’s Boston office has arranged a $30 million construction loan for Tidewater at Salisbury, a 222,519-square-foot affordable housing asset that will be built at 1919 Beach Road in Salisbury, Mass.
Ed Riekstins, senior vice president at NorthMarq, closed the deal, which was structured with a construction period of up to 36 months with a 10-year term following the conversion date and 30-year amortization. The financing was provided via a national bank.
“We were pleased we could accommodate the borrower’s requirements for sourcing a competitive construction/permanent loan for a new Class A multifamily project in an underserved market,” says Riekstins.
HFF closes $14.8M for newly built Massachusetts community
Shrewsbury, Mass.—HFF has arranged $14.8 million in financing for Madison Place, a 96-unit, recently built apartment community located in Shrewsbury, Mass. The firm worked on behalf of Westborough, Mass.-based Madison Place LLC (managed by Robert Moss) to secure the seven-year, fixed-rate loan through Boston Private Bank & Trust. Proceeds were used to pay off the original construction financing. The asset was completed in early 2012.
The HFF team representing the borrower was led by senior managing director Riaz Cassum, director Porter Terry and senior real estate analyst Martha Henderson.
“Moss had the vision to acquire the site and begin construction in 2010,” says Cassum. “Further, the thoughtful design and quality execution by Moss has resulted in Madison Place staying effectively full since its opening with a robust level of lender interest in the permanent financing.”
The property is located directly off Route 9 at 900 Madison Place, close to Interstate 290 and about 30 miles west of downtown Boston. Madison Place LLC is also currently completing a 168-unit luxury community called Madison Place Southborough located off of Route 9 and 495 in Southborough, Mass.
