Charles Castillo Blog

Tuesday, 1 August 2017

Senate Construction Awarded Abbot Mill Conversion Project

SHIRLEY, MA — Senate Construction Corporation, one of the leading construction management companies in Massachusetts, has been awarded the conversion of a mill and industrial buildings into residential apartments at the Abbot Mill complex in Westford, MA.

The developer of the 102-unit project is Yule Development, a Newton, MA-based company that is engaged in residential and commercial real estate development in the Greater Boston area.

Featuring 102 units with a mix of one and two bedrooms, the project spans 200,000 square feet over four buildings. Looking to preserve the historic nature of the mill, the new apartments will retain much of the original architecture, including exposed brick and beams, oversized windows, and high ceilings. Two of the buildings will undergo interior excavation in order to create parking garages without sacrificing rentable space.

“We’re excited for the opportunity to build this challenging and interesting project,” said Aaron Preston, a project manager at Senate Construction. “There’s a great balance of preserving the historic integrity of the existing structures and utilizing energy efficient technologies to ensure the apartments are both aesthetically pleasing and modern.”

source http://bostonrealestatetimes.com/senate-construction-awarded-abbot-mill-conversion-project/

MassDevelopment Bonds Finance Roxbury Affordable Housing Facility

BOSTON–MassDevelopment has issued $9.4 million in bonds for Walker Park, a project from the Urban Edge Housing Corporation, a community development organization in Roxbury.

Urban Edge is using bond proceeds to build Walker Park, a 49-unit affordable rental housing facility in the Egleston Square section of Roxbury. Urban Edge will demolish a blighted building and revitalize two blighted lots to make way for the construction of two buildings that will house the rental units.

Eight of the units will be available to households earning 30 percent of the area median income and to homeless individuals and families, and the remaining 41 units will be available to households earning no more than 60 percent area median income.

MassDevelopment also assisted the Massachusetts Department of Housing and Community Development with the approval of federal low income housing tax credits that will provide $5.8 million in equity for the project. Bank of America purchased the bonds.

“Building sustainable housing options for Massachusetts residents is a central tenet of MassDevelopment’s mission,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “We are proud to lend our support to the Walker Park project, which will revitalize a formerly underused parcel of land and provide affordable housing options for this vibrant, diverse Boston neighborhood.”

Urban Edge Housing Corporation is a national leader in the community development field known for innovation and excellence. With its heart in Boston’s culturally and economically diverse Egleston and Jackson Squares, Urban Edge works with others across the City of Boston and region to promote high-quality, sustainable, and affordable communities. Public, private, and non-profit entities turn to Urban Edge for its advice and expertise, and as a partner in undertaking complex and transformative urban projects.

“We are grateful for the support from MassDevelopment for the Walker Park project,” said Urban Edge CEO Frank Shea. “The development will provide families living in Egleston Square access to 49 new units of quality affordable housing and services while also revitalizing the neighborhood by renovating blighted properties. We thank MassDevelopment for its support and we look forward to the completion of the project.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth.

source http://bostonrealestatetimes.com/massdevelopment-bonds-finance-roxbury-affordable-housing-facility/

After Largest Hike in Five Years, CMBS Delinquency Rate Reverses in July

Though the Trepp CMBS Delinquency Rate climbed steeply in June, it retreated just as quickly in July. The delinquency rate for US commercial real estate loans in CMBS is now 5.49%, a decrease of 26 basis points from the June level.

The rate is now only two basis points higher than where it stood at the end of May. Delinquency readings for four of the five major property types fell in July, with the lodging sector being the only one to increase, according to Trepp.

Here are some other highlights from the latest report:

“After hitting a post-crisis low in February 2016, the reading has consistently climbed since early 2016 as loans from 2006 and 2007 have reached their maturity dates and have not been paid off via refinancing. The rate has moved up in 13 of the last 17 months.

Delinquency readings for four of the five major property types fell in July, with the lodging sector being the only one to increase.

The July rate is now 73 basis points higher than the year- ago level, and 26 basis points higher year-to-date. The reading hit a multi-year low of 4.15% in February 2016. The all-time high was 10.34% in July 2012.

About $1.4 billion in loans became newly delinquent in July. Almost $1.2 billion in loans were cured last month, and about $1.7 billion in CMBS loans that were previously delinquent were resolved with a loss or at par.”

source http://bostonrealestatetimes.com/after-largest-hike-in-five-years-cmbs-delinquency-rate-reverses-in-july/

Calare Properties Completes Sale of 40,000 SF Lab Space in Billerica, MA

Billerica, MA – Calare Properties, a private Massachusetts-based real estate investment firm and operator, announced that it has sold 749 Middlesex Road in Billerica, Mass. for $6.2 million, with a lease extension in place to tenant RainDance Technologies, Inc.

Calare originally purchased the vacant 40,000 SF suburban lab facility in 2013 for $3.3 million while concurrently leasing the entire property to RainDance to create significant value on day one.

“Considering the ongoing limited availability of high quality lab space in this market and the ideal fundamentals of this property, Calare was confident in our ability to create value in this investment,” said Bill Manley, CEO and CIO of Calare. “We are pleased to have successfully executed upon our investment strategy and to deliver this facility to a buyer with a highly regarded tenant in place.”

Bill Manley

RainDance Technologies, which occupies the entire facility, is a biotechnology company that has pioneered a proprietary technology that enables research in areas such as non-invasive liquid biopsy. The company’s genomic tools enable research of new non-invasive applications that should result in more accurate, reliable, cost-effective, and early detection of cancer and other inherited and infectious diseases.

With features such as open floorplans and high-performance systems, 749 Middlesex presents a prime location for lab tenants. The facility includes lab-quality upgrades such as HVAC/ventilation systems capable of circulating 100% fresh air, water treatment systems with additional plumbing/drainage systems, high power capabilities with backup generators, and temperature controlled facilities for testing and storage of sensitive materials.

Located approximately 20 miles north of Boston, 749 Middlesex Road is ideally positioned in an area with a notably low supply of lab space that is experiencing a growing demand. The facility is in an ideal location for those coming from Boston, as well as Central Massachusetts, with easy access to Route 3, I-93 and I-95.

source http://bostonrealestatetimes.com/calare-properties-completes-sale-of-40000-sf-lab-space-in-billerica-ma/

HFF closes $16.5 million sale of and secures $12.64 million in financing for Mallside Plaza in South Portland, Maine

BOSTON– Holliday Fenoglio Fowler, L.P. announced that it has closed the $16.5 million sale of and secured $12.635 million in financing for Mallside Plaza, a 98,948-square-foot shopping center in South Portland, Maine.

HFF marketed the property on behalf of the seller, Kimco Realty Corp., and procured the buyer, Northeast Capital Group of Rampo, New York. Additionally, HFF worked on behalf of the new owner to secure a 10-year, fixed-rate acquisition loan through Katahdin Trust Company.

Located at 198 Maine Mall Road, Mallside Plaza has direct visibility from Interstate 95 and is adjacent to the super regional Maine Mall, which extends the property’s trade area out to 30 miles and more than 460,000 people. The fully leased property is anchored by DSW Shoe Warehouse, Five Below, Guitar Center, Dollar Tree and Mattress Firm and is shadow-anchored by Dick’s Sporting Goods. The sale also included an outparcel single-tenant building net leased to a top-performing Five Guys Burgers.

The HFF investment sales team representing the seller was led by senior managing director Jim Koury.

HFF’s debt placement team was led by senior director Porter Terry.

Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of June 30, 2017, the company owned interests in 510 U.S. shopping centers comprising 84 million square feet of leasable space across 32 states and Puerto Rico.

Northeast Capital Group (NECG) is a private equity investment group based in Ramapo, New York and led by CEO Joel Kiss who founded the firm in 2008. NECG actively buys and operates stable and value-add commercial real estate with an emphasis on well-located anchored shopping centers and office buildings in primary and secondary markets around the country.

Katahdin Trust Company, established in 1918, provides banking services to individuals and businesses from sixteen offices throughout Maine.

source http://bostonrealestatetimes.com/hff-closes-16-5-million-sale-of-and-secures-12-64-million-in-financing-for-mallside-plaza-in-south-portland-maine/

See how a sloped, ragged backyard overlooking a saltwater pond in Rhode Island became an outdoor haven

Sitting on the bluestone terrace looking out over Potter Pond, a saltwater lagoon a few hundred yards from Rhode Island’s East Matunuck State Beach, it’s easy to overlook the massive effort that went into this tranquil scene.

The post See how a sloped, ragged backyard overlooking a saltwater pond in Rhode Island became an outdoor haven appeared first on Boston.com Real Estate.

source http://realestate.boston.com/design-new-england/2017/08/01/stone-wood-sloped-ragged-backyard-overlooking-saltwater-pond-becomes-outdoor-haven/