Good morning, and happy Wednesday! Here's a summary of recent transactions and personnel news within Greater Boston's real estate community.
HFF has arranged $51 million in recapitalization financing for 1030 Massachusetts Ave., a recently renovated 77,805-square-foot Class A laboratory/biotechnology building near Harvard Square in Cambridge. The borrower was an affiliate of Longfellow Real Estate Partners. HFF placed the five-year fixed-rate loan with Capital One Healthcare. The four-story property is fully leased to seven tenants, including five biotech companies, an indoor cycling studio and a restaurant slated to open this summer.
The International Institute of New England has leased 13,676 square feet at 2 Boylston St., also known as the China Trade Building, in downtown Boston. The Boston Redevelopment Authority owns the building, and the IINE lease represents the first new tenant at the property in several years. IINE, a service organization for new Americans in New England, will move from One Milk St. Michael Grill and Hillary Brown of Fairlane Properties represented IINE in the lease deal. Peter Dominski, Kevin Kennedy and Suzanne Brown represented the BRA.
"With the majority of our clients and staff using public transportation, finding a location adjacent to MBTA access was crucial. Being part of Chinatown and the local Asian community is a terrific added benefit. IINE looks forward to working with local organizations and residents to assist them with job training and English opportunities," said Jeffrey Thielman, president of IINE, in a prepared statement. "IINE will continue our work with the latest waves of immigrants and refugees with daytime and evening programs in a state-of-the-art facility."
WiredScore, a measure of the Internet connectivity of commercial properties, has certified 44 buildings in Greater Boston including the Innovation and Design Building at 21 Drydock Ave. in the Seaport District. Other WiredScore certified buildings include 265 Franklin St. and 230 Congress St. in downtown Boston and the under-construction 50 and 60 Binney St. in Cambridge.
The Francis Grady Apartments, a 30-unit affordable housing community for formerly homeless persons, and the Stacy Kirkpatrick House, a 20-bed medical respite facility for homeless individuals, opened earlier this month at 459-461 Walnut Ave. in Jamaica Plain. The long-awaited redevelopment of a former nursing home also provides on-site support including counseling, assistance in daily living skills, job-readiness training, home budgeting, case management and crisis intervention. The community was developed by the Jamaica Plain Neighborhood Development Corp. in collaboration with the Boston Health Care for the Homeless Program and the Pine Street Inn. UnitedHealthcare provided $5.1 million in equity for the project through a low-income housing tax credit partnership with Enterprise Community Investment, and several city and state affordable housing programs provided $5.3 million in capital funding. BHCHP invested an additional $3.5 million to develop the medical respite facility and common areas. "In Boston we believe that we must work together to lift all of our residents up, and the Francis Grady Apartments will give people the opportunity and resources they deserve," said Boston Mayor Martin J. Walsh in a prepared statement. "I am thankful for all of the partners who have made this announcement possible and look forward to the brighter futures it will provide."
The Technology and Entrepreneurship Center at Harvard University is hosting a strategic innovation summit on "Affordable Communities Everywhere" June 3-4 at the Harvard campus. The summit is convened to gather senior leaders from government, education and the private sector to discuss and find solutions to the growing global need for affordable housing. Among the panelists will be Marla Curtis with The Architectural Team and Larry Curtis, president and managing partner of WinnDevelopment, who will present a case study. Click here to apply to attend the summit.