RealReporterSummerReview2013

THE

SUMMER 2013 INVESTMENT REVIEW

NEAR + FAR INVESTORS RIDE YIELD WAVE IN HUB’S WHITE HOT MARKET

Reporter THE REAL

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3

THE REAL REPORTER 2013 SUMMER REVIEW

OFFICE

Suburban Spree

Seven New England Executive Park, Burlington MA

BY JOE CLEMENTS BOSTON — There was a reverse commute for office investors during the first half of 2013, as capital found landing a deal in the Hub and neighboring Cambridge an imposing challenge, particularly for core product that capital continues to covet. Beneficiaries are owners of that perceived as the next best thing to a Boston or East Cambridge trophy—assets along and inside the Route 128 beltway.

Colliers International principal Lisa M. Campoli recalls that talk at the outset of 2013

“was all buying urban, urban, urban, (due to) Boston’s economic recovery and strong rental growth.” So far, she reports, “it has not worked out that way.” A dearth of tower listings since 100 Federal St. changed hands more than a year ago made the $110 million disposition of 40 Broad St. through Jones Lang LaSalle to TIAA-CREF the largest deal downtown this year as of June 30th, whereas two separate suburban office properties fetched more than $400 million to set up what Campoli considers an historic event—having more sales volume in

the suburbs year-to-date than in the Financial District. The $1.1 billion in suburban business compares to barely a quarterbillion dollars rung up in the Financial District, according to Colliers.

ROBERT E. GRIFFIN JR Although Equity Office is shedding multiple suburban Boston holdings— New England Executive Park in Burlington for $216 million and Riverside Center in Newton for $197.5 million among them—the REIT’s Hub and EDWARD C. MAHER JR. Cambridge holdings have not yet been served up to an eager investment constituency.

Whether that will change in 2013 remains open to question, but Campoli deems the impressive result at Riverside MATTHEW E. PULLEN Center (see story this section) a catalyst for Equity to put similar holdings on the block—with Cushman & Wakefield now listing Wellesley Office Park—and she reports it has spurred other owners to make their assets available. “The message has gotten through,” Campoli says of the hale pricing. There is a continued desire for quality, explains Campoli, and that has communities doing their best to mimic the Live/Work/Play aspects that have made continued on page 40

$216M Takes New England Executive Park

THOMAS M. ALPERIN

BRIAN J. KAVOOGIAN

BY JOE CLEMENTS BURLINGTON — New England Executive Park has quite a storied history, but if its new owners have their way, the 56-acre office complex has an even brighter future on the horizon. As relayed in the suburban 2013 midyear review story above, NEEP’s $216 million sale to a triumvirate of AEW Capital, Charles River Realty Investors and National Development last month was the region’s biggest individual asset sale of 2013 through June 30th, and plans to overhaul the 10-building assemblage of more than one million sf are equally grandiose.

“Our sleeves are rolled up and we are already looking at what we can do to improve the real estate,” says CRRI principal Brian Kavoogian, who terms the property continued on page 43 New England Executive Park, Burlington MA

4

THE REAL REPORTER 2013 SUMMER REVIEW

OFFICE

JLL Casts Broad Figure Downtown

BY JOE CLEMENTS BOSTON — Petula Clark might be an apt songstress to capture the tenor of Jones Lang LaSalle’s investment sales brokerage these days, with the group a dominant force downtown over the past six months. Following a $17.6 million trade of Two Liberty Square on the final day of 2012, JLL tendered the $34.9 million purchase of 11 Beacon St. by Synergy Investments one month later, and in May orchestrated the priciest Hub office asset exchange thus far in 2013 when TIAA-CREF shelled out $110.0 million to secure 40 FRANK PETZ Broad St. “Everybody did,” JLL Managing Director Frank Petz says when asked what capital sources chased the 11-story, 291,000-sf structure. The listing lineup was domestic and foreign, local and national, private and public. Life insurers, pension fund advisors, and multiple REITs were in the hunt, Petz reports, with the herd seemingly driven by a Class B JESSICA HUGHES building whose heft is rarely found in the Financial District. Competition was reflected in a steep rise continued on page 44 40 Broad St., Boston MA

Capital Stream Floods Riverside Center

JONATHAN G. DAVIS

DAVID PERRY

BY JOE CLEMENTS NEWTON — Hines Global REIT has a mission to chase core real estate, and perhaps that focus was the difference in beating out a Who’s Who of real estate suitors chasing Riverside Center when Equity Office made the 500,800-sf transit-oriented business park available this spring. “Everybody loves Boston, but this one really got people’s attention,” Hines principal David Perry agrees in reviewing the $197.3 million deal that amounted to record square-footage pricing for a suburban Boston office asset. “That it was,” one CRE researcher says of a $388-per-sf conclusion achieved in a negotiation led by Holliday Fenoglio continued on page 46 Riverside Center, Newton MA

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6

THE REAL REPORTER 2013 SUMMER REVIEW

LENDING

Investors Banking on Financing

255 State St., Boston MA

and portfolio lenders appraise off of—the cost of

BY MIKE HOBAN BOSTON — With the recession fading in the baseline funds—has jumped 35 percent, and rear view mirror in Greater Boston and other that has substantially impacted the market.” core markets around the country, the lending Which means that 60 days ago, a deal that could have been priced at 360-370 basis environment for commercial real points (all-time lows) will now be a 450 estate has now rebounded to the BPS rate, which fundamentally will point where investors in Boston propchange the economics of some of the er and Cambridge can find financing deals that are being done, Black for just about any deal, says Jeff reports.

Black, commercial debt/equity speThe financing expert predicts that cialist and VP at Colliers “the new normal” will settle in at the International’s Capital Markets group.

2.5 to 2.55 percent range for at least “It’s just a matter of what it’s going to MICHAEL LINDGREN the next few months, which from an look like,” he tells the Real Reporter. historical perspective is still quite low, “But there’s no shortage of high-yield but the change is already being felt. debt for any project you can think of.”

And while the availability of financCMBS lending, which made a huge ing is not expected to change any time comeback in the last year, will definitesoon, it is going to cost a bit more than ly feel some upheaval. “Up until May, the rates available in the first few CMBS pricing was so competitive that months of 2013, says Black. they were winning core institutional “Something that folks should be pay- JULIA ANN SLOM deals that would have typically been ing attention to would be that on May 2nd, a 10- going to life companies, because the pricing was year U.S. Treasury yield was at 1.62 percent, and so compelling you couldn’t ignore it,” says as of (last week), we’re at 2.53. So in the past 60 Black. But with CMBS pricing so closely tied to days, the benchmark that most life companies the treasuries, the advantage has gone back to

the life companies as CMBS rates (which cannot be locked in until the deal is signed) are now rising into the 5.0 percent range and above.

And while CMBS is typically not a big player in the core markets of Greater Boston (due to the high barriers to entry erected on the strength of the local banking sector), it has been useful getting deals done in New England’s tertiary markets like Portland, ME, and Portsmouth, NH, where life companies generally will not tread. Colliers, whose Capital Markets group has closed $1.1billion in debt/equity deals year-todate, arranged financing on two such deals with Goldman Sachs: a $7.8 million, 10-year, fixedrate leasehold mortgage for a Courtyard by Marriott at the Portland Airport in Maine and a $23 million office property in Burlington, VT. Colliers also arranged financing in April via a 15-year CMBS deal in Denver, securing $72 million in refinancing for eight separate but simultaneous transactions with Principal Life (PREI) for grocery-anchored retail for Connecticutbased AmCap and a state pension fund.

Cantor Commercial Real Estate Lending, the nation’s third largest CMBS lender, has also continued on page 48

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THE REAL REPORTER 2013 SUMMER REVIEW

MULTIFAMILY

Multifamily Train Still Chugging

BY JOE CLEMENTS BOSTON — Multifamily real estate flew off the shelves in 2012, making the cupboard rather bare at the outset of this year’s campaign. A dearth of listings and any hangover from the crushing level of trades taking place last autumn have eased, however, according to brokers operating in that realm, including United Multi Family President Richard Cawley, whose Quincy based company is among the most prolific middle-market apartment sellers in New England.

“All of a sudden, we are starting to see a ton of activity again,” Cawley conveys in a recent interview. “It has definitely picked up, and we are expecting more buildings CHRISTOPHER D. SOWER to be coming to the market into the fall.” Philip Lamere of Apartment Realty Advisors offers a similar take, citing the record prices for helping motivate owners off the sidelines, although pickings remain slim in urban venues. “We JASON S. WEISSMAN are seeing a tremendous number of people who are having a hard time buying into the Boston market,” says Lamere.

“There is more capital than product, and that is

Cabot Crossing, Lowell MA

forcing people to look outward.”

ARA did manage one notable closing by mid-year, assisting the owners of Cabot Crossing in selling that seven-building, 252unit Lowell property to a partnership led by Taurus Investment Holdings. The $20.2 million deal closed in mid-June. The ARA operation based in Burlington is going even farther afield with two Cranston, RI, listings, Springfield Apartments (216 units) and the other Garden City (94 units). The former has already closed and Garden City is under agreement.

ARA is flush in land brokerage, according to principal Richard Robinson, who says a halfdozen sites are under contract and moving towards a closing. Robinson would not identify the properties, but deems the activity a result of multifamily’s demand, with developers eager to take advantage. “It’s a good sign,” says Robinson, whose firm has a Norton site on the block, plus a 55-acre parcel at 15 Great Rd. in Littleton permitted for 214 units. That assignment is being led by land broker Brendan Reilly continued on page 50

Home Runs Galore for CBRE/New England

SIMON BUTLER

BIRIA ST. JOHN

BY JOE CLEMENTS BOSTON — CBRE/New England’s multifamily sales stats in 2013 are gaudy— David Ortiz gaudy. Try 17 closings involving 3,561 units and a total volume of $507 million as of June 30th, headlined by the $149.3 million exchange of Alterra at Overlook Ridge, a sprawling apartment community straddling Malden and Revere on a site along Route One across from Alterra at Overlook Ridge, Malden and Revere MA Granada Highlands. Mack-Cali Realty “We did all right,” CBRE/NE principal Simon J. Butler modnow controls the opening two phases of a venture approved for 2,800 apartments and ancillary commercial. Begun in 2002, estly responded when asked of the hyperactive beginning to a Alterra at Overlook Ridge’s master developer is Roseland on a season for the multifamily team he leads with Biria St. John. venture backed by Prudential Real Estate. continued on page 52

OUR BOSTON CAPITAL MARKETS GROUP HAS CLOSED OVER $800 MILLION IN 2013.

WE WOULD LIKE TO THANK OUR CLIENTS FOR A GREAT FIRST HALF!

10

THE REAL REPORTER 2013 SUMMER REVIEW

MULTIFAMILY

Multifamily ‘Interest Rate’ Soars

BY JOE CLEMENTS BOSTON — Interest rate hikes threaten to slow the multifamily juggernaut rampant in New England, but several industry professionals opine interest in the product type will deflect any serious erosion of sales, at least regionally and over the near term. A full percentage point jump this spring roiled a few borderline refinancings, and has conduit lenders in upheaval, but regulatory fears over an economic slump are expected to limit any hikes and optimists say there are other elements in place—such as a global capital glut—plus lenders reluctant to exit the multifamily arena. There has also been a slight clawback in the initial rise (although James M. Murphy of Northmarq Bank stresses PAUL DONAHUE the record rates of yore “are over.”)

Even in reporting the market has seen a few marginal deals evaporate, Arbor Commercial Mortgage loan officer John Edwards is among those predicting relative calm, particularly since JOHN EDWARDS he says banks have enough wiggle room to help a deal happen and still yield a decent return. “It remains a remarkably good rate,” adds Centerline principal Paul Donahue, who finds solace in the global money surplus.

“It is not abating,” Donahue HAL REINAUER says this week, giving the excess another decade before its influence fades.

To Donahue, the challenge in metropolitan Boston is finding deals to finance, with supreme fundamentals creating a feeding frenzy whenever a property appears on the sales block, and often luring a gaggle of lenders in concert with the buyers. Donahue has spent much of 2013 farther a field. Operating from his Boston office at 100 Franklin St., he has assisted Centerline borrowers holding assets from northern New Hampshire to Los Angeles, with stops in Illinois, Indiana and Ohio. “We are following our clients,” explains Donahue. “We’d like to do more in Boston, but it

45-47 Bay State Rd., Boston, MA

hasn’t been easy, and our clients are active every- the loans came through the Fannie Mae DUS prowhere and keeping us busy.” gram, with Edwards providing a variety of those Arbor’s local lending crew is busy outside instruments, among them a DUS Small Loan on a New England as well, although Edwards and col- $1.87 million mortgage covering Ridgepoint league Hal Reinauer did manage to finalize signif- Apartments in Rogers, Arkansas. An $11.6 million icant first-half loans in the area, among DUS/Manufactured Housing loan was them $4.22 million in a refinancing of arranged by him for the Villas at Marlin the Coach Estates apartments at 53-55 Bay in Lake Wylie, NC, a state Edwards Brook St. in Acton. Reinauer handled completed three loans in through midthat assignment. Arbor had previously year, the largest a $17.5 million funded borrower Stuart Levey in his DUS/Military Housing mortgage in April 2008 purchase of the garden-style Newport. Another $12.5 million went to property via a $3.9 million loan.

Windsor Upton Stonecrest in Joseph Charneski of Arbor’s New PAUL NATALIZIO Burlington, NC, and the owner of Flat York office also made it up into New Creek Village in Weaverville, NC, England by mid-year, providing $8.01 secured $3.6 million. million in June for Fairhaven Residential Reinauer originated $35.8 million Gardens in Concord, a complex on via the Boston office, headlined by a Abbott Lane owned by Taymil Partners $22.0 million FHA 221(d)(4) mortgage of Framingham. in Richmond, VA, a city in which he sepEleven mortgages totaling $59.2 arately delivered a $1.45 million DUS million were originated by Edwards Small Loan to 321 West Franklin St. through June 30th, having assisted a BRETT PAGANI Apartments. Reinauer did another DUS borrower in getting $2.14 million for the Country Small Loan on Old Town Creek in Colonial Green Apartments in Attleboro, and helping the Heights, VA, and provided an FHA 223 (a)(7) loan owner of two Lynn properties secure $1.65 mil- for the Chesterfield Gardens Apartments in lion for 28-30 Franklin St. and 77 Green St. All of continued on page 58

12

THE REAL REPORTER 2013 SUMMER REVIEW

RETAIL

Little Concern Over Retail Pause

Mall at Whitney Field, Leominster MA

BY MIKE HOBAN BOSTON — Few retail watchers expected the investment sales frenzy evident in 2012 to carry into the New Year, and turns out any skeptics were right. Nearly seven months into 2013, only a handful of suburban grocery-anchored centers or larger urban retail properties have traded hands in the metro Boston market, but industry veterans are hopeful that the second half will be a repeat of last year.

“This year is shaping up to be very similar to 2012,” observes Geoffrey Millerd, Executive

Director and retail specialist for Cushman & Wakefield's Capital Markets team. “There has been a lack of A product over the first six months of the year and transaction volume has been down, but I think it has been a reflection of ‘deal hangover’ from the end of 2012. I think the inventory got cleared out and the same thing is going on this year.”

Last year, Millerd and company transacted four deals in the first half and a dozen in the second half, and for 2013, the team that includes Justin Smith closed six deals through July, and

now has “a ton of product that we’re either in the market with or are about to enter the market,” Millerd conveys. Real Capital Analytics data actually shows a 113 percent gain between the first quarter of Geoffrey Millerd 2012 and 2013 in the Boston MSA, from $66.8 million to $142.1 million, before tailing off from $371.3 million to $176.3 million in the second quarter. Experts note the first quarter typically has carryover deals from the prior Justin Smith year that somewhat skew the results. The ennui then showed up in the second quarter on the statistical front when those deals evaporated.

CBRE/NE principal and retail ace Christopher Angelone tells the Real Reporter he had been more hopeful coming out of 2012.

“The expectation had been that there would be more grocery-anchored shopping centers available in the first half of the year, but it never materialized,” says Angelone. “We didn’t expect that there would be core quality, but we did think that there would be more B quality assets for sale because sellers would want to take advantage of cap-rate compression.”

Millerd says one of the factors contributing to the slow sales environment is the increasing presence of institutional investors in the grocery-anchored and big box retail arena, which continued on page 54

Buying Urban Retail a Chore

CHRISTOPHER ANGELONE

WILLIAM MOYLAN

BY MIKE HOBAN BOSTON — Following a season that saw headlines for Back Bay trades of the Apple Store and properties on shopping Mecca Newbury Street, the first six months of 2013 transaction activity for premier retail in Boston and Cambridge have been something of a letdown. The acquisition stories so far have been mostly limited to two parties—the newly formed partnership between Urban Meritage and Novaya Ventures, and the return of foreign investment to Harvard Square.

“Urban retail product is very limited,” Michael d’Hemecourt, President of retail real estate at Boston Realty Advisors tells The Real Reporter. “Boston is a smaller market and there’s only so many of these core urban areas. But you still have a very strong concentration of equity chasing these core urban deals—ranging from private to foreign and institutional capital.”

According to d’Hemecourt, $200 million worth of that equity rests in the hands of the Urban Meritage/Novaya Ventures personnel, many of whom were key figures in the assembling of the Newbury Street portfolio that was purchased by Jamestown in 2011 for $226 continued on page 59 205 Newbury St., Boston MA

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14

THE REAL REPORTER 2013 SUMMER REVIEW

INDUSTRIAL

Industrial Shows New Strength

360 Cedar Hill St., Marlborough MA

BY JOE CLEMENTS BOSTON — May’s $36.7 million sale of 175 Kenneth W. Welch Dr. here in this southeastern Massachusetts community helps symbolize a blossoming season of hope for industrial real estate. Battered by the 2008 recession and for most of the decade unable to see any relief from weak fundamentals—and equally anemic investor interest—the benefits of New England’s robust economy are trickling down to the industrial world, and even garnering competition for best-rated product, market experts relay in assessing mid-year results.

“It is an asset class that is most closely tied to the economy, and it does continue to lag, but

institutional investors are taking notice of the stronger conditions, and as they find (preferred) properties getting more expensive, the higher yields available in industrial are starting to make sense,” says Daniel Fasulo, a research specialist with Real Capital Analytics. “It’s happening all over the country,” conveys Fasulo, whose group pegs mid-year industrial sales in the Boston MSA at $473.4 million compared to $422.9 million at that point in 2012.

The purchase of 300 Riverpark Dr. in North Reading by Tritower Financial Group for a hefty $32.2 million (see story, this page) is among at least four industrial properties in the Bay State that swapped above $25 million through June

30th. The others included $32.2 million to the Davis Cos. and Marcus Partners for 1 Investor’s Way in Norwood, a 242,000-sf property that the sellers had taken on for $33.0 million in July 1998. The trade JOHN LASHAR to US Realty Advisors equates to $133 per sf. By comparison, 175 Kenneth Welch Dr. cost AR Capital only $66 per sf for the 555,700-sf property acquired from Sycamore Partners.

Davis more than replenPAUL LEONE ished the Norwood inventory, in mid-March scooping up a 1.1-million-sf portfolio of flex and warehouse space for $21.0 million after Wells Fargo Bank had foreclosed on the buildings following the recession. The acquisition involves 100 Rustcraft Rd. in Dedham (493,000 sf) and 150 Blackstone River Rd. (612,000 sf) and 10 New Bond St. in Worcester. Attributes cited by Davis of 150 Blackstone River Rd. included direct rail access, ceiling heights to 42 feet and having the entire structure heated and with sprinklers in place.

“We acquired the properties well below replacement cost, and our plan is to undertake a capital improvement program to reposition and lease up the vacant space at highly attractive rental rates,” CEO Jonathan G. Davis outlined in a press release issue after the closing.

The Dedham offering is 59 percent leased to continued on page 60

CBRE/NE Helps Tritower in $32.2M Investment Debut NORTH READING — In its first campaign as a real estate investment firm, Tritower Financial Group made a substantial yet somewhat safe play in securing a 208,000-sf net leased warehouse here at 300 Riverpark Dr. to kick off its platform barely six months after formation. Burlingtonbased Tritower was brought to the opportunity by exclusive listing agent CBRE/New England on TOD BRAINARD behalf of DivcoWest and Taurus Investment Holdings, who had paid $27.5 million for the property in Sept. 2008.

The $32.2 million infusion into 300 Riverpark Dr. might not have been a bold statement by any means, but Tritower Director of Acquisitions Tod Brainard told the Real Reporter upon completion of the deal that the asset fits well into his company’s ultimate plan to balcontinued on page 61 300 Riverpark Dr., North Reading MA

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THE REAL REPORTER 2013 SUMMER REVIEW

HOTELS

Park Plaza $250M Sale Rocks Hub BOSTON — New England hotel sales were dominated in the opening half of 2013 by a deal that is technically a Q3 transaction thanks to Sunstone Hotel Investors not closing on its $250 million purchase of the Boston Park Plaza until the first week in July. The initial agreement was unveiled months ago, and observers say they believe the super-sized trade orchestrated by Eastdil JAMES MCCAFFREY Secured helped bolster theories that New England’s long-suffering hotel sector is firmly on the mend.

“It has transferred to greater interest” among investors for such product, concurs one investment sales expert active in the DENNY MEIKLEHAM hospitality arena. Sellers Rockpoint and Saunders Hotel Corp. initially tested the market last year, then opted to refinance the 1,053-unit asset instead through Eastdil’s debt division. It was the rapidly

Boston Park Plaza, Boston MA

ascending economy piquing interest in all product types, plus a capital improvements program over the past two years that included adding 100 new rooms that helped drive the price stratospherically above the $126 million Rockpoint paid Starwood Hotels & Resorts to come on board, according to one broker.

The eye-popping price tag is not irrational exuberance, either, many insist. “There is a general consensus that Boston is still underroomed,” says one informed source who credits the resilient business climate borne of a diverse employment base, plus tourism and relatives visiting college students, for helping Boston keep its occupancy rate in the 78 percent sphere, a figure compiled by Boston-based Pinnacle Advisory Group that puts the city some 10 percent higher than that needed to be considered a healthy level.

Eastdil is now marketing the 143-room Copley Plaza Hotel, also in the Back Bay. Members of the Boston Capital Markets Group declined comment on any aspect of the hospitality activity, a specialty that Eastdil has built a significant national platform and continues to pursue, according to one market watcher. The Boston office team includes Brian Barnett, Peter Joseph, Sarah Lagosh, James McCaffrey and Christopher Phaneuf.

Even amidst that silence, word got out about the Park Plaza changing hands, given the heft of the 950-room facility and its stature as a true grande dame property in one of the city’s most ornate neighborhoods. “This was a monster deal,” agrees one observer experienced in the hospitality field, placing it among—if not at—the top of dollars paid for a Boston hotel. continued on page 62

Regional Banks Checking into Prime Hotels

KEVIN PHELAN

JOHN BRODERICK

BOSTON — About the closest some banks get to hotel lending is having a lobby ATM at the local inn, but increasingly a realm ruled by life insurers is getting fresh competition from that constituency, according to financing experts who say the trend is helping make credit available for hotel product even as interest rates begin their creep upward.

According to hotel debt expert John Broderick of Colliers International, “banks have really stepped up their game for the best (hotel) assets in class,” for which he has a convenient example in People’s United Bank recently providing two loans to the Saunders Hotel Group in Boston for their landmark Lenox at the corner of Boylston and Exeter Streets.

Broderick explains People’s won the business by providing a 15-year, fixed-rate first mortgage for $37.5 million and a $2.5 million revolving credit facility. The effort was led by Co-Chairman Kevin Phelan, and Broderick, a Senior VP who says the legacy of the Saunders family in the hospitality sector was a help in driving terms, continued on page 57 Lenox Hotel, Boston MA

Knowing the lay of the land, not just the law.

Acquisition for Large Public Company Acquisitions of California, Illinois, Ohio, and Texas facilities involving complicated title and zoning issues and transfer of operating permits.

Sale of Shopping Center Multi-million dollar sale of shopping center in Connecticut involving several national retailers.

Draft New Law Governing Public Infrastructure Instrumental in drafting Chapter 23L providing municipalities with a local option to approve taxexempt “special assessment financing” of public infrastructure.

Leasing for Major Publicly Traded Company

Victory for Condo Trustees

Negotiating and preparing leases of sales offices throughout the United States for major publicly traded company.

In Land Court and on appeal in defending rights of condominium trustees to use their discretion in making common area and landscape decisions.

Establish New Law on Behalf of Buyer

Landmark Decision on Behalf of Developer

Supreme Judicial Court case recognizing the right of buyer to rely on an accepted written offer to purchase as a binding agreement.

Property Contamination Issues for Fortune 100 Company Resolve property contamination issues involving several Region I Superfund sites in Massachusetts for Fortune 100 Company.

Limiting the authority of local conservation commissions to impose restrictions under local wetlands bylaws.

Eminent Domain Award for Landowner Arbitration proceedings involving eminent domain takings and contract disputes with public transportation authority resulting in $7 million award.

Section 1031 Exchange Sale of three-office-building portfolio and purchase of replacement properties.

Case of First Impression Argued Supreme Judicial Court case establishing the right of private parties to appeal Boston Redevelopment Authority approvals after issuance of building permits.

Reversal of Appeals Court Decision Supreme Judicial Court case clarifying obligations of abutters challenging a zoning decision and reinstating client’s special permit to redevelop its property.

Real Estate Acquisition and Development for Major League Baseball Organization Joint venture with another baseball organization to acquire and develop real estate next to client’s spring training facilities.

18

THE REAL REPORTER 2013 SUMMER REVIEW

Albany Road Takes Fast Lane to Growth

BY JOE CLEMENTS OSTON—Technology’s most advanced GPS would have a difficult time tracking the variant routes Albany Road Real Estate Partners has taken during the Hub-based firm’ s inaugural year in business as a real estate investment company traversing New England in search of CRE opportunities offering double-digit return potential. In placing nearly $70 million to date, with its first deal tied up just weeks after launch in July 2012, CHRISTOPHER KNISLEY Albany Road has holdings in four of the region’s six states, President Christopher J. Knisley recounts in a recent interview assessing the opening frame of a five-year campaign to assemble $500 million of assets.

“We feel like we have accomplished quite a bit in the face of tremendous competition,” says the Vanderbilt University alum whose stops along the way to Albany Road have included Copley Real Estate Advisors and Koffler Group, the large Rhode Island CRE firm also willing to go in different directions, a platform Knisley

B

credits for having made such a vast impact on the CRE landscape.

“Our ability to be diverse both geographically and in the opportunities we can look at is a real strength,” he relays. “There are a potpourri of opportunities that make sense if you know where to look, and that broad approach we do feel has served us well.”

Braintree Executive Park, Braintree MA Through mid-year In his own way, Knisley feels their pain, as 2013, the dual conquests were key components to the portfolio, says Knisley, especially pleased the booming Boston CRE market continues to at snagging the Braintree Executive Park for compress capitalization rates to amounts he says $17.2 million in early April from Dinosaur does not compute to the returns Albany Road Capital and the Grossman Cos. “We’re thrilled feels is needed to attract the stable of wealthy to have a stake in suburban Boston,” says individuals who are fueling the Albany Road Knisley, maintaining the South Shore’s demo- campaign. “We have looked at it, but things are graphics and escalating rents in Boston and just so competitively priced, we have a difficult Cambridge will make the submarket a viable time making the numbers work for a leveraged continued on page 63 relief value for tenants hit by sticker-shock.

OUR BOSTON CAPITAL MARKETS GROUP HAS CLOSED OVER $800 MILLION IN 2013.

WE WOULD LIKE TO THANK OUR CLIENTS FOR A GREAT FIRST HALF!

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20

THE REAL REPORTER 2013 SUMMER REVIEW

Synergy Invests $88M in Pair of Boston Buys Helping New England businesses

thrive and grow.

The commercial real estate group at Washington Trust provides commercial real estate mortgages for the construction, refinancing, and purchase of investment real estate projects throughout New England.

Financing ranges from several hundred thousand dollars to projects in the millions, including the following:

$9.2 MILLION in financing for the acquisition of a 70,000 square foot medical office in Norwalk, Conn.

$6.94 MILLION in commercial mortgage financing to refinance approximately 100,000 square feet of office space in Lincoln, R.I. $6.5 MILLION loan for the refinancing of undeveloped land with approvals for 385 units at an 803-acre master planned active adult community located in Oxford, Conn. $6.2 MILLION in financing to acquire sole ownership of all parking operations at an area located within the Capital Center district of downtown Providence, R.I. $4.5 MILLION in commercial mortgage financing for the acquisition of a 38,000 square foot retail building located in Pawtucket, R.I. $4.2 MILLION commercial mortgage for the purchase of a multi-use property located in Quincy, Mass. $4.0 MILLION in refinancing a 92,592 square foot mixed-use property in Norwalk, Conn.

$2.9 MILLION commercial real estate mortgage for the purchase of a 6,324 square foot office building in Greenwich, Conn. $1.96 MILLION in construction financing for the development of a 16-unit, 8 duplex condominium project in Narragansett, R.I. $1.725 MILLION in commercial mortgage financing for the acquisition of 42 units at a 64-unit condominium complex located in Waterbury, Conn.

Commercial Real Estate Contacts Julia Anne M. Slom, Senior Vice President, Team Leader . . . . 401-348-1430 Laurel L. Bowerman, Vice President . . . . . . . . . . . . . . . . . . . . . . 401-654-4847 Suzanne Walsh Erno, Vice President . . . . . . . . . . . . . . . . . . . . . .401-348-1492 Mary K. Ettinger, Vice President . . . . . . . . . . . . . . . . . . . . . . . . . .401-348-1415 Catherine R. Fusco, Vice President . . . . . . . . . . . . . . . . . . . . . . . 401-348-1681 Bethany A. Lyons, Vice President . . . . . . . . . . . . . . . . . . . . . . . . .401-348-1538 Timothy M. Pickering, Senior Vice President . . . . . . . . . . . . . . . 401-348-1482 Member FDIC

Trusted Advisors Since 1800

10 Fawcett St., Cambridge MA

BY JOE CLEMENTS OSTON — Amassing two million sf of urban-centric properties over 10 years, Synergy Investments buying CRE in Boston—as it has done to the tune of $88 mllion in 2013 already—is not necessarily news, although the conquests of 11 Beacon St. and a Seaport District portfolio this spring would certainly qualify.

Even so, perhaps the most intriguing action was in selling one of its many holdings, having traded 10 Fawcett St. in Cambridge for $31.3 million to finish up the second quarter.

Acceding the firm founded by David Greaney in 2003 does have a “cradle to grave” foundation, principal Maura Griffith Moffatt maintains there are DAVID GREANEY times an exception is the rational choice. “You have to always evaluate your portfolio and evaluate when it might make sense to prune an asset,” the Managing Director of Investments conveys in a recent interview explaining interest in Cambridge is robust enough it gave Synergy confidence listing the 130,000-sf office building this spring through Cushman & Wakefield would reap the benefits of investor ardor. That proved the case, she says, when MAURA GRIFFITH MOFFATT Artemis and Griffith Properties beat out a field of bidders to close on the deal in late June. “We’re very pleased with what the market brought us,” reports Griffith Moffatt, a career real estate attorney recruited this year to handle the expanding assemblage.

Griffith Moffatt does agree the more natural state for Synergy is of growth, and the company took two big steps in 2013 along those lines, landing 11 Beacon St. in January for $34.9 million, and joining forces with DivcoWest on a $53 million purchase of Seaport District CRE that includes a 585-vehicle parking garage and development parcel on top of other goodies such as 319A St., a Class B office building that was at 80 percent occupancy when sold. “It’s cash-flowing, which is a real help to have in place when you are buying a portfolio of this size and that has so many moving parts needing to be addressed,” says Griffith Moffatt. continued on page 64

B

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AMESBURY, MA RESIDENCES AT RIVERWALK MULTIFAMILY APARTMENT COMPLEX 87 units

OFFICE/R&D SPACE 91,476 SF

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CONTACT: DAVID N. ROSS Executive Vice President 617.457.3392 dross@naihunneman.com

CARL CHRISTIE Executive Vice President 617.457.3394 cchristie@naihunneman.com

DOUG JACOBY Executive Vice President 617.457.3237 djacoby@naihunneman.com

SCOTT DRAGOS Executive Vice President 617.457.3248 sdragos@naihunneman.com

ROBERT TITO Executive Vice President 617.457.3231 rtito@naihunneman.com

303 Congress Street | Boston, MA 02210 | 617.457.3400 | www.naihunneman.com All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions prior to sale or lease, or withdrawal without notice.

22

THE REAL REPORTER 2013 SUMMER REVIEW

Campanelli Purchase Promising for Heritage

BY JOE CLEMENTS UINCY — They already know how to get to North Quincy—and principals at Braintree-based Campanelli are betting they understand where the eclectic district is headed as well in spending $16.3 million to secure Heritage Landing, a pair of gleaming office buildings totaling 356,000 SF set by the Neponset River. Created as part of a State Street Corp. campus that emerged there in the 1980s, the fallow strucSTEPHEN J.T. MURPHY tures were harvested this spring by CommonWealth REIT through Cushman & Wakefield, now named exclusive leasing agent to peddle the space that is being redesigned and under an extensive capital improvements process.

Campanelli is a venerable company whose South Shore heritage as a family construction giant extends over a half-century. That footprint has expanded greatly this millennium, but principal Stephen J.T. Murphy concurs the local component of Heritage Landing I and II is

Q

Heritage Landing, Quincy MA

appreciated, especially in light of an improving corporate climate. “We like the dynamics of what is happening in that market right now,” says Murphy, a feel-good intuition bolstered by mid-year numbers from Richards Barry Joyce & Partners showing the submarket up by 320,000 sf in net absorption since mid-year 2012.

Another encouraging sign is a slight bump up in average asking rents this year to $21.31 per sf for Route 128 South, still well below the $25 sphere that rents were when the recession hit town in 2008.

In a recent interview regarding its ambicontinued on page 65

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THE REAL REPORTER 2013 SUMMER REVIEW

24

Gateway Deal an Eye-opener for RI

BY MIKE HOBAN ROVIDENCE, RI—CRE investment sales in Rhode Island have been slow to rebound from the recession, but brokers say activity is finally heating up, with a couple of significant listings in the works. Prior to the recent purchase of Gateway Center in d o w n t o w n Providence by Albany Road Real Estate ALDEN ANDERSON Partners of Boston, however, there was a long stretch between Gateway Center, Providence RI eight-figure transactions in the Ocean State. The Providence at midyear (10.3 percent) and that the last was also initiated by purchase of the property ($112 per sf) is 55 perAlbany Road, which picked cent of replacement cost. The four-story, 117,000up the 140,000-sf sf asset is 86 percent leased to strong credit tenMetroCenter II in Warwick ants like Admirals Bank, Andera, the Big East KARL SHERRY just before the end of 2012 Athletic Conference, ERM, Precision Design and TIAA-CREF—and with no tenant rollover occurfor $13.2 million.

Gateway Center would appear to be an astute ring until 2017. The property sits directly across buy given the low Class A vacancy rate for from the RI State House and Providence Place

P

Keypoint

Mall and is a quick walk to Providence Station, which can access both Boston and New York City via Amtrak.

“The cap rate was a very strong one for the market,” says CBRE/New England Senior VP Alden Anderson, who along with Executive VP William Moylan represented the seller and procured the buyer.

“Gateway Center generated a lot of interest, particularly when you look at the fact that it’s only on a ground lease, and you’re really only purchasing a leasehold interest,” notes Moylan, adding, “The price that we were able to achieve despite the fact that you can’t own the underlying ground was very good.”

Anderson reports increased activity in RI, with one property under agreement, and a “strong response” to another CBRE is marketing.

“There has been a really positive endorsement of Providence from investors,” he says. That feeling is seconded by Karl Sherry, partner and co-founder of Hayes & Sherry (a Cushman & Wakefield Strategic Alliance member). “It has started to pick up a little bit,” says Sherry, who also reports he � has a “significant deal” in the works.

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THE REAL REPORTER 2013 SUMMER REVIEW

74-86 BRAINERD ROAD Allston · Boston, MA

RBJ CRE Trades At $52M Midyear

$78+ MILLION PORTFOLIO IN THE SQUARE Harvard Square · Cambridge, MA

sold so far in 2013... *NOTABLE SALES

39 JFK STREET, CAMBRIDGE 20,570 SF . $1,612/SF 256 PARKER HILL AVENUE, BOSTON 32 UNITS . $235,938/UNIT

$33,150,000 MIXED-USE $7,550,000 MULTI-FAMILY

1725 MASS AVE, CAMBRIDGE BEACON PORTFOLIO 12,088 SF .HILL $310/SF Beacon Hill · Boston, MA

$3,750,000 LAND

90 WELLS AVENUE, NEWTON 10,000 SF . $285/SF

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COMMERCIAL MICHAEL D'HEMECOURT

617.850.9670 mdhemecourt@bradvisors.com

JEREMY A. FREID, SIOR

617.850.9602 jfreid@bradvisors.com

MULTI-FAMILY CHRISTOPHER D. SOWER

617.850.9633 csower@bradvisors.com

JASON S. WEISSMAN

617.850.9608 jweissman@bradvisors.com

745 BOYLSTON STREET BOSTON, MA · (T) 617.375.7900 · (F) 617.536.9566

15 Shattuck Office Center, River Road, Andover MA

BY JOE CLEMENTS OSTON—If variety is the spice of life, Richards Barry Joyce & Partners has had a rather zesty beginning to 2013 on investment sales, completing a smorgasbord of transactions collectively topping $52 million with five months remaining.

An Andover data center, value-add office plays in Chelmsford and Framingham, a multi-faceted Franklin industrial disposition and church retirement home in downtown Boston were among the assignments completed as of June 30th. Days later, the contingent delivered $172 per sf for an empty lab building in Watertown via the $10.3 million sale of 64 Grove St. to Tufts Associated Health Plans.

“We did a lot of different things, and had to take CHRISTOPHER SKEFFINGTON a lot of different approaches to make them work,” Senior VP Christopher Skeffington acknowledges in a recent interview where he cites the RBJ team approach of melding Capital Markets and leasing professionals for greater exposure of an asset, as exemplified in Franklin when RBJ was advising a local firm needing upwards of 100,000 sf—pronto—and with few options just as owner Campanelli was hiring RBJ to find a replacement tenant at 15 Franklin KRISTIN JOYCE Way for FedEx, which had been there since 1996.

“It came together very quickly,” Skeffington recalls of the mid-May agreement with KWL/Champagne Logistics, a rapidly expanding shipping concern represented by RBJ broker Paul Leone. Skeffington and principal John Lashar were agents for Campanelli. In a press release, partner Robert DeMarco credits RBJ “for their thorough knowledge of the submarket,” and says “their recommendation to contemplate a sale to KWL on this leasing assignment was a great result for all parties.”

Skeffington says the quality of the facility was a significant factor in garnering $4.3 million. Situated in the Franklin Industrial Park, 15 Liberty Way has 25 loading docks, a half-dozen drive-in bays and ceiling heights to 24 feet. “Both sides were pretty happy,” says Skeffington. continued on page 66

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28

THE REAL REPORTER 2013 SUMMER REVIEW

HFF Delivers $90M for Harbor Garage

B

RIAZ CASSUM

DONALD J. CHIOFARO

THEODORE OATIS

O S TO N — H o l l i d a y Fenoglio Fowler closed out the midyear helping one of the waterfront’s most prominent sites secure $90 million. The Harbor Garage, owned by the Chiofaro Co. and Prudential Real Estate Investors, is a 1,380-sf space facility sporting 30,000 sf of groundfloor retail on a site along the lush Rose Fitzgerald Kennedy Greenway.

The five-year, fixed-rate loan was secured through Hartford Investment Management Co. and replaced an $85 million note secured in June 2008 from the same insurer. The HFF team was led by Senior Managing Director Riaz Cassum, Director Porter Terry and Analyst Samantha Bendetson. “This property

has consistently performed extremely well through the years and remains one of the highest income-producing garages in the city,� Cassum comments in a press release announcing the commitment secured on behalf of the life insurance giant’s real estate arm and the Chiofaro Co. The developers of Boston’s landmark International Place, owners Donald J. Chiofaro and Theodore Oatis, joined forces with Prudential in Dec. 2007 to acquire the garage at 70 East Harbor Garage, Boston MA India Row for $153 million, intending to create a tempest, but Cassum points out the property will mixed-use tower. As has famously been relayed, generate steady cash flow as any process evolves. the project has been tied up in limbo ever since, “The asset’s unbeatable location near many of partly due to what some claim is a vendetta from Boston’s most popular attractions and its Central Mayor Thomas Menino against the Chiofaro Co. Business District, coupled with Boston’s strong With the Mayor’s tenure ending, the chances for market, help assure it will continue to be a a redevelopment there would seem to increase, dependable source of revenue for the borrower,� although rich neighbors at the abutting Harbor says Cassum. New England Aquarium is directly behind 70 East India Row, and Faneuil Hall is a Towers have also been staunch opponents. u HFF principals deftly avoided detailing the two minute walk.

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30

THE REAL REPORTER 2013 SUMMER REVIEW

More in Store for 504 As SBA Loans Thrive

FOR SALE 90 Hamilton Street · Cambridge, MA 7,800 SQUARE FOOT BUILDING W W W. 9 0 - H A M I LT O N . C O M COMMERCIAL MICHAEL D’HEMECOURT

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BY MIKE HOBAN OSTON — Small business owners looking to buy or upgrade their real estate are finding the venerable 504 loan program offered by the U.S Small Business Administration to be a preferred method for securing long term financing—but it has not always been viewed that way by borrowers or lenders.

“There’s been real shift (in thinking),” conveys Davis, Malm & D'Agostine Partner George A. “Tony” Hewett, who specializes in structuring such deals. “It used to be a last resort for those businesses that could not get conventional loans, but now the 504 is something banks are bringing to borrowers up front. You no longer have the aura of ‘Oh. You had to get an SBA loan? What’s wrong with BARBARA ARENA your credit?’ Now it’s ‘Hey, I jumped on this really terrific program using SBA.’” First introduced in the 1980s, the program is designed to meet the capital needs of growing businesses and is used for real estate and machinery. Qualified businesses can borrow up to $5 million, but if the funds are used for real estate, the company must occupy at least 51 percent of the property (60 percent occupancy for new construcGEORGE A. “TONY” HEWETT tion). The borrower must put up at least 10 percent, their chosen bank lends 50 percent at their own rate and term (10-year minimum) and has a first lien on the assets being financed. A Certified Development Corporation (CDC) lends the remaining 40 percent (typically 20 years at a fixed rate), with a second lien.

“It continues to be a very, very, very active program, and a ton of deals are getting done,’ says Hewett, whose firm has closed on “about 40” such deals in the first half of the year, and the pipeline still is producing originations. Another key factor that has increased its viability as a financing tool is the streamlining of the loan process, Hewett further explains. “For many years it was a fall back program to conventional loans because it was (difficult to work with),” says Hewett. “And that has changed dramatically in the last five years. SBA has really embraced the use of technology, everything is filed online. It is a much faster turnaround, and the players in the 504 program are much more sophisticated and realize that it’s a great deal.” continued on page 37

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L.A. DRINKWATER, CCIM

SETH J. RICHARD

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32

THE REAL REPORTER 2013 SUMMER REVIEW

Colliers Aids UMass In $40.3M Lab Deal

FOR SALE 15-UNIT APARTMENT COMMUNITY

99 Essex Street · Melrose, MA W W W . 9 9 E S S E X . C O M

CHRISTOPHER D. SOWER

617.850.9633 csower@bradvisors.com

JASON S. WEISSMAN

617.850.9608 jweissman@bradvisors.com 745

BOYLSTON

STREET

·

BOSTON,

MA

·

(T)

617.375.7900

1075 Broadway, Saugus MA

BY JOE CLEMENTS ORCESTER — The way things worked out, Colliers International anticipates a busier ending to 2013 on the CRE sales front versus the beginning, Investment Services Group leader Lisa Campoli conveyed in a recent article.

Some of that energy will be in the form of new listings, including an institutional-grade industrial property that could top $20 million, and a pair of Boston multifamily opportunities.

“It is coming together,” says Campoli, with five listings under contract and expected to close through the third quarter. In the meantime, LISA CAMPOLI Colliers has one major deal from the first half of 2013 to savor, that being the $40.3 million purchase of three Worcester biotechnology buildings by the abutting University of Massachusetts Medical Center. Campoli and colleague Tony Hayes advised UMMS, with Cushman & Wakefield exclusive agent for the seller, Alexandria Real Estate Equities.

The deal was consummated in February for 1 TONY HAYES Innovation Dr., 377 Plantation St. and 381 Plantation St., an assemblage of 300,000 sf acquired by the California REIT in 1999 and branded the Massachusetts Biotechnology Research Park.

UMass “saw it as a rare opportunity” to assemble a critical mass of space at the Massachusetts Biotechnology Research Park, explains Campoli, enabling the university to secure one of the largest such clusters of life sciences buildings outside Route 128 in Massachusetts. In a statement issued by the school, the assessment was one “UMMS faced either an opportunity to stabilize an important research and economic development asset for the region—or become neighbor of an underutilized campus owned by an absentee landlord with little intercontinued on page 66

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34

THE REAL REPORTER 2013 SUMMER REVIEW

C&W, RBJ Orchestrate Complex NH Deal

H

THOMAS FARRELLY

SUE ANN JOHNSON

267 Lowell Rd., Hudson NH

time,” Farrelly recounts recently to the Real Reporter in explaining client Vectron wanted to

stay put but downsize to 30,000 sf, yet was not continued on page 36

YOUR VISION, DELIVERED.

STARBUCKS COFFEE COMPANY HANOVER, NH

VOTZE BUTLER ASSOCIATES | CONSTRUCTION & PROJECT MANAGEMENT | 978.459.7600 | www.votzebutler.com

OFFICE | RETAIL | LAB | INDUSTRIAL

DENIS DANCOES

UDSON, NH — Cushman & Wakefield wrapped up the midyear with a multi-pronged solution for Vectron International, the user/owners of a high-tech R&D building at 267 Lowell Rd. that in June changed hands via a $5.3 million sale/leaseback to Campanelli and TriGate Capital. The C&W team of Thomas Farrelly, Denis Dancoes and Sue Ann Johnson advised Vectron and procured the buyers, while separately, that trio represented the building in securing a 70,000-sf lease from Mercury Computer Systems.

“It’s a big story with a lot of complicated pieces that needed to be addressed at the same

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Sample of Commercial Lending Transactions BOSTON Hotel (118 Rooms)

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36

THE REAL REPORTER 2013 SUMMER REVIEW

Selected Real Estate Financing Transactions By:

CAPITAL ALLIANCE ADVISORS Ashworth Mortgage Corp. – Boston, MA Estreich & Company – New York, NY

First Mortgage

First Mortgage & Mezzanine

Refinance $25,200,000 Historic Office Building Located in: Waltham, MA

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First Mortgage

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Acquisition Financing $3,500,000 Land Located in: Wayland, MA

For More Information, Please Contact: Dick Ashworth 617.965.0088

Sal Torre 212-356-9265

dickashworth@ashworthmortgage.com

storre@estreich.com

C&W, RBJ ORCHESTRATE DEAL continued from page 34

keen on being a landlord for a third party. The challenge was to find a tenant to make the idea viable for a caretaker owner such as Campanelli, a firm C&W a few years back had helped trade a nearby Granite State building for and then developed a congenial business relationship. Ironically, Mercury Systems had years ago been in a Campanelli building, and Farrelly says that amicable experience further contributed to the comfort level.

“It’s all about trust,” explains the veteran broker. “Everyone involved in this deserves credit for being honest and trustworthy all the way through.”

Farrelly had effusive praise for the performance of his RBJ colleagues, who were assisting the firm based across the Massachusetts border in Chelmsford in finding expanded space, a chore that had a strict time limit and required specially designed facilities similar to that which Vectron had created for its own purposes. “I knew that Brian and John would have their client’s best interest in mind, and that once they looked under the hood (at 267 Lowell Rd.), they would realize this was an ideal fit for them and would save them an incredible amount of time and expense.”

In Campanelli, Farrelly says he felt his client was getting a proven real estate owner who would not disrupt the process and had the skill sets to enhance the structure. The Braintree-based firm also agreed to buy Mercury’s existing facility, an unusual stipulation, admits Farrelly, but one Campanelli willingly did and is now listing for sale.

Besides Vectron and Mercury, Farrelly says he believes the result is advantageous to Campanelli and TriGate. “It’s a very unique opportunity to own a standalone tech building in one of the rapid growth areas u of southern New Hampshire,” says Farrelly.

Ten Post Office Square Boston, MA 02109 617.692.2997 | www.therealreporter.com M A N AG I N G E D I TO R

TECHNOLOGY

Joe Clements

Brandon Henson

SENIOR WRITER

P H OTO G R A P H E R

Michael Hoban

Derek Szabo

PRODUCTION DIRECTOR

DATA DEVELOPMENT

Bill Samatis

Mitchell Phillips

ADVERTISING EXECUTIVE

ILLUSTRATOR

Dale O’Reilly

Will Samatis PUBLISHER

Michael Walsh

VOLUME 5, NUMBER 19

617.965.0088

© 2013 The Real Reporter, LLC. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

THE REAL REPORTER 2013 SUMMER REVIEW

37

504 LOAN PROGRAM continued from page 30

Borrowers are spread across a wide swath of businesses, from manufacturing companies to restaurants, hotels, and service and professional entities. Hewett and his firm closed on a deal for the 8 Dyer Hotel, a 13-room Bed and Breakfast in Provincetown. The regional CDC, Cape & Islands Community Development Inc., provided $458,000 and $445,500 and $742,500 mortgages came from Seamens Bank. Wakefieldbased New England Certified Development Corp. arranged ($527,000 ) for the Rexhame General Store in Marshfield (with mortgages of $509,600 and $637,000 from South Coastal Bank) and for a flex building at 3 Thatcher Ln. in Wareham where the CDC provided a $630,000 mortgage while Rockland Trust Co. delivered $610,000 and $762,500. A retail property at 76-80 Colon St. in Beverly was backed by $534,000 from Granite State and $520,000 and $650,000 from Provident Bank. The seller is Eighty Colon Street LLC and the buyer/borrower is 80 Colon Street LLC, managed by Christopher J. Costello.

Elizabeth Trifone is a loan officer with New England CDC. Another active group is Granite State Development Corp., which utilizes in-house

76-80 Colon St., Beverly MA

counsel for their transactions. While representatives were not available for comment, public records indicate they provided shipping company KWL, Inc./Champagne Logistics a $1.77 million mortgage for a 92,500-sf industrial building (sold by Campanelli) at 15 Liberty Way in the Franklin Industrial Park, with $1.73 million and $2.16 million mortgages from Avidia Bank.

Granite State also delivered a $1.19 million mortgage to the owners of the Golden Cannoli Shells Co. for a 24,550 sf industrial property in Chelsea,

with First Trade Union Bank committing mortgages of $1.15 million and $1.44 million. Granite State loan officers active in the region include Barbara Arena and Matthew Collins “I’m a firm believer that real economic activity occurs because of the 504 program,” says Hewett. “(There are deals) that wouldn’t get done because it’s either too much of a risk for the bank, or the borrower doesn’t have the 20-25 percent down that the bank would require in a conventional deal.” ◆

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38

THE REAL REPORTER 2013 SUMMER REVIEW

Marcus & Millichap Teams Enjoying Busy Slate in NE

1075 Broadway, Saugus MA

B

SYNERGY INVESTMENTS Would Like To Announce The Full Lease Up Of 51 Melcher Street And Thank The Following Brokers For Their Assistance:

LAURIA ANN DRINKWATER

Richards Barry Joyce & Partners: Tom Ashe: Netsuite- 32,523 SF NAI Hunneman: Dan Collins: The Life is Good Company: 21,682 SF SETH J. RICHARD

CB Richard Ellis: Ogden White & Peter Conlin: WeWork, Inc: 48,522 SF In addition, a special thank you to our leasing team of Kevin Kennedy and Bill Crean from CBRE for their efforts in achieving 100% occupancy prior to the building opening.

MARK TAYLOR

100 Franklin Street, Suite 200 Boston, Ma 02110 | 617.204.9506

www.synergy-inv.com

DEAN ZANG

OSTON — Marcus & Millichap net-leased specialists Laurie Ann (L.A.) Drinkwater and Todd Tremblay are both—again—having impressive years trading product throughout New England and beyond, as evidenced by the $9.1 million Drinkwater and colleague Seth J. Richard delivered in selling a new CVS here on Route 1 to begin the season. Tremblay and Robert M. Horvath comprise another high-flying Marcus duo coming strong off a record season by compiling another 34 closings through June 30th.

This past week, Drinkwater and Tremblay got word from corporate that they are among only a half-dozen brokers nationally promoted to Vice Presidents by the California-based brokerage that touts itself the country’s largest real estate investment sales organizations thanks to an army of agents in excess of 1,000.

The two teams most active regionally cast a wide swath again through mid-year. A Windham, ME, Lowe’s ($12.4 million), Rite Aid in Winchendon and Olive Garden in Taunton are among the opening half conclusions for Horvath and Tremblay, whereas Drinkwater and Richard tendered the $8.1 million sale of a 101,000-sf Kohl’s in Seabrook, NH, also on Route 1. They are now marketing a 59,000 sf retail plaza in Westfield and Union Square in Southbury, CT, a 56,000-sf medical office and retail property.

“With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” Executive VP and Managing Director Gene A. Berman says in a press continued on page 64

THE REAL REPORTER 2013 SUMMER REVIEW

$55M MathWorks Buy Adds Up Big for Natick

39

EXPERIENCE I S OUR DIFFERENCE Since 1985 we've earned a reputation for quality commercial appraisals and high standards in consulting services.

Superior Drive, Natick MA

N

ATICK — Garry R. Holmes was there 20 years ago when The MathWorks filled its first square foot of real estate—a few thousand of them— and he was there again this spring advising the educational software firm on its $55 million purchase of the former Boston Scientific Corp. headquarters on Superior Drive, an acquisiton that will put its commu- WILLIAM BAILEY nity footprint above 1.1 million sf. The one-time brewery hovering over Route 9 was made available when Boston Scientific consolidated operations in Marlborough.

“It was certainly a relief to the town,” Holmes recounted recently of MathWorks stepping up to lessen the medical device giant’s departure while agreeing to keep its current operations at Apple Hill.

The sale was consummated in late March, with Jones GARRY R. HOLMES Lang LaSalle Managing Director William Bailey advising the seller.

Holmes is president of Wayland-based R.W. Holmes Realty Co., and the SIOR-designated professional is now assisting his client as MathWorks reconfigures the site for its own purposes. The complex will be modernized and enhanced with new systems to improve sustainability. Efforts are underway JACK O’NIEL to create structured parking on the site.

As part of the upgrade, MathWorks has designated National Development to advise on upgrading the sprawling campus that will ultimately house nearly 1,000 employees as part of a citywide total exceeding 2,600. Jack O’Neil at National Development is handling the process, relays Holmes. “It’s nice to have professionals like National helping us on the permitting,” he says of the firm that has its own active real estate pipeline.

Reflecting on the blockbuster transaction, Holmes concurs that the MathWorks relationship has blossomed to unanticipated levels, helping the firm develop the Apple Hill headquarters where more than 1,875 people are employed and now participating in one of the largest corporate CRE trades of 2013. “It has been fun to watch,” Holmes says. “You always hope to see (one’s client) grow by leaps and bounds, but it rarely happens that way.”◆

Specializing in Complex Valuation Assignments for: LENDING LITIGATION CONDEMNATION DISPUTE SETTLEMENT TAX PLANNING AD VALOREM TAX + APPEAL PARTIAL INTERESTS GENERAL CONSULTATION

Tyburski Appraisal Corporation (617) 847.1750 EXT.11 www.tyburskiappraisal.com An Affiliate of ILS Advisory Group

40

SUBURBAN SPREE continued from page 3

urban settings so popular among a new generation of companies from life sciences to technology that are catering to a young talent pool.

Acknowledging this year’s suburban surge is Robert E. Griffin Jr., Cushman & Wakefield’s New England region President and head of the Capital Markets Group that once again outpaced its competition through midyear thanks mainly to a series of listings from Andover to Worcester, among them the $216 million NEEP transfer, which MICHAEL GREELEY proved to be the top trade for New England through June 30th. A triumvirate of AEW Capital, Charles River Realty Investors and National Development teamed up for that purchase from Equity (see related story page 2).

FRANK NELSON NEEP proved to be the very imposing tip of an even bigger iceberg for C&W to open 2013. Although the team also led

by Vice-Chair Edward C. Maher Jr. and Matthew E. Pullen did have its share of major downtown and Cambridge conclusions through the halfway juncture, the 20 deals finalized as of June 30th were concentrated beyond their city limits, including popular inner suburban communities such as Somerville, where C&W negotiated the $33.4 million purchase of 200 Inner Belt Rd. by North River, a New York-based investor drawn to the four-story, 186,000-sf office building thanks to a four-acre develop-

Five and 15 Wayside Rd., Burlington MA

ment site and potential upside in the existing 12-year-old structure that was 82 percent leased when sold. Says Griffin: “200 Inner Belt Rd.’s location allows the property to capitalize on tenant migration to high-quality value alternatives, especially with laboratory and office users being priced out of neighboring Cambridge.” Kendall Square is barely three miles from North River’s new property. C&W’s client in the May 30th exchange was FoulgerPratt, an investment advisor that paid $13.4 million for the property in Dec. 2005.

Barely one week after 200 Inner Belt Rd. closed, C&W negotiated the $34 million swap of One Newton Place in Newton Corner to Taurus Investments from client TA Associates Realty, owner since paying $21.0 million in Dec. 2004 for the 172,000-sf office/retail building that also has structured parking. In a press release, TA principal Jim Raisides relays that the robust capital climate made 2013 “a great time . . . to sell this exceptional asset,” while Griffin credits TA for its attentive stewardship of the building, care that he says provided “a real opportunity for Taurus to purchase an asset with strong tenancy in a thriving and established area.” Newton Corner is the first exit southbound following the Allston toll plaza of the Massachusetts Turnpike Extension.

C&W scored yet another substantial suburban success when Campanelli paid $16.3 million for a pair of vacant office buildings in North Quincy. Totaling 356,000 sf, they were part of a larger campus filled by State Street Bank Corp. on a site overlooking the Neponset River.

Heritage I and Heritage II will undergo an extensive renovation by the hands-on developer and investor (see related story page 22).

Back in Burlington, C&W was exclusive agent on the $69.3 million sale of 5 and 15

Wayside Rd. to the Piedmont Group from Behringer Harvard. The Texas-based seller that has been refocusing regional attention on multifamily investment over the past two years had bought the Wayside Road properties for $82.2 million in Dec. 2006 at the height of the last CRE boom cycle. While below what the seller shelled out, the figure exceeded market projections for the buildings that total 270,000 sf and were at 95 percent occupancy upon closing.

The C&W crew assisted Normandy Real Estate in its dispatch of a new medical office continued on page 41

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Arsenal on the Charles, Watertown MA

THE REAL REPORTER 2013 SUMMER REVIEW

41

THE REAL REPORTER 2013 SUMMER REVIEW

SUBURBAN SPREE continued from page 40

building in Concord, as Cole REIT of Arizona paid $24.3 million for the 50,000-sf property that is fully occupied by Harvard Vanguard on a long-term commitment. The assignment was tackled by the Capital Markets team with guidance from Michael Greeley and Frank Nelson of the Academic and Medical Practice Group, according to Pullen, who told the Real Reporter when 330 Baker Ave. changed hands that the pair is “very unique in what they do, and can make a big difference” delivering maximum value for a property in those special categories.

In reviewing the opening two quarters, Griffin concurs that it has been hectic and shows little sign of slowing. “We’ve done a lot of deals and (handled) many different types of product,” he tells the Real Reporter in relaying Capital Markets Group staffers are working on various assignments, some coming to a conclusion and others just now heading to the street.

Barring a global financial meltdown or interest rates surge, the rest of the year could prove even more productive than the opening half, according to Griffin, with suburban listings cropping up on a regular basis despite being in the normally languid midsummer season.

While C&W had its hands in an incredible number of suburban swaps, the contingent certainly has not been alone taking on and completing large, complex listings through midyear.

A deal that got national attention occurred in February when Harvard University divested its 11-building, 760,000-sf Watertown campus on Arsenal Street, selling it to anchor tenant athenahealth, a rapidly growing technology firm that retained Avison Young two years earlier to assess its space options as the firm con-

One Newton Pl., Newton MA

tinues to burst at the seams in the 135,000 sf it was occupying at the Arsenal on the Charles. Principal Steve Cook of Avison Young’s Boston operation was joined by Suzanne Martinez from Chicago as counselors representing the tenant on the pact. “We were delighted Harvard was amenable to selling the asset to athenahealth, as both parties will truly benefit from this landmark transaction,” Waltham Place, Waltham MA Cook said in a release after the deal was con- options, notes Cook.

Elsewhere in the suburbs, investors are summated, and adds he is impressed how in growing to a global powerhouse sporting nine showing renewed confidence in Route 128’s locations worldwide, “athenahealth has been longtime centerpiece, Waltham, as several office able to maintain its vibrant company culture. properties either changed hands or were put on Furthermore, athenahealth puts a high priority the market during the first half of 2013. The on its employees, sustainability and doing the most noteworthy still in play would be the right thing,” with the 29-acre, tree-shrouded Waltham Innovation Center being offered up Watertown campus considered a benefit unto through Cassidy Turley’s Capital Markets Group itself. It is also a savvy financial play, outlines led by Senior VP Brian R. Doherty and Senior Martinez in the release. “Without question, Managing Director David J. Pergola on behalf of long-term ownership is a financial home run owner/occupant Adobe. The 107,000-sf when compared with a long-term lease, partic- Platinum LEED structure at 21 Hickory Dr. offers ularly given athenahealth’s continuous expan- not only state-of-the-art space, but also visibility from its perch overlooking Route 128 South, sion requirements.”

The approach is in line with advice from according to marketing materials that also promany CRE experts who are concerned changes mote an efficient layout and plentiful parking.

While Cassidy Turley has not responded to to how leases are treated at the accounting level could make ownership more favorable. inquires on where that sale might be in the Whether that was in the athenahealth mindset pipeline, investors have already scooped up is unclear, but Avison Young did provide a other Waltham offerings, enthused by stronger detailed cost-benefit analysis weighing various continued on page 42

Totten Pond Office Park, Waltham MA

42

THE REAL REPORTER 2013 SUMMER REVIEW

Waltham Place in a mid-May conclusion continued from page 41 that delivered $34.5 fundamentals as evidenced in midyear Cassidy million. The 201,000 sf Turley figures showing the city’s office invento- at 266 and 275 ry of 9.4 million sf enjoyed 322,000 sf of posi- Second Ave. was purtive net absorption through June 30th, drop- chased by Rockwood ping the vacancy rate from 18.8 percent to 15.1 Capital, a San percent. Waltham also has the top asking rental F r a n c i s c o - b a s e d rates in suburban Boston, with Cassidy Turley investor active in pegging the Class A average at $33 per sf.

Greater Boston.

Closer to downtown Waltham, a 23.5-acre Sovereign Bank earlier complex occupied for decades by Raytheon this month loaned Corp. brought $68 million to Trammell Crow Co. $26.0 million on the The Texas firm cashed out on a project it park. The HFF team acquired in Dec. 2007 for $37.5 million in part- charged with selling nership with the Saracen Cos following Waltham Place includRaytheon’s relocation. The buyer in the March ed John Fowler, 200 Inner Belt Rd., Somerville MA transfer is CenterPoint Acquisitions, managed Coleman Benedict and Benjamin Sayles. during the Equus ownership.

by Rubenstein Partners, a Philadelphia firm Albeit a bit more modest, one intriguing C&W got to Waltham as well, in March helpwhich is being joined by Saracen in a bid to ing Equus Capital Partners trade the 293,000-sf Waltham deal brokered by NAI/Hunneman boost occupancy at the park of 500,000 sf, with Totten Pond Office Park to TA Associates Realty. Commercial Co. delivered $5,400,000 in April the rate at the time of sale estimated in the 40 The $47 million trade topped early projections to Koda Ventures LLC, an entity whose managpercent range. The buildings are located at 43 from market observers, although it was never er Timothy Chamberlain had paid $4,500,000 Foundry Ave., 41 Seyon St. and 190 Willow St. pitched with an asking price. Until this year in Nov. 2010 for the 41,125-sf office building at and the park is branded as CenterPoint. known as BPG Properties Ltd., Equus had 159 Overland Rd. That was well above the As part of another banner campaign provid- owned 400-1, 400-2 and 460-3 Totten Pond Rd. $500,000 brought in its prior exchange when ing both financing and investment sales since paying $45.1 million in Aug. 2006. Griffin, Uptiq LLC manager Hassan Yazdi—whose firm throughout the region, Holliday Fenoglio Fowler Maher and Pullen oversaw the most recent deal Source Code now occupies the building— helped John Hancock Financial Services move for a park that dates to 1970 but underwent a resolved a sticky situation for then-owner CIT multi-pronged capital improvements initiative Lending, a business lender that had paid $5.74 STATS ‘13 million in June 2007 for the building as part of a plan to enter real estate investment before running into financial problems and being BUYER CAPITAL GROUP ACQ. AMT. (IN $M) # PROPERTIES forced into a discounted sale.

1 AEW Capital Mgmt Institutional 215.9 1 That situation had contributed to an already 2 Charles River Realty Group, LLC Private 215.9 1 checkered past for 159 Overland Rd., which 3 Hines Institutional 197.3 1 was built in 1988 for First Guaranty Bank, an 4 Norges Bank Invt Mgmt Institutional 189.6 1 institution that later went out of business. These 5 Athenahealth User/Other 168.5 1 days, however, things are looking a lot sunnier 6 TIAA-CREF Institutional 110.0 1 for the real estate, according to NAI/Hunneman 7 Piedmont REIT Public 69.5 1 principal Douglas Jacoby, a member of the 8 Beacon Capital Partners Equity Fund 62.0 1 investment sales team that brokered the April 9 Synergy RE Services Private 53.9 3 sale. Besides being fully leased through June 10 TA Realty Institutional 47.0 1 2022 to Yazdi’s technology firm, Source Code, 11 Taurus Invt Holdings Private 34.0 1 12 Artemis RE Partners Private 31.3 1 159 Overland Rd. is benefitting from a major 13 WP Carey (REIT) Public 25.8 1 retail center anchored by Market Basket under 14 Foxrock Properties Private 24.5 2 construction next door. An old railroad bed 15 Cole RE Investments Private 24.4 1 between the two sites is being recast from a 16 Deutsche Asset/Wealth Mgmt Institutional 21.0 1 morass of brambles and overgrowth into a 17 DivcoWest Properties Equity Fund 19.0 2 nature trail, outlines Jacoby, and the clearing 18 Albany Road RE Partners Private 17.2 1 gives 159 Overland Rd. sightlines to Route 128.

19 Campanelli Cos Private 16.3 1 “It has a whole different feel to it,” says Jacoby, 20 TriGate Capital Equity Fund 16.3 1 joined in brokering the sale by Scott Dragos, 21 Marcus Partners Institutional 14.5 1 Mitchell Levey and Sean Ryan. The buyer is an 22 FAL Holdings Private 14.5 1 affiliate of ABC Commercial Properties of 23 Laub Realty Private 12.6 1 Wareham who was backed by a $3.79 million 24 L&B Realty Advisors Institutional 8.1 1 loan from Northway Bank. u 25 Urban Capital Partners Private 8.1 1

SUBURBAN SPREE

OFFICE J TOP GUNS Q1 + Q2

THE REAL REPORTER 2013 SUMMER REVIEW

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NEEP SALE continued from page 3

“irreplaceable” given its flat topography, visibility overlooking Route 128 at the critical juncture of Route 3 and having access to the park via the master-planned Mall Road, upon which sits both the worldrenowned Lahey Clinic and—more important to the buyers from a real estate standpoint—the Burlington Mall, a massive shopping center that Kavoogian says should enable NEEP to attract its own lineup of restaurant and retail tenants to fur- Eight New England Executive Park, Burlington MA ther enhance its Live/Work/Play elements. “No other park in Greater Boston has strategy to fruition. Two top-flight architectural have always been certain whether they would the ability to support a pedestrian-friendly, firms that have designed some of New win the day, and Kavoogian acknowledges their mixed-use environment that we feel we can England’s biggest corporate properties are on selection was cause for celebration. “We’ve had create here,” says Kavoogian. A more formal board, with Elkus/Manfredi engaged to formu- our eyes on this site for years,” he says. “It’s a plan will be revealed soon, but already the tent late the master plan while Margulies Perruzzi special property in every way, and we are truly poles of a “new NEEP” is helping the owners “re-envision” the exist- excited to have (prevailed) . . . This is right up platform are in place. They ing buildings with an intention of upgrading our alley with what we like to do.” Members of include a stand-alone fit- the structures, save for 3 New England the investment team from CRRI and NatDev ness center as large as Executive Park, which Kavoogian indicates may include Thomas M. Alperin, Bryan J. Clancy, Andrew J. Gallinaro, Robert C. 50,000 sf, tens of thou- be demolished, perhaps replaced by Kirschner and Edward L. Marsteiner II. sands of square feet of the hotel or fitness center, although In some respects, the concept in retail, a hotel and build-to- he stresses no concrete decisions mind at NEEP sounds similar to suit that can be as big as have been finalized. The partnership BRYAN J. CLANCY MetroNorth Corporate Center in abutis not fooling around aesthetically 225,000 sf. ting Woburn, a 1.3-million-sf, mixedSeller Equity Office had either, retaining acclaimed landscape use park the developers carved out of already undertaken a cam- architect Carol Johnson & Associates an infamous Superfund site that paign to stabilize and liven to revamp the grounds and give NEEP up the park under guid- both form and function as a pedestri- ROBERT C. KIRSCHNER sparked the movie ‘A Civil Action.’

MetroNorth has won awards for its ance from the Jones Lang an haven. sustainability, and features the same The hope is to have a concept LaSalle leasing team workuses as planned for NEEP, including a ing with Equity’s Vicki ready to present by the autumn, hotel, three-story Boston Sports Club Keenan. Among other Kavoogian explains, with an intention MARK G. FORCHIELLI things, zoning changes to deliver a multi-faceted, 21st centufitness center and a shopping center that CRRI and NatDev separately sold were made to create a ry environment that can satisfy virtuearlier in May for $12.1 million to Planned Development ally every purpose of their tenants Realty Income Properties.

District that allows for the while tying in seamlessly with NEEP’s As to the NEEP holding, amenities NEEPs new own- well-known neighbors. Thanks to EDWARD L. MARSTEINER II Equity’s leasing program, Kavoogian says there Kavoogian says issues of branding or other ers have in mind.

The initial result of that is sufficient cash flow in place to support a matters are still undetermined, with the goal endeavor are two restau- gradual overhaul of the spaces as they free up, right now to communicate with the park’s tenrants coming to the park, and to work with the community and local offi- ants and assess the physical plant while ANDREW J. GALLINARO including Tuscan Kitchen, cials on NEEP’s improvements. “It’s a stunning preparing the future overhaul. To Kavoogian, an upscale restaurant at 24 New England property, and we intend to build on that,” says however, the groundwork for its longevity is the site itself, praising initial developers Charles Executive Park that Kavoogian says is especial- Kavoogian.

Other prominent real estate names, includ- “Hank” Spaulding and George E. Slye for recly noteworthy. “Equity did a great job with the park, and we intend to complete their vision,” ing the Davis Cos., took a hard run at NEEP, ognizing the beauty of a flat site alongside says Kavoogian. Tuscan Kitchen will occupy with Cushman & Wakefield of New England what was about to become America’s approximately 14,000 sf and have seating for President Robert E. Griffin Jr. terming the bid- Technology Highway. “We always say the folks ding “a dogfight” that also involved major who developed in the 1970’s and 1980s got all 543 diners.

The seasoned partners who bought NEEP national developers and investors that he the best sites,” he says. “It is absolutely irreu have assembled a dream team to bring their declined to identify. The partnership may not placeable.”

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between opening and second round pricing before TIAA-CREF wrestled 40 Broad St. away in a conquest said to have equated to a capitalization rate in the thin 4.6 percent range.

“Some people figured out where it was going,” Petz says in explaining the bidding surge between rounds.

JLL advised Pearlmark Real Estate Partners in trading a building that last changed hands for $50.0 million in Feb. 2006. Petz credits astute stewardship and improvements to the physical plant for 40 Broad PETER NORDBLOM St.’s dramatic jump in value, and praises JLL for creating a united front of capital markets, leasing and other disciplines to peg the structure’s worth and help suitors get a grip on the rapidly evolving Hub office market. Leasing input was led by Kelly Lockberg and Brad McGill, with the Capital Markets team featuring Petz joined by Jessica Hughes and Matthew Sherry.

Eleven Beacon St. proved that listing assets in Boston’s core means an inevitable interaction with Synergy Investments, the savvy 10-year-old

50 Congress St., Boston MA

11 Beacon St., Boston MA

firm based at 100 Franklin St. whose founder David Greaney has anchored his portfolio in the downtown. Although Petz declined to identify prospects, Synergy supposedly also took a hard look at 40 Broad St., and was among those kicking the tires at other prime downtown assets, including 50 Congress St., acquired this month by KBS Realty Advisors for $51 million, a transaction brokered ROBERT BORDEN

by Holliday Fenoglio Fowler’s Coleman Benedict and Mark Campbell.

Another closely watched Financial District sale was that of 45 Milk St., a boutique office property that fetched $21.0 in May by revamped RREEF despite being 90 percent empty. That disastrous turn came after selling for a remarkable $485 per sf—$34.0 million— in June 2007, with the demise blamed on a repositioning plan needing the space to be empty in a property beloved by small- and midsized tenants for years. Having at times hit Class A rents, the nine-story, Beaux Arts property “is one of the nicest B buildings in Boston,” says one downtown broker who predicts a swift turnaround through Deutsche Asset & Wealth Management, f/k/a RREEF. While JLL did the most individual deals in the Financial District, and is presently exclusive agent for One Washington St. at Government Center, the operation was hardly alone in grabbing a piece of the CBD action, with some deals resolved and others still in play through July.

The most prominent not yet across the finish line might be 99 Summer St., a 20-story, redroofed tower near South Station that therealreporter.com relayed on July 22nd is under agreement to Cornerstone Real Estate Advisers at a price rivaling 40 Broad St.’s figure for top spot of 2013. The difference could be razor thin, according to observers tracking that situation.

Meanwhile, a partnership of the Beal Cos. and Related Cos. has supposedly emerged as winning bidders of Fidelity Investments’ longtime headquarters near Congress and State Streets. That 350,000-sf portfolio in four buildings is anticipated to be yielding more than $90 million. CBRE/NE is exclusive agent advising Fidelity, but officials there declined to discuss the status.

Eastdil negotiated the 45 Milk St. trade, which members of the Capital Markets team acknowledge, but offered nothing more, as per company policy. Brian Barnett, Peter Joseph, Sarah Lagosh, James McCaffrey and Christopher Phaneuf comprise the Boston office. The division has had a diverse 2013, with highlights including the blockbuster $250 million sale of the Park Plaza Hotel (see story page 16) and two under water malls in Leominster and Taunton that reaped $58.2 million between the separate sales, which were part of an eightproperty REO package Eastdil was retained to continued on page 45

One Liberty Sq., Boston MA

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process. And if the 99 Summer St. deal is not a big enough chestnut, Eastdil is negotiating a bookend deal of sorts, advising an institutional client in its unrelated sale of Burlington Centre in its namesake suburban community on Route 128 where the Davis Cos. and Principal Financial are taking on the value added opportunity at a price said to also be in the $110 million sphere.

HFF appeared on time and within the budgeted price anticipated when 50 Congress St. was listed in early spring by the Nordblom family, an iconic real estate clan whose ownership in the asset stretched back decades. Taking up an entire city block, the 10story, 180,000-sf building attracted a host of seasoned investors, according KELLY LOCKBERG to sources tracking the action that was resolved at a quick pace given the number of tours and intricacies of the multi-faceted building.”We are excited to have acquired this beautifully maintained building,” KBS Capital Senior VP Shep BRAD MCGILL Wainwright said in a press release after the trade that was first revealed by therealreporter.com on July 10th and closed on July 12th. High ceilings and “exceptional” natural lighting “make this a unique and desirable building in an excellent location,” adds Wainwright. In a press release issued after the sale, Nordblom Co. President Peter Nordblom outlined that, “For more than 60 years, Nordblom Company has been affiliated with 50 Congress Street through ownership and management of the property,” and adding that, “We are particularly delighted with the community of companies within the building and pleased to be selling to such a quality operator,” adds Peter Nordblom.

As that deal suggests, investors have been eager to buy downtown, especially in the wake of the district’s resurgence over the past 18 months, and there are a few morsels available, among the largest One Liberty Sq., a 13-story, 157,000-sf office building being pitched through Cushman & Wakefield at pricing said to be in the $50 million range. C&W of New England

45 Milk St., Boston MA

President Robert E. Griffin Jr. tells the Real Reporter this week that domestic and foreign buyers are both in the mix for the “jewel-box building” which takes up an entire city block and is home to a highend roster of tenants. Griffin would not identify the parties involved, but confirms that “well over” a dozen offers have been submitted as the process nears a conclusion.

“The downtown is very hot right now, with good reason,” says Griffin. “Things are not selling any faster or any slower, but it is extremely competitive and you have to be a serious (bidder) if you are going to” outpace other investors.

Initial estimates were that One Liberty Sq. could exceed the $50 million threshold industry estimates had put the pricing at originally. “It’s going very well,” Griffin says, deflecting any questions on price or whether those reports are accurate. u One Washington St., Boston MA

FEEDBACK TO: EDITOR@THEREALREPORTER.COM

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Fowler’s Boston operation. For Hines, it was a matter of winning a desired asset, explains Perry, terming Riverside Center “a pretty special piece of property” worthy of the commitment.

“The location is fantastic in being at Route 128 and right at the MBTA (Riverside Green Line stop),” Perry conveys, noting the trolley line provides runs into Boston all the way to North Station. “Not many suburban office parks have access to public transit,” Perry says in agreeing that was a significant aspect of the property’s selling point, as were 1,500 vehicular spaces to service the normal suburban commuter.

Occupancy above 90 percent consistently and an efficient, modern layout were other reasons the property passed an exacting muster from Hines.

Texas-based Hines is certainly used to winning at the upper reaches, last year paying $57 million for 250 Royall St. in Canton, a 185,000sf first-class building on Route 128 whose tenant is solid-credit firm Computershare. That came one month before doling out $103 million in September 2011 to thwart another wide field of topflight bidders on what is now branded the Campus at Marlborough. Totaling JOHN FOWLER 532,000 sf at Exit 23C of Interstate 495, the threebuilding site that was originally the custom-built corporate headquarters for 3Com Corp. was bought by Hines Global in 2011 soon after the fund now four COLEMAN BENEDICT years old was launched.

The REIT also possesses an emerging penchant for multifamily, says Perry, primarily in core markets such as Cambridge.

As detailed in the opening Midyear Special story on page two, suburBENJAMIN SAYLES ban Boston was the site of several mega-deals for office buildings in the first half of 2013, a mania created by a lack of downtown Boston and Cambridge opportunities, continued low interest rates and a resilient regional economy that has capital embracing both core and value-add deals.

Real estate fixture Jonathan G. Davis and

1100 Crown Colony Office Park, Quincy MA

his Davis Cos. continue to pursue deals in Boston, but was not on the dance card when the downtown assets courted most were under contract. The company’s namesake acknowledges his firm was a contestant for both 50 Congress St. and the Fidelity Investments headquarters that stirred considerable demand this spring before the former was bought by KBS Realty Advisors. The Beal Cos. and Related Cos. have the Fidelity buildings in tow (see main story, page four).

“

We are finding prices very high in Boston

”

JONATHAN G. DAVIS Davis Cos.

“Locally, we have found it tough,” accedes Davis. “We are finding prices very high in Boston.” A big promoter of the city, Davis nonetheless says his firm’s foundation seeking higher returns in complicated scenarios makes accepting excruciatingly depressed capitalization rates difficult to swallow. Fortunately, the firm is built to travel, and adroit landing deals via both debt and equity routes. First half outcomes include the purchase of a note on a Boston hotel, and Davis Cos. has teamed up with Trinity Financial on a 207-unit, multifamily project in Stamford, CT, a market-rate venture.

Another multifamily project for 307 units is being developed in southern Florida, and Davis also has ventures underway in Texas deals and just bought a 100,000-sf office building in New

Jersey with an 8 percent occupancy and submarket average rate above 90 percent. “We feel good about that,” Davis says of the fundamentals and ability to get ahead of an opportunity.

In the case of Burlington, where Davis Cos. made one of the first recovery plays in June 2010 at 1 and 3 Burlington Woods Dr., he says the continued ramp up in rents is happening for fundamental reasons, including an interesting shift. “CEO’s used to drive the location,” Davis observes. “Now it is the employees who are making the decisions, especially the skilled technical workers who are hard to find.”

That could, in a macro sense, be the driver behind Burlington-mania, which suddenly has perennial suburban anchor Waltham on the defensive and scrambling to provide amenity rich aspects giving its northern rival a reputation as Live/Work/Play central outside of Boston. Whatever the ingredients, capital is pouring in from around the corner and across the globe, and sometimes a combination. That is evident at Burlington Centre, which as therealreporter.com first relayed last week is tied up by none other than Davis and Principal Financial of Iowa at a price tag estimated in the $110 million range. Longtime owner MultiEmployer Property Trust has hired Eastdil Secured as exclusive agent for the park that dates to 1990 and was bought for $21.3 million by MEPT in 1991. The buildings at 10, 20, 30 and 35 Corporate Dr. were erected between 1990 and 2009.

Restricted from discussing any transactions in process, Davis could not confirm that pending deal encompassing four buildings and 490,000 sf at the juncture of Route 3. The firm’s continued on page 47

THE REAL REPORTER 2013 SUMMER REVIEW

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founder is already familiar with the community, having stepped up at a foreclosure auction in May 2010 as the rebound was just taking hold to buy controlling interest in 1 and 3 Burlington Woods Dr., a 116,000-sf office park right on Route 128 that the Davis Cos. firm buffed up and engineered into a $54.0 million sale last September. Intriguingly, new owner Colony Realty Partners this summer hired Cushman & Wakefield to flip the buildings in light of the exuberant clamor for office buildings in that stretch.

Whether he indeed could go back again is one thing, but Davis says he has no appetite for another run at 1 and 3 Burlington Woods Dr., even in opining that the strategy may be a prudent one by the astute Colony contingent that was also active in 2013. Says Davis, “I think there will be people who will see what is happening in Burlington today and be content with a 97 percent leased building in a dynamic location.” Davis stresses his company still views Waltham as a suburban powerhouse that is quickly filling in any shortcomings, but accedes the new generation of suburban talent has a yen for Burlington, which posted 292,000 sf of positive net absorption since mid-year 2011, according to Richards Barry Joyce & Partners.

The officeSTATus report pegs Burlington’s average asking rent there now at $26.80 per sf and relays that the office vacancy rate for 6.2 million sf is now in single digits at 9.6 percent.

Burlington Centre office park, Burlington MA

25 Mall Rd., Burlington MA

According to RBJ research chief Brendan Carroll, it is the first time since 2001 that Burlington’s vacancy has been under 10 percent.

The Davis Cos. penchant for yield kept the firm away from core prospects at Riverside Center and 25 Mall Rd. in Burlington, according to Davis, who “took a hard run” at New England Executive Park when it came available this year. The older property that brought $216 million in June for seller Equity Office has “loads” of upside, according to Davis, and observers say Burlington Centre is also wellpositioned for the future. Eastdil Secured is bro-

ker on the deal; Capital Markets members did not return phone calls by press deadline.

The 25 Mall Rd. building is a Class A property at the location of Route 3A and the masterplanned Burlington Mall Road. As therealreporter.com previously unveiled, TA Associates Realty of Boston has been tabbed as winning bidder for the 277,000-sf building that is expected to reap nearly $77 million, or approximately $270 per sf. C&W is negotiating the 25 Mall Rd. exchange. TA is another seasoned investor with interests in the region, and also in the first half divested One Newton Pl. in Newton Corner for $34.0 million in June.

For the HFF Capital Markets Group, Riverside Center did garner plenty of attention nationally given the parties involved and the final result, but the firm was not restricted to one mega-deal in the opening half, as evidenced in another prime sale completed in mid-June when W.P. Carey Inc. paid $25.5 million in an all-cash buy of 1100 Crown Colony Dr. in Quincy. The 133,000-sf property is net leased to Arbella Insurance for another 14 years, and market observers say that pact and solid upkeep of the building led W.P. Carey to commit to a property even in paying a relatively thin capitalization rate in the 6 percent range. “There is a lot to like” about the asset, maintains one broker familiar with Crown Colony Office Park where the building is located. Calls to HFF were not returned, but marketing materials indicate the professionals leading that assignment were Benedict and Campbell working with Director Benjamin Sayles. The client was Digital Capital Realty Trust of Denver, owner since paying $19.2 million in July 2010. u

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made its presence felt in the region, originating $30 million in CMBS loans in suburban markets, including $19 million for a Marriott Courtyard in Marlborough.

Life companies, on the other hand, are responsible for financing some of the Bay State’s biggest deals. Among the more prominent transactions through June 30th were Northwestern Mutual Life Insurance Co. providing two mortgages ($139.5 million and $52.2 million) to Samuels & Associates for the developer’s ambitious 600,000 sf mixed use project at 1325 Boylston near Fenway Park; Connecticut General Life Insurance Co.’s $28 million mortgage for Forest City’s project at 26 Lansdowne St. in 111 Speen St., Framingham MA Cambridge; Allianz Life Insurance Co. of North Black. “On the smaller end, we’re starting to see America granting MIT an $82 million mortgage some of the more local and quasi mutual banks for their project at 634 Memorial Dr; New York pull back on the 10-year money because they’re Life Insurance Co. providing Cabot Properties not winning deals lately and the cost of lending $53.9 million for their industrial property at 13 has moved so much in the past 60 days. So Centennial Dr. in Peabody; and Massachusetts you’re starting to see the seven-years as their Mutual Life Insurance Co. delivering a $15.8 max term.”

Many of the regional and local banks are million mortgage for 53 Third Ave in Burlington reporting that the first half of the year has been to owner Nordblom Co. The big banks have made their presence felt solid, with a diversified CRE loan portfolio that is less weighted toward multifamily than as well, with Bank of America providprevious years. And the competition for ing over $180 million in mortgages, deals for quality assets across the board including $43.0 million to Pembroke has become fierce, according to Real Estate Inc. for 237-255 State St., Nicholas K. Moise, Eastern Bank’s SVP Boston and $41.6 to Saxon Partners of Commercial Real Estate. “We’re for the Colony Place lifestyle center in competing with larger and smaller Plymouth; JPMorgan Chase Bank probanks (Eastern has assets of $8.5 bilviding over $125 million in mortgages, lion). Most good deals we’re looking at including $90 million for industrial DARRYL FESS today have double-digit term sheets, so projects at 2 and 24 Nemco Way, Ayer; most good deals will have 10 or more and 11 Harvest Ln., Southborough for other institutions, whether it be banks Equity Industrial Properties; PNC Bank or life companies or even conduits originated four mortgages for more (competing).” than $110 million, including a $60 Eastern has originated approximortgage for the Boston Marriott in mately $250 million in CRE loans so Newton owned by Chesapeake far in 2013, a 10 percent increase over Lodging Trust; Sovereign Bank passed the first six months of 2012. High prothe $100 million mark with $47.2 mil- JAMES RIZZO lion to finance a Hines apartment project at 36 file deals include the $34 million mortgage for River St. in Waltham. People’s United Bank is in Taurus Investments purchase of office/retail property at One Newton Pl. (in Newton) and a the $150 million sphere for the year.

The change in treasuries is also affecting the $23 million mortgage (of a $34 million price smaller banks, who are adjusting by capping tag) to Synergy Investments for 11 Beacon St. in terms at seven years and in some cases, cutting Boston acquired in early 2013 from DivcoWest.

Brookline Bank’s Darryl Fess, who heads up the length to just five years. “The gap between seven-year treasuries and 10 is 50-75 basis the commercial lending group, says his institution points, so if you’re willing to shave three years of has “$150 million out the door with minimal term, you can regain almost half a point or more construction loans” in the first six months of in rate exposure, and you can claw your way back 2013, and that he expects to do “about $300 to where we were two months ago,” reports million this year.” Brookline Bank enhanced its

ability to do larger loans in recent years when they acquired Ipswich First (2010) and Bank Rhode Island (2011) and expanded their loan capacity to $35 million. “We’d love to say we were doing a lot of multi-family, but earlier in the year we lost a lot of it in this incredibly low-rate environment to Fannie, Freddie and the life insurance companies as a lot of it was refinanced out, but we replaced (those dollars) with more office and industrial,” explains Fess. Brookline Bank provided $18 million to Cargo Ventures to refinance 440-480 McLellan Highway, a modern office and warehouse facility near the airport; and a $15 million refinancing for a five-property office portfolio in Needham and Newton as well as $3.0 million in financing for a 225,000-sf industrial facility that went to the Grossman Cos. for $7 million.

Rockland Trust Co., which financed a pair of high profile deals on Back Bay’s Boylston Street last fall, is also off to a brisk start, with a slew of financings in the Bay State running from $2 million to $7 million, plus 50 percent of the financing for Foxrock’s $10.5 million buy of Weymouth Woods Corporate Center. The lender also delivered a $10.5 million mortgage for a flex building in West Bridgewater for CDF Corp., and a number of hospitality oriented deals in Rhode Island.

“The macro story is that loan demand in the first half of the year has been steady, and the competition has definitely heated up,” conveys James Rizzo, Senior VP and regional lending manager of commercial banking at Rockland Trust. “But we continued to be very selective and maintain the same credit posture that we’ve had over the last five years.” Rizzo was alluding to whispers by a number of lenders that a small number of mutual banks and credit unions are “becoming very, very aggressive in terms of structure and in priccontinued on page 49

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ing,” a sentiment echoed by a number of sources.

And although the numbers for the bank are down slightly, ($253 million for first half of 2012 to $215 million for 2013), Rizzo says the institution has “a very strong backlog of approved deals. Things that are actually going to happen.”

Michael Lindgren, VP of Commercial Real Estate at Cambridge Savings Bank, reports that while year-to-date numbers are also down, (about 40 percent of last year’s six-month figures), the pipeline looks very strong across the board. “We’ve committed a lot, now we’re closing them and the pipeline for precommitting is very strong,” says Lindgren. “I think the real change is that there’s a DICK SCHRADER lot more acquisition activity and we’re getting our fair share of that from our core clients.” One of those clients is the very active Marcus Partners, with whom CSB has done three deals in the last 18 months, including the $10.4 million mortgage for 111 Speen St. in Framingham, the 110,000-sf Class A office building acquired this spring by the Boston-based investment group led by CEO Paul Marcus. The lender also provided a $14 million mortgage for the Comfort Inn at Bell Circle in Revere owned by Saunders Hotel Group (see story, hotel section), and upcoming deals include a healthy dose of “twothree-family properties in core markets like Cambridge, Belmont, Somerville,” says Lindgren.

Avidia Bank Senior VP Dick Schrader reports an 8.1 FRIEND S. WEILE percent increase in the lenders’ commercial real estate lending portfolio since the close of 2012 to $267 million through mid-year for the Hudson-based bank. “We attribute (our growth) to just having really good lenders doing a good job,” says Schrader. “We build on our existing base by leveraging existing customers who give us quality referrals.”

Just south of the border in Westerly, RI, Julia Ann Slom, Senior VP of Commercial Real Estate for Washington Trust Co., conveys that the bank did volume of about $100 million in CRE transactions in the first six months (including some construction loans). “We did a lot of office, some retail and industrial, and a couple of nice medical office transactions,” Slom conveys. “And it’s well diversified between our three primary markets,

Two Oliver St., Boston MA

Rhode Island, Connecticut and Mass.” In addition to their RI transactions (see related article this section), Washington Trust provided a $6.5 million loan to Timberlake Holdings Co. for the refinancing of undeveloped land with approvals for 385 residential units at Oxford Greens, an active adult community located in Oxford, CT, and participated with TD Bank in the $20 million financing of 4 Liberty Sq. and the $52 million

acquisition of 2 Oliver St. with Webster Bank, both for landlord Synergy Investments. All banks stress convenience, but one bonus for Webster is having its Boston branch office in 100 Franklin St., headquarters to Synergy, a 10-year-old firm that is one of the most active in downtown Boston. Claudia Piper is loan officer in the Boston office for Webster Bank.

Friend S. Weiler, Senior VP at HarborOne Bank (which became the Commonwealth’s largest cooperative bank on July 1 after formerly being its largest credit union) reports that “we’ve probably booked about 50 percent growth, but it’s a small portfolio ($24 million volume spread over a dozen deals in 2013). We think we’ve had a very good first half and if we can double it for the second half, we basically double our portfolio.”

Other local banks unavailable for comment had an impressive first half based on Massachusetts Registry of Deeds records, among them Boston Bank & Private Trust Co., which completed 10 loans totaling over $65 million; Lowellbased Enterprise Bank & Trust Co. was very active making 16 loans totaling well in excess of $60 million; Middlesex Savings Bank originated 20 loans for approximately $100 million; and Digital Federal Credit Union with 16 loans totaled more than $45 million. DCU is another credit union that has been competing at a high level this decade on its commercial loan activity. u

J TOP GUNS Q1 + Q2 ALL PROPERTIES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

BUYER Equity Residential Charles River Realty Group, LLC Hines AEW Capital Mgmt AvalonBay Communities Norges Bank Invt Mgmt Athenahealth Mack-Cali TIAA-CREF Realty Income Corp Beacon Capital Partners Piedmont REIT Taurus Invt Holdings Synergy RE Services Hamilton Company BioMed Realty Trust Square Mile Capital Cornerstone RE Advisers TA Realty American Realty Capital Vintage Capital Group Rubenstein Partners LP US Realty Advisors Cresset Partners Artemis RE Partners

CAPITAL GROUP Public Private Institutional Institutional Public Institutional User/Other Public Institutional Public Equity Fund Public Private Private Private Public Equity Fund Institutional Institutional Private Private Equity Fund Institutional Private Private

STATS ‘13

ACQ. AMT. (IN $M) 744.4 221.4 216.8 215.9 195.3 189.6 168.5 149.3 110.0 81.1 69.8 69.5 54.3 53.9 52.0 52.0 49.9 49.1 47.0 36.7 36.1 34.0 32.3 32.3 31.3

# PROPERTIES 8 2 2 1 4 1 1 2 1 14 2 1 2 3 1 1 4 1 1 1 1 1 1 1 1

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Windsor Green, Andover MA

million, and UMF has 34 units in New Bedford being shopped for $2.45 million. continued from page 8 Even in the measured launch to 2013, UMF along with Lamere and Robinson. Those three managed to wrap up numerous seven-figure are joined by principal Terence M. Scott and multifamily trades by the mid-year juncture. institutional broker Jennifer Athas in listing a Cawley and colleague Jason Braun negotiated 40-acre site across from the Lebaron Hills the $1.5 million sale of five Cambridge units at Country Club in Lakeville, a site fully permitted 46 Lincoln St. in April to an entity founded by for 286 units. In Norton, a site is also Joseph P. Bisognano III, Outside of ready to go, having qualified as a Boston, UMF’s Joe Shertick recruited Chapter 40B project aimed at boostresidential giant Carabetta in its $2.2 ing affordable housing in suburban million cash purchase of an 85-unit, Boston. value-add apartment building in The Taurus acquisition is an extenHartford. The structure at 119-137 sively landscaped 15.2-acre property Bedford St. dates to 1925. Shertick in South Lowell. The mix of one-, twoand William Bonfanti have completed and three-bedroom units was JASON BRAUN a trio of deals in Norwalk, CT, since acquired with two New York entities, then, with Cawley relaying the state is Casey Real Estate Investment LLC, increasingly showing signs of managed by Morgan Hanlon, and improvement and winning investor Water Street Investment Group, led by confidence.

President Phillip Bakalchuk. “Taurus is Back in the Bay State, UMF helped very pleased with acquisition of the the Samia Cos. boost its multifamily project and our partnership with portfolio via three seven-figure transWater Street and CREI,” says CEO actions in the opening half of 2013.

Peter Merrigan in a press release in RICHARD CAWLEY Samia paid $3.5 million for 38 units in which he reports the investment “is indicative Middleborough; $3.0 million for a dozen Allston of our long-term confidence in the multifamily apartments and another $3.0 million across the market and is the first of many with these part- hyphen in Brighton to grab 15 units at 1681ners.” Greater Boston will be a focus of their 1683 Commonwealth Ave. Braun and Cawley attention, adds Merrigan, whose group suppos- orchestrated all three sales for Samia, including edly had eyed Windsor Green, a luxury Andover the Brighton property that posted a capitalizaapartment community listed through Jones tion rate of 3.19 percent. The asset at 10 Allston Lang LaSalle that was bought by the Hamilton St. recorded a 4.0 percent cap rate versus a Co. for an impressive $62.3 million. more flaccid figure of 7.5 percent for the As for United Multi Family, the firm is mar- Middleborough asset at 66 Mayflower Ave., a keting a 352-unit portfolio in 22 buildings on building that dates to the 1970s known as the North Shore, an assemblage of what Mayflower Landing. Rockland Trust Co. backed Cawley terms “well-maintained and managed that investment with a $2.7 million loan. apartment buildings” being priced at $27.3 milThe Windsor Green property is perhaps the lion. A five-story, 114-unit apartment property most opulent Hamilton Co. conquest in 2013. at 56 St. Joseph St. in Fall River is listed for $9.1 Constructed in 2006 by General Investment &

MULTIFAMILY SALES

Development, the apartments are in one of New England’s most exclusive suburbs, and were indeed a popular item among suitors, acknowledges JLL multifamily specialists Michael Coyne and Travis D’Amato, who had portended a swift resolution to the complex at 311 Lowell St., which was 99 percent occupied upon its sale.

The institutional quality asset is one of several picked up by the recently formed division of JLL’s Capital Markets Group, including an even bigger listing in Reading where JLL is marketing Reading Commons, a 204-unit apartment community adjacent to Interstate 93 on the Woburn continued on page 51

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Mayflower Landing, Middleborough MA

THE REAL REPORTER 2013 SUMMER REVIEW

51

THE REAL REPORTER 2013 SUMMER REVIEW

MULTIFAMILY SALES continued from page 50

border. The development created by Archstone in the mid-2000’s was bought by Henderson Global Investors for $48.5 million in Dec. 2008, and is now estimated to change hands for more than $70 million.

Coyne declined to discuss unfinished business, but says the first institutional quality trade by the JLL multifamily group assembled last year by Capital Markets chief Frank JENNIFER ATHAS Petz was indeed satisfying.

“It was a nice one to get under our belt,” Coyne says of the multifamily contingent that includes Kevin Gleason and Brendan Shields. Windsor Green did deliver a wealth of prospects, adds Coyne, PHILIP LAMERE aided by the offering being made prior to the interest rate tempest. “It was a great number, especially for a property out on Interstate 495, and our client was pleased, which makes us really happy.”

JLL says the per-unit RICHARD ROBINSON rate topping $322,000 was a record for that region, and Valeri agrees the Allston-based firm paid a pretty penny—many of them—to win the day.

Having determined they wanted the asset, Hamilton offered to skip the due diliBRENDAN REILLY gence and other contingencies, confident in the pedigree of the builder and youth of the seven-year-old complex, explains Valeri, even in acceding he is “not a big believer in Interstate 495,” preferring to work within the Route 128 belt.

TERENCE SCOTT “The occupancy and the rates they are getting there made us a believer” in Windsor Green, outlines Valeri. “It’s in great shape.” Even so, he dismisses suggestions that returns cannot be pushed much further.

Economies of scale from the Hamilton heft and management approaches fashioned by the sea-

256 Parker Hill Ave., Boston MA

soned company “makes us confident there is units, the Class B asset does promise an opporupside we can create,” he says, both there and tunity to drive rents upward through a capital in Boston’s South End, where Hamilton paid improvements program, explains Ross, part of $52 million this spring for 134 condo-quality an NAI/Hunneman team assembled to handle apartments in a deal negotiated by that 32-unit listing and another in the CBRE/NE (see story page eight), town where the group has been hired Hamilton spent $130 million in the to trade Dover Heights. As also opening half of 2012, Valeri estimates detailed earlier by the Real Reporter, to the Real Reporter this week in the six-building multifamily asset is explaining a self-storage property site owned by Norwood Club Car LLC of in downtown Waltham acquired will Milton. President Katherine A. Sobel’s be renovated into 34 apartments. family has held the 71-unit asset since Valeri says an abutting community is MICHAEL COYNE the 1970s. also being targeted for a multifamily Dover Heights “is another valuedevelopment. add property in a wonderful market,” D’Amato had a prior deal with Ross said in that article. The team industry icon Harold Brown, while includes Gina Barroso, Scott Dragos, Coyne calls his original encounter Doug Jacoby and Sean Ryan. Barroso with Hamilton Co. and its octogenariand Ross were joined by principal an founder “a pleasure” thanks to the Robert Tito Sr. and Robert Tito Jr. on firm’s keen understanding of the marthe Nashoba Apartments assignment. ket and determined approach when TRAVIS D’AMATO That 2.5-acre development at 284 stirred by an opportunity.

Great Rd. is near Nagog Pond and The Hamilton Co. has also been a Nagog Office Park. New owner Stuart seller in 2013, divesting a residential Levey financed his investment backed property in Acton owned since the by $3.44 million from CBRE 1970s, as Universal Realty of Newton Multifamily Capital LLC. paid $4.3 million for the Nashoba Hamilton was also the owner of Apartments. The property was listed Coach Estates in Acton, an apartment through NAI/Hunneman Commercial complex property the NAI/Hunneman Co. In a Real Reporter article regard- KEVIN GLEASON contingent secured Universal as wining the sale, NAI/Hunneman principal ning bidder in April 2008 for $4.6 milDavid Ross credits Hamilton’s stewlion. Valeri says Nashoba did not fit ardship of its portfolio for making the into the overall portfolio and at just aging asset marketable to a value-add 32 units, became expendable. operator.

At 21 acres and sporting gardenA long-time hold dating to Sept. style buildings, Dover Heights is 1977, Nashoba Apartments has expected to attract a number of buyer remained a steady performer, recounts profiles, according to Ross. The develBRENDAN SHIELDS Ross, its tenants “running the gamut” opment that was built in 1969 feafrom career professionals and young families to tures 65 two-bedroom units to go with a halfempty nesters and retirees. While there have dozen one-bedroom apartments. continued on page 53 been recent upgrades to the common areas and

52

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1

Village at Taylor Pond, Bedford MA

CBRE/NE MULTIFAMILY continued from page 8

Butler says the pace reflects a steady crescendo of demand for New England multifamily, an ardor reflected in Real Capital Analytics data putting midyear multifamily sales in the Boston MSA alone above $1.37 billion—nearly one third of the $3.75 billion shelled out for all CRE there in that period. The fervor is especially pitched in metropolitan Boston, but its influence is expanding. That is evidenced by significant CBRE/NE multifamily exchanges completed through midyear in Connecticut, Rhode Island and various suburban Boston communities not especially known for institutional quality residential. Fall River might come to mind in the latter category, yet the South Coast port town is home to Four Winds Apartments, a 168-unit community near the juncture of Interstate 195 and Route 24 that sold for $17 million in early May to Claremont Residential, a New Bedfordbased multifamily owner and operator who

Douglass Park Apartments, Boston MA

secured the asset from Equity Residential. It had been a longtime hold for the REIT, having bought the property for $7.1 million in June 1997.

The 17 completions by June 30th put CBRE/NE exactly halfway in that regard to the 34 closings of 2012, among those last year the massive sale of 550 units in another cross-border Malden development, the Oak Grove Village community that stretches into Melrose on the opposite end of the city. That $188 million trade helped Butler and St. John process $959 million in 2012, their second-best year ever, but the duo is now in line to crest $1 billion for the first—and only time—since 2007, back when New England had a record CRE investment season just prior to the 2008 bust.

Butler credits a limited inventory and resilient economy for creating a perfect storm of interest in multifamily among capital seeking certain cash flow. CBRE/NE did manage to complete one Boston deal above $50 million, with $2.0 million better than that offered by the Hamilton Co. to acquire Douglass Park Apartments in the South End. Financing of $28.0 million was secured

MULTIFAMILY J TOP GUNS Q1 + Q2 STATS ‘13

1 2 3 4 5 6 7 8 9 10 11 12 13 14

BUYER CAPITAL GROUP Equity Residential Public AvalonBay Communities Public Mack-Cali Public Hamilton Company Private Cornerstone RE Advisers Institutional Beacon Companies Private Taurus Invt Holdings Private Madison Park Development Corp.

User/Other Mill Creek Residential Trst Private Urban Capital Partners Private The Samia Cos LLC Private The Sabet Group Private Nuestra Comunidad Development Corp Private Evergreen Property Group Private

ACQ. AMT. (IN $M) 744.4 195.3 149.3 52.0 49.1 22.0 20.3 13.4 12.4 12.2 5.4 4.6 3.8 3.3

# PROPERTIES 8 4 2 1 1 1 1 1 1 1 2 1 1 1

from KeyBank to facilitate the acquisition of two buildings at the juncture of Columbus Avenue and Tremont Street constructed in 1989 and 1990. One is a seven-story property housing the leasing center, whereas the adjacent four-story building sports a fitness center and 6,200 sf of street-level commercial space. The property has underground parking for 114 vehicles.

Of the 122 units, 28 percent are one-bedroom apartments, 62 percent have two bedrooms and 10 percent are three bedrooms. Thirty three units are set aside for affordable residents.

CBRE/NE assisted on an even larger sale involving that component, as the team reaped $22 million for Edmands House in Framingham from Beacon Communities. As detailed in a May Real Reporter article on that commitment, the Hubbased champion of affordable housing secured $20.1 million from the Massachusetts Housing Investment Corp. to buy and enliven the two sixstory buildings perched in Framingham’s popular Nobscot neighborhood. Despite a solid track history at the property, Beacon Communities is converting several market rate units into affordable apartments to qualify for federal Low Income Housing Tax Credits. In the May article, St. John estimated that the team led by Butler and he has transacted a half-billion dollars of affordable housing this decade, and predicted more opportunities will be made available as housing affordability remains a substantial concern in nearly every community.

On the flip side, market-rate multifamily can draw from a wider audience of capital sources and have kept the pipeline of deals stocked.

Another suburban trade by CBRE/NE to open the year was the Village at Taylor Pond, a 188unit, first-class complex harvested for $49 million by a partnership of Criterion Development Partners and Northwestern Mutual to CPF Taylor Pond LLC. The buyer was assisted in the continued on page 53

53

THE REAL REPORTER 2013 SUMMER REVIEW

CBRE/NE MULTIFAMILY continued from page 52

purchase by Cornerstone Real Estate Advisors.

Back in Boston proper, CBRE/NE was broker on the $12.1 million sale of a condominium-quality asset at 36-40 River St. pruned by New Boston Fund. The buyer is UCP Schoolhouse LLC, an entity managed by Vincent G. Norton Jr. and Thomas O’Donnell. Butler and St. John finally got their hands on a hot-potato portfolio of two buildings in Beacon Hill that have now changed hands three times this decade. Packaged together after they traded separately in 2011, 24 Joy St. and 88 West Cedar St. brought in $6.8 million via the latest disposition. That amounts to $2.4 million for 24 Joy St. and $4.4 million to secure 88 West Cedar St. One year earlier, in Feb. 2012, investor Salvatore Campofranco paid $3.6 million for that building and $2.0 million for 24 Joy St. The seller there was real estate veteran John Parsons, whose Parsons Commercial Group had bought 24 Joy St. in May 2011 for $1.28 million from longtime owner Joseph Fallon, the famous Seaport District developer. Parsons separately acquired 88 West Cedar St. for $2.50 million in Aug. 2011.

MULTIFAMILY SALES continued from page 51

Yet another Hub firm all over the map helping sell multifamily is Boston is Boston Realty Advisors, which has a dedicated division led by Christopher D. Sower and Jason S. Weissman that completed its second full year in business this spring by tendering some $50 million in trades, Weissman estimates this week to the Real Reporter. That accounts for more than half the $80 million brokered by BRA through June 30th, conveys Weissman.

“There continues to be a bottomless appetite for multifamily in the markets we cover,” Weissman says in assessing the current climate. “Barriers to entry make it very attractive to investors, and that is very encouraging.”

As with anyone in the industry, BRA is monitoring the interest rate saga, but Weissman notes core buyers tend to require less debt to do a deal. “A lot of people say it is cooling things down, but so far, it hasn’t diluted the number of buyers or tours we are conducting.”

The average deal size for all BRA sales through mid-year equated to $4.6 million, but several were much higher than that level. The largest was an office/retail property in Harvard Square that yielded $33.1 million, whereas the multifamily team took on the most assignments, and completed several by the halfway

Edmands House, Framingham MA

Looking ahead, Butler says it appears the multifamily penchant will continue for the rest of the year, with CBRE/NE juggling several listings—including a few priced well over $100 million—during a time of year traditionally bereft of serious activity. That puts the milestone

of $1 billion in reach, he concurs, although Butler insists the final tally is not the overriding concern. “We want to serve our clients the best way possible,” he says, adding, “This is a good time to do that, and we are helping them take u advantage of the market.”

juncture, among them 12 Brookline condominiums sold on behalf of a family trust for $3.3 million, plus $7.5 million for 32 units in two buildings at 256 Parker Hill Ave. in Boston’s Mission Hill district. On the former, Sower, Weissman and Associate Andrew Herald advised the I. Fishman Family LP on a trade to

from client True North Capital Partners shelled out more than $235,000 per key for the package. Sowers is quite familiar with the properties, having traded them for $3.6 million in Feb. 2007 and $5.6 million three years ago this month.

Even in cresting $80 million, Weissman expresses optimism BRA can better that level in the second half, and does have a number of prime commercial and multifamily listings in play, including some said to be under agreement that Weissman declined to discuss.

Among the Boston treasurers are a redevelopment play in the Fenway expected to approach $16 million, plus a five-level, 8,500-sf building at 171 Newbury St. coming to the market for the first time since 1979.

Outside of town, BRA is assisting the owner of a Mansfield apartment community totaling 66 units. The Village at Cedar Heights could fetch $15 million, according to estimates from knowledgeable sources. The owner is Turner Brothers. North of Boston, in downtown Melrose, BRA in June was tabbed exclusive agent for 99 Essex St., an adaptive reuse of an historic building that has 15 new apartments. It is a transit-oriented property with access to Boston, and is near a lively business district featuring all manner of restaurants and retailers, Weissman says in explaining why that property has been so well-received and boosting the firm’s optimistic outlook. u

“

There continues to be a bottomless appetite for multifamily in the markets we cover.

”

JASON S. WEISSMAN Boston Realty Advisors

Earl N. Henry III of the dozen units held by the family since converting 197-205 Kent St. into 68 condominiums in 1979. East Boston Savings Bank loaned the buyer $2.64 million in that early June acquisition.

The Parker Hill Avenue properties fomented an amazing 130 prospects and dozens of tours for an address not exactly Louisburg Square, but close enough to the Longwood Medical Area to keep occupancy levels high, according to Sower.

The Chinese investor who bought the buildings

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deliver consistent if unspectacular NOI. “Because institutions have gotten more and more involved and their return requirements are generally much lower than private investors, that’s another reason cap rates have gone down and prices have gone up,” Millerd explains, adding that the biggest change over the last six months JEREMY FREID has been that Class A product—grocery anchored centers in secondary markets or nongrocery anchored retail— has seen cap rates fall considerably, from 100 to 150 basis points. This, he says, is leading investors to pay ADAM MEIXNER a lot more for B product and broadening their horizons.

One such example was a $106.7 million deal in West Hartford, CT, in which Angelone and his CBRE team of William Moylan, Nathaniel Heald and Bruce JORDAN SNEIDER Lusa of the Boston office; Jeff Dunne and David Gavin of CBRE’s New York Institutional Group; and John McCormick, Pat Mulready and Mike Stone of the Hartford office procured a buyer (Starwood Capital) for the 450,000-sf Blue Back Square mixed use development that consists of upscale restaurant and retail units totaling 210,550 sf, with 48 apartments, 59 residential condominiums, plus medical office and professional space.

Blue Back Square, West Hartford, CT

Completed in 2008, the retail is shadowanchored by Whole Foods with a Barnes & Noble, Crate & Barrel, Ann Taylor and a highend Criterion Cinema.

Closer to home, Angelone, Moylan and friends closed on Riverway Plaza, a 245,000-sf shopping center along Route 3A in Weymouth.

The client was Samuels & Associates, which passed the asset to CBRE Global Investors for $21.5 million. Samuels had purchased the property in 2001 for $6.3 million, further testament to the draw of the well-located, solid credit retail centers by institutional capital. The property is anchored by Lowe’s and Staples, and also includes CVS, Dollar Tree, a Margarita’s Mexican Restaurant and a D’Angelo’s/Papa Gino’s.

CBRE has continued their momentum into the second half, closing on National Development’s MetroNorth Retail Center to Integrated Properties ADAM CIREL last month for $12.1 million. The 163,000-sf community retail center is anchored by Chipotle, Pet Smart and Bob’s Discount Furniture among its tenants. It is part of the awardwinning MetroNorth Corporate Center created BEN STARR by the sellers on a site abutting Interstate 93 near the Route 128 interchange.

Millerd and the Cushman & Wakefield team of Capital Markets President Robert E. Griffin Jr., Associate Justin Smith and Financial Analyst Paul Penman, also closed a significant deal in a tertiary market, selling Heritage Retail Plaza in East Longmeadow to Katz Properties at the end of June for $28.6 million. The 117,000-sf Stop

& Shop-anchored center is in close proximity to both Springfield and Greater Hartford, and is 98 percent leased to credit tenants Aspen Dental, GNC, H&R Block and Panera Bread. C&W also brokered the deal for Salem Park Plaza in Salem, NH, a 37,925-sf shopping center anchored by Barnes & Noble that was acquired

by Linear Retail for $8 million from Marcus Partners. Other tenants include Bank of America, Findeisen’s Ice Cream, Jos. A. Bank Clothiers and Pier 1 Imports.

The Eastdil Secured Capital Markets team, led by Christopher Phaneuf and including Brian Barnett, Peter Joseph, Sarah Lagosh and James continued on page 55

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© 2013 Data courtesy of real capital analytics

1285 Beacon St., Brookline MA

THE REAL REPORTER 2013 SUMMER REVIEW

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THE REAL REPORTER 2013 SUMMER REVIEW

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McCaffrey, also succeeded with institutional investors, peddling the 657,000-sf Mall at Whitney Field in Leominster to Los Angelesbased investors Vintage Capital Group for $36.1 million. Eastdil is handling the sale as part of an eight-building portfolio of troubled retail being processed on behalf of special servicer C-III Capital Partners. The retail center features a solid tenant roster that includes JC Penney, Macy’s, Panera LEONARD BIERBRIER Bread and Toys R Us and is above 90 percent leased.

Phaneuf would not discuss that deal or another major Bay State shopping center Eastdil harvested in that octet of under water centers, the Silver City Galleria in Taunton. The C. RUSSELL DEMARTINO star-crossed development was hit by the recession and overleveraged owner who ultimately surrendered the keys.

One observer maintains Silver City has underpinnings of good retail, but needs a stronger, hand-on sponsor. “They need to turn the ship around, but I think (the buyers) will do well with it,” says the source, an expert in the retail sector who predicts the $22.1 million price tag— versus its 2000-2 sale for $118 million—gives Dallas-based buyer MGHerring Group a low enough basis to address any physical or tenant roster shortcomings. Other participants in the June 26th purchase of 2 Galleria Mall Dr. are Contrarian Capital Management of Greenwich, CT, and another Texas investor, Tricom Real Estate Group. The 715,000-sf mall was also saddled by a $138 million refinancing in 2005.

While larger trades were scarce in the first

170 Needham St., Newton MA (RENDERING)

half of the year, the appetite for net-leased retail assets remains as voracious as it was in 2012 when Marcus & Millichap’s Walthambased retail team of Robert Horvath and Todd Tremblay posted a record year with 141 transactions closed (regionally and nationally). “I’ve never seen the market like this,” reports Horvath, Director of the National Retail Group at Marcus & Millichap.

“It’s extremely active with all buyer profiles in the market—priRiverway Plaza, Weymouth MA vate, public, institutional. You take a deal to market today and street-level retail (see related story this section), BRA also closed a deal for a 27,000-sf developyou’ll have 15 offers within a week.”

Horvath and Tremblay have closed 34 deals in ment opportunity for Sanford Builders on 2013 so far and have an additional 52 under Needham St. in Newton for a new retail project agreement (including Coventry Crossing in RI, a at the landmark former home of Salett’s Meat 21,000-sf, multi-tenanted plaza in the $12 mil- Market for $2.52 million. Jeremy Freid, SIOR, worked with colleagues Adam lion asking range being secured by an Meixner and Jordan Sneider on that undisclosed buyer), with 50 percent of assignment to move what the brokers the volume located in New England. touted as a prime development opporMost of the deals are valued at less tunity in a long-held, 27,000-sf infill than $20 million, and include the sale site. Backed by a $1.3 million loan of 138,125-sf Lowe’s in Windham, ME, from Belmont Savings Bank, Sanford finalized in late April for $12.4 million. principal Marc Kaplan is a respected There were a slew of deals for national homebuilder moving in a new direcretailers such as Rite-Aid (one each in ROBERT HORVATH Nashua, NH, and Winchendon ), Applebee’s, tion, he told the Real Reporter upon buying the Aspen Dental, Auto-Zones, Burger Kings, Dollar parcel in May. The plan designed by HDS Architects calls for a 14,125-sf building to be Tree and an Olive Garden in Taunton.

Boston Realty Advisors engineered a couple replaced with a 7,200-sf retail property. Freid of retail deals in the inner suburbs in addition to says the willingness to downsize reflects the their blockbuster $33.1 million Harvard Square value of the site that is sandwiched between a continued on page 56 trade of 39 JFK St., a mixed-use asset featuring

Heritage Retail Plaza, East Longmeadow MA

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THE REAL REPORTER 2013 SUMMER REVIEW

Needham Street Village Shops, Newton MA (RENDERING)

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Dunkin’ Donuts and Papa Gino’s.

Speaking of prized Newton infill, Bierbrier Development completed a complicated assemblage of adjacent lots on Needham Street this spring, paving the way for a 19,200-sf retail property slated to break ground no later than November. Namesake Leonard Bierbrier reports this week the main holdup is a tenant at one of the properties who has until October to vacate, with the parcel complete and in the firm’s control. Financing has also been secured for construction through Commerce Bank.

As detailed in a Real Reporter article this spring, Bierbrier has an emerging concept known as Village Shops that intends to con-

STATS ‘13

Silver City Galleria, Taunton MA

struct centers from 20,000- to 50,000 sf inside Route 128, with more affluent communities such as Newton the focus, Bierbrier principal C. Russell DeMartino outlined in the earlier story.

As in the case of its prototype center in Arlington, architect David Chilinski was brought in to design the Newton project that DeMartino is overseeing. Bowdoin Construction has just been retained as contractor for the building that will rise to 32 feet, an elevation Bierbrier explains was as much for aesthetics and accommodating city planning desires on Needham Street as it was for a functional purpose. Other critical professionals assisting cited by Bierbrier include civil/environmental engineer Tighe & Bond, and consultant Robert Vanesse. Atlantic Retail Properties is exclusive leasing agent, with Adam Cirel and Ben Starr taking on the assignment.

RETAIL ✪ TOP GUNS Q1 + Q2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

BUYER Realty Income Corp Vintage Capital Group Contrarian Capital Management MGHerring Group Tricom Real Estate Group CBRE Global Investors Kimco Blackstone Gvest Partners Bulfinch Cos RK Centers Chestnut Hill Realty L&B Realty Advisors Urban Capital Partners Novaya Ventures Roebling Investment Company Linear Properties LLC Charles River Realty Group, LLC Saxon Real Estate Partners Bierbrier Development Inc Donald Zucker Organization

CAPITAL GROUP Public Private Equity Fund Private Private Institutional Public Equity Fund Private Private Private Private Institutional Private Private Private Equity Fund Private Private Private Private

ACQ. AMT. (IN $M) 81.1 36.1 25.5 25.5 25.5 21.8 17.2 17.2 15.2 13.9 11.6 11.0 10.0 10.0 10.0 9.4 8.0 5.5 4.7 3.2 2.8

# PROPERTIES 14 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

With leasing activity brisk enough that Bierbrier is anticipating being at least 40 percent committed by the ground-breaking, and credits a team of professionals for putting the complicated plan together. First and foremost were brokers David Boyarsky and permitting attorney Alan Schlesinger, who is also working on the Salett’s structure. Choate Hall & Stewart did the legal work related to acquisition and financing with Commerce Bank. The bank’s loan officer, Senior VP John Kelley, was “excellent” to do business with in Bierbrier’s first transaction with the Worcester-based NATHANIEL HEALD institution. It was arranged

by Carlos Febres-Mazzei and Kyle Juszczyszyn at CBRE/NE. Farther South, HD Bridgewater Realty DST, managed by Raymond M. Gee, purchased a standalone, 104,200-sf Home BRUCE LUSA Depot on 27.7 acres in Bridgewater from Pleasant Street Bridgewater LLC, (managed by Joshua Goldberg of White Plains, NY) for $15.1 million via a $14.1 million mortgage from the CTL Lending Group.

Constructed in 2005, the property last sold for $11.5 million in May 2009.

Smaller deals in the suburbs were prevalent as well, with BZG Properties purchasing three buildings totaling approximately 38,000 sf at 1, 5 and 17 Edgell Road in Framingham from the Greenwood Co. for $3.4 million. The property is just off Route 9 and is a mix of office and retail with a restaurant. Thomas Godino of Godino & Co. represented the seller and procured the buyer. And Scottsdale, AZ-based STORE Capital, a privately owned real estate investment trust that continued on page 57

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acquires single-tenant properties including chain restaurants, supermarkets, drugstores and other retail, service and distribution facilities, picked up three properties in 2013: 126 Killam Hill Rd., Boxford ($1.9 million); 3-15 Main St., Wakefield ($1.27 million); and 25 Katrina Rd., Chelmsford ($1.43 million), with the first two being purchased from Best Friends JOHN MCCORMICK Pet Care and the third from Pace Industries.

New-Jersey based Mountain Development Corp. picked up a J.C. Penney at the Eastfield Mall in Springfield for $3.55 million; a Dunkin’ Donuts unit at 6 Washington St. in North PAT MULREADY Reading was purchased by DJTC Realty LLC (private investor) for $2.65 million; and a former KFC at 168 Hampshire St. in Cambridge was sold to private investor Hampshire Holdings for $1.9 million; Stoneham

PRIME HOTELS continued from page 16

relaying that “People’s recognized the opportunity to start a key new relationship and executed flawlessly in the transaction.”

Marking a half-century of ownership in the Lenox, Saunders has continuously modernized FFE over the years, according to Colliers, and has been applauded for melding design, ecoinitiatives and historic preservation into that effort. Recent renovations include a decadelong program to upgrade rooms and the entire façade. SHG has also added multiple restaurants, among them City Bar, City Table and Solas Pub. “It is a very unique situation when a local family has owned such an iconic property for 50 years, and the pride of that ownership is evident in every aspect of the hotel,” says Broderick.

From its hospitality roots dating to 1940, the Saunders family has grown to be a mid-sized owner and operator of multiple hotels, among them the Comfort Inn near Bell Circle in Revere that Colliers also helped refinance to the tune of $14.0 million in February through Cambridge Savings Bank. While perhaps not as ornate or storied as the Lenox, the Comfort Inn has been a solid performer servicing Logan International Airport for both busi-

Assisted Living LP purchased a Dairy Mart site at 1285 Beacon St.’s front door.

140-142 Franklin St. in Stoneham for $2.8 milEfforts to contact Boston Urban Partners by lion; and a 3,500-sf TD bank at 1833 Centre St. press deadline were unsuccessful. According to in West Roxbury went to Pooh Roxbury, a New marketing materials, the trio of Jonathan P. York-based entity, for $2.57 million.

Dutch, Samuel Hawkey and Ann V. Ehrhart Boston Urban Partners tendered a high-pro- advised the seller and procured 1285 Beacon file Coolidge Corner property in mid-May for St.’s new ownership, which was fueled by a $13.9 million, as a partnership of the Bulfinch $10.4 loan from RBS Citizens. In an interview last autumn when it was Cos. and Gebsco Realty first listed, Hawkey had bought 1285 Beacon St. termed the asset “a trofrom Nicholas Heras Jr. The asset is as eclectic as You take a deal to market phy property in one of the neighborhood itself, today and you’ll have 15 Boston’s hottest trade areas,” and predicted a which the Real Reporter offers within a week. robust response from noted in an article upon well-known investors the sale of 1285 Beacon such as Needham-based St., has an organic ROBERT M. HORVATH Bulfinch.

Live/Work/Play infraMarcus & Millichap The two-story, 25,600 structure. Sporting an sf retail portion property annual average household income topping $106,000 in a one-mile is situated right in Coolidge Corner. Heras radius, and a huge influx of daytime visitors and acquired the site for $3.4 million in September workers, 1285 Beacon St. has drawn specialty 2005. Also in Coolidge Corner in the opening butcher shop The Meat House and Staples to half was the sale of the former site of the the 49,000-sf development. There are also two Brookline Superette at 10-18 Pleasant St. It was levels of underground parking, a prized use in purchased by an affiliate of the Chestnut Hill the district that also has a Green Line trolley Realty Corp. for a shade above $11 million from connecting to Boston that unloads practically at Gladys LLC, a private owner from Brookline. ◆

“

”

ness, leisure and staffrelated occupancy from being barely one mile down gritty Route 1A, Broderick conveys.

CSB Senior VP Kenneth R. Dillon handled the origination, while Broderick and Phelan advised SHG. Lenders also like what the owner of Hotel Tria in Cambridge’s Fresh Pond area has done since buying the property in 2009 and Hotel Tria, Boston MA undertaking an extensive overhaul, says Broderick, with owner Robert Karol building dozens of rooms to put it at 121 units and installing a popular bar and dining area. “The sponsor was a major reason, and the hotel has really been transformed,” Broderick says of the lender interest in refinancing Hotel Tria. “It is a fantastic location that is only getting better every day, thanks to the multifamily being built there and the life sciences and technology companies that are going over there now,” a trend he says should help one of

the closest hotels to that growth.

Hotel Tria is managed by KW Development LLC, a Wayland firm which has a 30-year track record in the sector. The inn at 220 Alewife Brook Parkway is flagged as a Best Western. Colliers declined to identify the lender in that case, but public records show it to be Middlesex Savings Bank. The first mortgage was used to refinance existing debt of $16.0 million from Ladder Capital Finance that had been borrowed in May ◆ 2012 from the Gotham-based lender.

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INTEREST RATE continued from page 10

Chester, VA. A client seeking DUS Affordable Housing monies in South Boston, VA, was aided

by Edwards in getting $1.2 million there for an apartment complex in the Commonwealth.

Walker & Dunlop is having an explosive 2013, although most of the activity has been beyond New England. Mid-year figures are coming out this week, but the Maryland-based organization that has a major operation in Needham enjoyed a 157 percent jump in origination volume during the opening frame versus Q1 2012, achieving $1.7 billion, while the quarter’s revenues of $69.2 million were up 101 percent YOY. The takeover last spring of CWCapital combined with “strong organic origination growth” played into the results, Chairman and CEO Willy Walker said in releasing those results.

CBRE/NE principal John Kelly estimates he has done a half-dozen financings in 2013, including $45.2 million to fund a major purSAMUEL DYLAG chase in Rhode Island brokered by CBRE/NE’s multifamily team led by Simon Butler and Biria St. John.

Having joined the firm last year, Kelly says CBRE’s international platform gives him access to capital of all sorts, from local banks and credit JOHN KELLY unions to national conduit sources, life insurers and overseas money. “It has been great for our clients,” says Kelly. “We can match them up with exactly what they need, which speaks to the strength of our local and global network.” The pipeline is well-stocked heading into the autumn, according to Kelly, who works closely with the Capital Markets Group along with analyst Samuel Dylag.

At Eastern Mortgage Capital, a Boston-based group whose founders are associated with mortgage banker Fantini & Gorga, growing acceptance of US Housing & Urban Development loan programs enabled the firm to place $125 million through mid-year, almost all outside New England. A one-time force in developing multifamily in Boston during the 1980s, HUD loans are less-suited to a luxury market, outlines Centerline’s Donahue, with statutory limits on how large a loan can be assigned per unit making it hard to fund new, market-rate construction in keeping with the program’s mission to promote affordability.

Donahue concurs that the HUD borrowing path can be long to the point of uncompetitive at times, but relays efforts are underway to make the product more flexible on applying and underwriting. “It is not the quickest process, but it is getting quicker,” he says. Eastern Mortgage is active in HUD’s LEAN and MAP programs, and President Tim O’Donnell says those products do offer tantalizing aspects including a 40-year amortization.

“People are getting more comfortable with it,” he says, and other factors are making the product a viable option to Fannie Mae and Freddie Mac.

“

We can match them up with exactly what they need, which speaks to the strength of our local and global network.

”

JOHN KELLY CBRE/NE

In the second quarter alone, Eastern Mortgage Capital completed a $41 million apartment loan in Texas, $$33.7 million was secured for three Michigan multifamily properties and another $17 million in Georgia that recently closed. “That’s a big quarter for us,” conveys O’Donnell, whose team includes Senior VP Peter J. Panagako and services a variety of asset classes, including nursing homes and senior living properties.

O’Donnell says the interest rate debate has made conditions “a little stressful over the past few months,” especially for CMBS sources. “It

feels as though the conduits have taken two big steps forward over the past year, but (interest rate movement) has set them back one medium step, O’Donnell offers in handicapping the impact.

Paul Natalizio of Cornerstone Realty Capital says the fluctuations in rates “have created uncertainty among lenders,” and balance sheet players are backing off longer-term deals, even for multifamily, he relays. Fannie Mae and Freddie Mac are making it harder—or at least more expensive—to go long, says Natalizio, whose Stoneham-based company helps clients secure the best rates and terms.

Just how successful one might be in an evolving climate is unclear, but Natalizio says Cornerstone’s approach is to service clients with solid track records that lenders will covet.”If you focus on the best borrowers and strong markets, you can get the best rates,” he says. Whatever the formula, it appears to be working. “Right now, we are on track for a record year,” says Natalizio, with the prior high-water mark from last year scheduled to be achieved by the end of August.

Natalizio and VP Brett Pagani have recently welcomed two more employees into the fold and the company is in the process of relocating from Stoneham to Lexington.

In between all the changes, Cornerstone Realty Capital has assisted borrowers across the region this year on financing assignments. Among some of the top ones were $10.0 million from First Republic Bank to 1848-1850 Commonwealth Avenue Realty TR on 1850 Commonwealth Ave. in Boston and another $29.0 million from the same lender to 9-23 Griggs Street LLC, an entity founded by the Mount Vernon Co. on 9-23 Griggs St. in Allston. At 12-14 continued on page 61

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URBAN RETAIL continued from page 12

million. Urban Meritage is led by Michael T. Jammen and Vincent G. Norton Jr., while James M. Alden, Peter Carbone III, Jeffrey R. Theobald and R. Scott Tully are the founders of Novaya.

Powered by a fund dubbed the Back Bay Retail Program that targets assets in and around Newbury Street, the partners have already scored three properties for a total of $33.2 million so far in 2013. Jammen says the group is continuing a quest for more, but declined to discuss details about future acquisitions.

The partnership (along with Dallas-based L&B Realty Advisors) picked up their first asset at 79 Newbury St. for $10 million from YAS Real Estate LLC, an entity managed by Rouzbeh Yassini-Fard, which had held the building since paying $3.02 million in July 2004. The five-story, 7,225 sf office/retail property was constructed in 1899 and underwent renovations in 2007. The space consists of 2,600 sf of retail space in the basement and first two floors and 4,000 sf on the upper three floors and is currently sans tenants.

The second asset was purchased in May when the partnership acquired 205 Newbury for $8.06 million (about $1,105 per sf) from Boyd/Smith, the Boston-based property management and development services firm. The 7,000 sf building was purchased for cash in a deal where both parties were represented by Thomas Brennan of C. Talanian Realty. Tenants include

8 Newbury St., Boston MA

59

Tasty D-Lite, International Poster Gallery, Peter & Yerem Hair Salon and interior design firm Eugene Lawrence & Co. In June, the CBRE retail team led by Christopher Angelone and William Moylan successfully marketed 8 Newbury St. to the partners for $15.1 million.

The 19,000-sf, eightstory, mixed-use property located on the first 39 JFK Street, Cambridge MA block of Newbury Street was owned by the same family since 1977. the rents for the first two floors are about $125 Tenants include the women’s clothier Emerson per square foot (when) blended.”

BRA and d’Hemecourt are close to finalizing Collection and Newbury Day Spa, and next door a deal for the 8,525- sf 171 Newbury St. “in the luxury retailers include Chanel and Burberry.

As to the plans for the repositioning of the next week or two at the latest,” and estimates properties, Jammen says it is a little early to make are that it should achieve $1,600 per square a determination. “We just bought them in April, foot in the sale/leaseback with long-time owner May and June, so we haven’t had a chance to do Pucker Gallery. “It has been a very competitive process. We’ve gone through a few a lot with them,” he laughs, but says he rounds of bidding, and now it’s down is very excited about the prospects, parto the last few,” relays d’Hemecourt, ticularly that of 8 Newbury St. and its who says there are solid reasons for prime positioning next to a new properthe interest. “It’s unique in that it proty housing Burberry and Chanel. “We vides cash flow in a fully stabilized think we’ll find the national retailer for building, but with the potential to that space that will be (appropriate),” redevelop as the art gallery vacates to says Jammen, who also maintains the price per square foot numbers that MICHAEL D’HEMECOURT a new home, so you have the ability to convert upstairs to either office or resdraw gasps from casual followers of idential.” The first floor is soon to be urban retail are misunderstood in the occupied by Clark’s Shoes, which grand scheme of investing. “We don’t signed a 10-year lease. care what we pay per square foot. It’s But Newbury Street and Harvard all about the cap rate and the NOI, and Square aren’t the only hot urban locathat’s what drives everything,” Jammen tions. Englewood, NJ-based TreeCo asserts. “There are (assets) out there (The Real Estate Equity Company) that have sold for $2,000 per square recently purchased the former Rogers foot and are pure retail that are great THOMAS BRENNAN buys. And there are (deals) out there that went for Jewelry building at 465-469 Washington St. in $400 a square foot that don’t have the ability to Downtown Crossing. The two-story (plus basedrive rents that were terrible buys. So you can’t ment), 10,500-sf building was pre-leased to national travel company Liberty Travel, which make comparisons on price per square foot.” d’Hemecourt, whose firm brokered the $33.1 will establish a “flagship” office at the location.

TreeCo, an acquisition and development million deal for 39 JFK St. in Harvard Square (at over $1,600 per sf) in early April, as well as a pair firm specializing in retail, owns a free-standing of similarly priced deals in the same neighbor- Dick’s Sporting Goods at the Liberty Tree Mall in hood last year, agrees with Jammen on the pric- Danvers and is looking to expand its footprint in ing issue. “It’s like when you saw 18-28 JFK St. in the region. “We are familiar with the area, and Harvard Sq. at such a high price per square foot,” we are making a push into owning more urban he explains. “There are 16 (residential) units, but retail,” says TreeCo Leasing Manager Andy Fish.

90 percent of the income comes from first floor “And this is a pretty good urban retail site – retail. 39 JFK is more than 50 percent retail, but right across from Macy’s. It’s all about the foot ◆ because of the way the building is structured . . . traffic.”

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INDUSTRIAL STRENGTH continued from page 14

STATS ‘13

100 Rustcraft Rd., Dedham MA

Reporter following the May 20th sale. The RBJ effort was led by principal John Lashar and Senior VP Chris Skeffington for the seller and Paul Leone advising the buyer, KWL/Champagne Logistics, which had outgrown another building in the park and was in need of a quick fix. Campanelli Partner Robert DeMarco termed the deal “a win/win for the buyer and seller,” with his firm having original-

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ly constructed 15 Franklin Way for FedEx in the mid-1990s “for rapid and efficient overnight distribution.

“KWL’s business needs are a perfect fit to use the building in its current configuration,” explains DeMarco, who further credits the RBJ crew “for their thorough knowledge of this submarket. Their recommendation to contemplate continued on page 61

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such tenants as the American Red Cross, Bank of America and Beth Israel Deaconess Medical Center.

Another notable exchange occurred in June when an affiliate of Colony Capital paid $9.8 million for 360 Cedar Hill St. in Marlborough in a deal negotiated by Cushman & CATHERINE MINNERLY Wakefield. The $81 per sf paid there was nearly three times the $31 per sf spent by the Grossman Cos. on 60 Maple St. in Mansfield, bought at a figure of $7.0 million for the 226,000-sf building. Meanwhile, Campanelli found a quick solution to an expiring lease at 15 Franklin Way in Franklin when Richards Barry Joyce & Partners presented the owner with a user/occupant willing to pay $4.3 million--$47 per OVAR OSVOLD sf—for that 92,000 sf structure that for many years housed FedEx. “We barely had it empty,” Campanelli principal Stephen J.T. Murphy recounts to the Real

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TRITOWER continued from page 14

1 Investor’s Way, Norwood

INDUSTRIAL STRENGTH continued from page 60

a sale to KWL on this leasing assignment was a great result for all parties.”

Skeffington went crossborder on another industrial listing, helping the owner of 110 Graham Dr. in North Smithfield, RI, in SCOTT DRAGOS the $4.8 million sale/leaseback of the 138,000-sf building between buyer Taurus Investment Holdings ant PT Property Holdings. The nine-year sale/leaseback term includes a rent of $3.25 per sf through year four DOUGLAS JACOBY and CPI increases determining any changes from year five to completion.

North of Boston in Wilmington, NAI/Hunneman Commercial Co. assisted the RAM Cos. in trading 234 Ballardvale St., a 100,225-sf structure set on 14.2 acres just off Interstate 93. The buyer is an affiliate of Carlisle

234 Ballardvale St., Wilmington MA

Capital Corp. that already has control of several nearby properties, and NAI/Hunneman principal Douglas Jacoby explains it was not much of a reach for the NAI/Hunneman team to consider that firm as a candidate. That is how it turned out in the end, with other members of the brokerage effort including Scott Dragos, Mitchell MITCHELL LEVEY Levey and Sean Ryan. The $10.5 million sale was first detailed by the Real Reporter in late May. Maine-based RAM had purchased the building for $8.5 million in Oct. 2009.

The frenetic pace of sales in 2012 depleted SEAN LYONS much of the inventory, and that may have been one reason South Shore super-broker Catherine Minnerly posted just one sale through mid-year, that 63 Bedford St. in Lakeville, a 67,000-sf industrial building that yielded $1.92 million. “There just wasn’t a lot out there,” she says in predicting a busier stretch after Labor Day. ◆

ance core and value-add product to keep the portfolio diverse, with its opening salvo delivering a measure of cash flow as other deals are chased down. Having an affiliate of Amazon.com on the lease through 2024 helps on the stability side of the ledger, he outlines.

“We feel the return is excellent there given the risk profile,” Brainard said on the day of closing. In that article, he also explained the firm’s strategy will concentrate on what is perceived to be the top five markets in the country with a preference for those from New England to Washington, D.C. Tritower hopes to invest from $20 million to $50 million across an array of property types, and Brainard says NICHOLAS HERZ there will be a willingness to partner with other firms should a viable deal arise. Joining the industry veteran as founding members of the company are William W. Gribbell and R. Scott MacPhee Structurally, the first Tritower asset is considered solid, featuring clear heights to 36 feet, plus 17 loading docks lining the building that sits on 20.8 acres. CBRE/NE engaged both its Capital Markets Group and leasing professionals to help tenants understand the deal and current market conditions. Principals Christopher Angelone and William Moylan took the lead, backed by Nicholas Herz and Bruce Lusa. ◆

INTEREST RATE continued from page 58

Parker Hill Ave. in Mission Hill, 14 Parker Hill Ave. LLC received $2.5 million from South Shore Bank, and Greystone Funding Corp. stepped up at 41 and 43 Bay St. Rd. near Boston University, with $6.03 million to Symphony Bay Properties LLC. East Boston Savings Bank loaned $1.4 million to the owner of 784 Tremont St. Cornerstone participated in funding acquisitions of multifamily as well, including $1.4 million from South Shore Bank to back the $1.5 million purchase of 42-46 Lincoln St. in Cambridge acquired by 42-46 Lincoln LLC from a private investor. Buyer Jeremy Seeger backed the $1.56 million purchase of 31-33 Warren F. Roberts Rd. in Cambridge from Leonard Singer with a $1.17 million loan from Digital Federal Credit Union. An even larger note was delivered from Brookline Bank when the institution funded a $6.6 million purchase of 134 Summer St. in Malden with a $4.95 million mortgage. ◆

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Back Bay Hotel, Boston MA

EASTDIL PLAZA SALE continued from page 16

The transfer also ends control of the complex for Saunders Hotel Corp. nearly four decades after the Irving M. Saunders family bought the 950-room property and gave the now 86-yearold hotel its enduring Boston Park Plaza Hotel & Towers name.

Among those opining the figure could indeed equate to highest ever in the Hub is Denny Meikleham, who in June brought his 30 years in the hospitality industry to DAVID MCELROY Holliday Fenoglio Fowler.

The firm’s ever-expanding investment sales expertise has featured a hotel component over the past six years, and already has made a substantial mark on the industry, according to Meikleham. “It has been great,” he conveys of joining the vast operation while saluting his former stint at Pinnacle Advisory Group, among the country’s leading providers of hospitality data.

Hailing from the Harvard University of hotel schools, the Cornell University graduate spent time helping develop Summerfield Hotel Sierra and Avia hotels across the country. During his brokerage career, Meikleham has completed equity placement and investment sales on inns from Camden, ME, to New York City. As to Park Plaza trivia, Meikleham might be a good source, having helped broker the prior sale when Rockwood/Highpoint took on the property.

Meikleham has persevered through the all of a sudden. Overall, says McElroy, “it’s not recession along with other seasoned hotel bro- a full pipeline, but it’s a healthy pipeline.” kers such as David McElroy, a member of the Just how big Eastdil’s hotel sheet is remains CBRE/NE contingent. That endurance has paid unclear given the lack of response, but between off in the CBRE/NE team being involved in sev- the Park Plaza and Copley Square assignments, eral marquee hospitality trades over the years, the group could have one of the best camamong them the Back Bay Radisson and paigns in Boston this year, with the trade Marriott. Now McElroy has another deal in that already the largest single asset changing hands neighborhood after helping divest the Back Bay in 2013 in Massachusetts.

Hotel at the site of the former Boston Police According to Meikleham, HFF doubled its Headquarters. The $84 million exchange hotel commission levels at mid-year compared between The Doyle Collection, and buyer Loews to the same period in 2013. Teaming up with Hotels & Resorts was finished in February after the existing operation is “exciting,” he says, CBRE/NE was engaged by its Irish-based owner particularly given the focus on Boston. “Things to find a taker, a process involving Jones Lang are really heating up there now,” says LaSalle representing that side.

Meikleham. “We’re looking to a busy second McElroy is among hotel veterans saying they half.” ◆ are encouraged by the turn of events in New England and beyond, with McElroy joining other CBRE/NE hotel specialists in servicing multiple regions. That has taken him out to St. Paul, MN, this year to harvest a 740-room operation there in a $37 million conclusion.

Two listings in Alexandria, VA, are in the mix, and McElroy agrees that development sites are in vogue in metropolitan Boston Copley Plaza Hotel, Boston MA

THE REAL REPORTER 2013 SUMMER REVIEW

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ALBANY ROAD continued from page 18

deal profile in that environment,” he says. “Fortunately, we have alternatives,” a recognition he hopes the tenant constituency will come to understand. Negotiated through Jones Lang LaSalle, Braintree Executive Park is a two-building, 125,000-sf complex situated right at the Braintree Adams MBTA stop providing access to Boston and Providence. The four-story structures at 100 and 150 Grossman Dr. have high-end finishes, efficient layouts and a range of amenities. Dinosaur and Grossman invested in fixing up the park to attract tenants, boosting occupancy in a program conducted

by JLL South Shore experts, Tom Kent Amherst Crossing, Amherst NH and Sean Lynch, who are now exclusive agents Mark McInerney, a classmate of Knisley’s at of the park for Albany Road. The exchange of Deerfield Academy, plus Clark N. Callender and Braintree Executive Park was handled by JLL’s Steve Strandberg. Some $33 million was doled Capital Markets Group, an assignment led by out by the time 2012 ended, and that investment delivered New Hampshire retail, Frank Petz and Robert Borden.

Besides negotiating the sale, JLL helped out Connecticut self-storage and Rhode Island another issue Knisley concurs is of concern to office. In all three of the purchases, Albany Road those who engage financing in buying CRE, investigated the asset and surrounding market, that being the interest rate gyrations that are explains Knisley, relaying the group determined especially nettlesome to each offered the chance to boost cash flow conduit lenders, the source through capital upgrades or management of monies Albany Road changes. In the case of the Connecticut self-storused to buy Braintree age, Albany Road engaged an experienced selfExecutive Park. “I’m glad storage operator in the Greater Hartford market we did that one when we where the four-building portfolio of 1,462 units did,” Knisley says, having is based. In a December article on that purchase, just preceded the Bernanke Knisley told the Real Reporter even minor JONATHAN SCHNEIDER imbroglio that he calcu- changes should boost occupancy that in some of lates could have bumped the rate on the $10.6 the properties has fallen to 70 percent.

Albany Road did not take long to secure its million mortgage up a full percentage point from the 4.09 mark attained from JPMorgan original holding, which was under contract Chase Bank. JLL’s debt expert Jonathan within a month of formation, The multi-tenantSchneider arranged the mortgage that features ed 130,000-sf Amherst Crossing on Route 101A in Amherst, NH, that the firm acquired for a two-year interest only period.

To Knisley, the market “is still trying to get $8 million in early September could be worth its arms around what is going on” with interest three times that, Knisley estimates. Given that rates, but conveys the clawback following the the TD Bank loan that forced the former owner initial reaction to Bernanke and other factors into foreclosure was in the $20 million range, suggest no sharp hikes near term. “Over time, such an estimate has a basis, and Knisley says they will have to track up, but I think the econ- he felt even more comfortable when TD Bank omy is still too tenuous for them to really jump agreed to finance his firm’s purchase of the . . . I know for us, we are still seeing some very 15.3-acre center, albeit at $5 million in their instance. Reasons for optimism on the plaza’s attractive and compelling rates.”

The Albany Road platform emerged when future include a 97 percent occupancy rate and Knisley was recruited by three friends to launch below market leases that are set to roll over the an investment vehicle for themselves and other next six to eight years, detailed Knisley. Tenants high net worth investors. The quartet includes include Michael’s, Petco and Sports Authority.

After buying the Connecticut self-storage in early December for $11.3 million, Albany Road moved on to Rhode Island, an area Knisley knows well as a native of southeastern Massachusetts and being a former investment advisor at KGI Properties, the Ocean State real estate firm where he worked for several years helping expand its platform.

Knisley returned to secure Metro Center II in Warwick, and this year paid $13.2 million for a promising development in downtown Providence (see story page 24). Listed via the Capital Markets Group at Cushman & Wakefield through its Rhode Island-based partnership with Hayes & Sherry, the 140,000-sf Warwick building was also having leverage issues when Albany Road was given the opportunity to take on the complex. The challenge was needing to act in a short time period when the owner was given a chance to pay off the loan if a buyer could be had, and Albany Road’s flexible platform enabled them to step in to complete the $13.5 million exchange, explains Knisley.

In that article, the institutionally trained investment expert outlined favorable elements of Metro Center II that prompted the purchase, among them a stable rent roster where the top two tenants rent one-third of the space and have no lease expirations prior to 2017. There is 20,000 sf available, and Knisley expresses optimism his firm can be competitive thanks to paying just 55 percent of replacement cost for the high-end building. “We view it as a deal that made sense from a location position, a value position, a credit tenancy position and a quality position, and when you put all that together, we continued on page 65

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SYNERGY INVESTS $88M continued from page 20

One of those parts is 327-337 Summer St., a pair of interconnected 106,000-sf office buildings acquired empty, a condition the new owners are intent on changing quickly—and optimistic their aim can be achieved. “That is going to be a very good opportunity for tenants in a market that doesn’t have a lot of large choices in the Seaport,” says Griffith Moffatt, adding that Synergy and DivcoWest are proactively moving ahead to make the building ready for the stream of new-age tenants helping make Fort Point Channel and the larger Seaport a haven for young professionals and technology startups. Net aborption for the Seaport District since mid-year 2010 is 204,000 sf, according to Richards Barry Joyce & Partners, and market watchers say the number could have been greater had more options been available amidst the supply of 7.1 million sf, something the new owners of the Seaport Wharf portfolio intend to exploit.

Seaport Wharf was “a dogfight,” according to C&W of New England President Robert E. Griffin Jr., whose firm listed the 350,000 package on behalf of Archon and Goldman Sachs.

Rather than pursue their own value-add plan, the sellers took advantage of the district’s popularity and found plenty of eager takers. “It was a good solution for both of them,” Griffin says of DivcoWest and Synergy pairing up after realizing their bidding war was becoming costly for both sides. That led to detante in the form of a partnership that Griffith Moffatt says Synergy is “excited” to have entered. The two companies have a hands-on, long-range approach that has made for an amicable venture and “excellent potential for upside” in the submarket where Synergy was already among the largest landlords. Existing assets include 51 Melcher St. and two buildings overlooking Fort Point Channel on either side of Summer Street at the very gateway to the Seaport. “It’s an obvious fit for us,” Griffith Moffatt says of Seaport Wharf, which Griffin oversaw the sale on along with Vice-Chairman Edward C. Maher Jr. and Executive Director Matthew E. Pullen.

Calling Synergy “big believers in the Seaport,” Griffith Moffatt does acknowledge the landlord is making out in two ways given the lack of Seaport space and corresponding rent growth as spurned tenants or those seeking value are finding them in Boston’s Financial District, which has posted 220,000 sf of positive net absorption in 2013, according to Jones Lang LaSalle. Synergy has an impressive fiefdom of

327-337 Summer St., Boston MA

buildings in the district, from 211 Congress St. and and 100 Franklin St. to 141 Tremont St. and 2 Oliver St., the latter a 223,000-sf office building secured at year-end 2012 for $52 million.

Eleven Beacon St. fits in nicely to the holdings, says Griffith Moffatt, whose firm actually bought that one from DivcoWest through JLL’s Capital Markets Group in a late January conclusion. “It’s a building we really love, and it has been doing very well for us,” says Griffith Moffatt.

Synergy did supposedly have interest in a pair of other downtown buildings that hit the sales block this year, but 50 Congress St. was bought by KBS Realty Advisors for $51 million in June and 45 Milk St. went to Deutsche Asset & Wealth Management for $21.0 million in a deal brokered by Eastdil Secured. HFF was broker for 50 Congress St. on behalf of the Nordblom Co. (see story page four).

Griffith Moffatt says the firm is “always interested in what is available downtown,” although she would not identify specific prospects. Sources indicate the firm is not going after One Liberty Sq., a 157,000-sf office building C&W is in the midst of marketing, and therealreporter.com last month unveiled that Related Beal has been tabbed winning bidder for the Fidelity Investments headquarters and adjacent buildings in the heart of the Financial District that CBRE/NE has on the block on behalf of the mutual fund giant. That deal could top $90 million.

For the moment, Synergy has plenty to do at Seaport Wharf, with extensive work needed to upgrade the Summer Street asset, while Griffith Moffatt says the garage at 10 Necco St. might

also offer opportunities to improve performance, although it already throws off a healthy $1.77 million in yearly NOI, according to one missive that puts the 319A St. income stream at just under $400,000 annually. ◆

MARCUS & MILLICHAP continued from page 38

release announcing the promotions. “Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

Certainly the CVS that Drinkwater and Richard harvested with help from another team hailing from Philadelphia delivered a hefty sum for a stand-alone drug store, but Drinkwater explains the being on TODD TREMBLAY Route 1 where 115,000 vehicles traverse daily and next to North Shore Medical Center are among the reasons for the result. “This suburban Boston location has a very high barrier to entry,” Drinkwater continues, partly due to a rocky topography that does offer superior site lines but is challenging to permit and build upon should that hurdle be overcome. “All of this contributed to making this an excellent investment for our client,” says Drinkwater of 1075 Broadway, a unit which opened in 2008.

The buyer was advised by Mark Taylor and Dean Zang from Marcus & Millichap’s Philadelphia operation. Both are First VP’s of Investment. ◆

65

THE REAL REPORTER 2013 SUMMER REVIEW

HERITAGE LANDING continued from page 22

tious, fast-track strategy, Murphy cites a broad skill set for confidence Campanelli can accomplish what others forsook as the bidding war intensified. “Being a vertically integrated company, we have proven ourselves capable of taking on these large, complex projects,” notes the acquisitions director. Underwriting in such a platform can be more precise, he opines, and buying an institutional quality park at barely $45 per sf only steels the firm’s confidence.

To enhance that and ensure a world-class corporate environment, Campanelli has assembled a dream team of office design experts whose headliners include Margulies Perruzzi Architects, a Boston-based practice renowned for its award-winning corporate designs.

C&W had pitched Heritage Landing as a MICHAEL FRISOLI potential haven for a large or growing company seeking a corporate identity that had been deemed suitable for years by State Street, which this decade has opted to consolidate in Boston’s Seaport District near the Broadway Red DAVID MARTEL Line stop in South Boston.

That could be critical, according to some observers, given that North Quincy is a few stops south on the Red Line. As a resident historian of the market, Murphy likes to point out that, “It’s not like companies haven’t moved to North Quincy from Boston before,” and rapidly rising rents in Boston’s Back Bay, Financial District and Seaport offer further comfort to Murphy. Cambridge office rents now are averaging $50.20 per sf, the RBJ research indicates, well above the $48.35 per sf they were running at year-end 2012.

“With the pricing delta that is emerging, you can be in North Quincy for about half what it will cost in Cambridge or the Seaport,” Murphy calculates, a formula that might work for an upstart startup or one tethered to a venture capital budget with scant patience for overpriced real estate. “We do think we have an advantage,” he says, and the presence of suburban ace Michael Frisoli and Boston expert David Martel leading the brokerage campaign,

Heritage Landing, Quincy MA

Murphy says “we expect to see tenants coming from both directions.”

As Murphy alluded earlier, Campanelli has been busy on reclamation programs many times already. The firm capitalized on the 2008 recession by teaming up with TriGate Capital to secure under water real estate throughout southern New England. Discounted pricing and in-house expertise combined with TriGate’s support to deliver several impressive results. On the South Shore, the poster property could be 30 Perwal St. in Westwood, a tired flex building acquired for $3.8 million in Sept. 2010 and spiffed up enough to attract Steward Healthcare Systems on a long-term lease. The partnership sold 30 Perwal St. through C&W for $9.5 million last December to an affiliate of the Bulfinch Cos. Beyond pricing power and engaging top professionals, Campanelli sees the park as a draw for other reasons, including efficient floor plates of 23,000 sf for Heritage Landing I, a five-story, 170,000-sf building constructed in 1980, and even larger 33,000-sf floor plates at the companion structure, Heritage Landing II, that came on line in 1981. And while one closer to Hancock Street and the Neponset River Bridge might not appreciate the site, Murphy anticipates the bucolic grounds will offer another employee benefit. Branding-sensitive firms might also appreciate the park’s sight lines from the Southeast Expressway, a roadway motorists are often creeping along slowly enough to eye the skyline. “ “The visibility is outstanding,” says Murphy, further encouraged by a series of ongoing infra-

structure improvements in Quincy, plus the ambitious plan by StreetWorks to revitalize Quincy Center into a Live/Work/Play destination. ◆

ALBANY ROAD continued from page 63

feel we are getting the best suburban office building in the state,” he says. Knisley also praises the listing team led by Christopher Griffin of Cushman & Wakefield and Peter Hayes, a principal and SIOR at Hayes & Sherry, for processing the complicated transaction.

Beyond Metro Center II’s qualities, Knisley also offered a shout out to Rhode Island, insisting the state’s woes are finally ebbing after having one of the nation’s highest unemployment rates and a series of economic failures that led to a flaccid office market. Warwick, home to T.F. Green Airport, is a business-friendly community, according to Knisley, who also insists Providence has the foundation for a rebirth. “Providence has a fairly healthy office market, great entertainment and restaurants, an Ivy League school, two top design schools and the best culinary school on the planet (Johnson & Wales),” observes Knisley. “There’s a dynamic feeling you don’t get in most places.” And while acknowledging that many investors have bypassed the state since the recession, Knisley expresses a measure of gratitude to such doubters. “I’m happy more people don’t go down there,” he says. “It makes it easier for us to get the good ◆ opportunities like (Metro Center II).”

ADVER TISING INFO: ADS@THEREALREPOR TER.COM

66

THE REAL REPORTER 2013 SUMMER REVIEW

Five Omni Way ‘Open To Business’

C

HELMSFORD — Among the 11 CRE sales completed to date in 2013, Richards Barry Joyce & Partners was the broker for special servicer LNR when Griffith Properties and Echo Bridge Partners took 5 Omni Way in Chelmsford for $3.8 million.

The February sale of that 131,250-sf flex/office structure is another RBJ J. BRAD GRIFFITH Capital Markets leader Christopher Skeffington predicts will benefit both sides. LNR secured almost $30 per sf for an empty building in the still-struggling Interstate 495 North submarket, whereas Skeffington says Griffith has MARCI GRIFFITH LOEBER a savvy track record and is buying as favorable economic winds are finally moving up Route 3 from Burlington. The basis is also attractive, he says, considering 5 Omni Way fetched $18.3 million in Nov. 2005.

“I expect they will do JOHN A. MANNIX great with it,” Skeffington

RBJ CRE TRADES continued from page 26

“The building was hardly ever empty at all.”

Besides Skeffington, other members of RBJ’s Capital Markets division are Kristin Joyce, Joseph Olin and Roy Sandeman.

One month after completing the Franklin deal, another savvy local investor was involved on the other side of the aisle for RBJ’s largest trade in JOSEPH OLIN 2013, the $14.5 million exchange of MetroWest Place in Framingham, a stylish 95,000-sf office building overlooking the Massachusetts Turnpike.

Investor Paul Marcus secured 111 Speen St. from RREEF for his BostonROY SANDEMAN based Marcus Partners. The

5 Omni Way, Chelmsford MA

says of the buyer, whose well-known leadership includes founder J. Brad Griffith Jr. and Chief Investment Officer Marci Griffith Loeber. The company also recently brought in veteran John A. Mannix as Director of Acquisitions. Griffith has been on a buying spree, also paying $31.3 million for 10 Fawcett St. in Cambridge just as the second quarter ended (see story office section).

Armed with a branding campaign of “Open To Business,” the new ownership has retained RBJ as exclusive leasing agent for the structure

that will soon feature a two-story glass atrium in the lobby, enhanced window line and improved daylighting, plus façade upgrades and a landscaping plan to enrich its appearance.

“With new, stable ownership and a comprehensive renovation plan underway, we have already begun fielding significant interest in 5 Omni Way”, relays RBJ principal Brian McKenzie. “The building has a rich history of being home to world-class tenants and we see that trend resuming in the near term.” ◆

sale equates to $126 per sf and had a capitalization rate of 7.5 percent.

The data center was a $12.0 million outcome for Winthrop Realty Trust in selling to Carter Validus Mission Critical REIT. The ROBERT DEMARCO sale price of $129 per sf reflects a lease of the entire 92,700 sf through 2022 to Windstream. That process did whet RBJ’s appetite, relays Skeffington. “We learned a lot from that experience, and we’d love to do more PAUL MARCUS of them,” he says. “We do see that as a growth area for us.”

The Boston deal was also intriguing, he says, as St. Anthony’s Church sold 103 Arch St., to developer William J. Thibeault, who is said to be eyeing a multifamily project of 15 to 20 ◆ units. The sale price was $2.2 million.

UMASS LAB DEAL continued from page 32

est in attracting new tenants or maintaining investment in the properties.”

In a press release, Alexandria characterized the sale as a strategic decision to concentrate its Greater Boston portfolio inside Route 128 “rather than invest significant capital to reposition the assets” for sale to another party.

Vacancy in the properties is approaching 50 percent, a situation that makes the park ripe for UMass to increase its presence there as a tenant. Alexandria “intends to reinvest the proceeds from these suburban assets into highervalue, Class A, CBD assets in Cambridge,” where a good portion of its 4.2 million sf Bay State portfolio is concentrated.

Dating to 1985, the Massachusetts Biotech Research Park is a 105-acre campus encompassing nearly one million sf. It houses more than a dozen biotechnology companies, plus academic and non-profit institutions, a hotel ◆ and meeting facilities.

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 108-110 Blaisdell St. and 80-82 Blossom St., Haverhill 108-110 Blaisdell St. and 80-82 Blossom St., Haverhill 35 Chauncy St., Westborough 376 Birnie Ave., Springfield 17 Sewall St., Peabody 28-48 Loon Hill Rd., Dracut 9 Leominster Connector, Leominster 140 Bowdoin St., Boston 26-28 Main St., Townsend 85 River St., Waltham 285 Plain St., Brockton 201 Cedar Hill St., Marlborough 83-89 Speen St. Natick 170 High St., a/k/a 99 Cedar St., a/k/a 99 Cutter St., Waltham 30 Haven St., Reading Units 2-1, 2-2, 2-3, 2-6, 3-2, 3-3, 3-6, 4-3, 4-4 and 4-6, 154 Cedar St., Somerville 54-56 Elm St., Newton 12, 20 and 24 Grover St., Natick 48-50 Plymouth St. and 92-96 Richdale Ave., Cambridge 2087 Peterson Rd., Athol and 136 Farm Rd., Marlborough 3 Kent Court, Somerville 120 Kendrick St., Boston 1 Garden St., U-10, Boston 88 Sleeper St., Boston 210 Amory Street and 146 Boylston St., Boston 360-380 Main St., Wilbraham 116 State Rd., Bourne 12-36 East Central St., U-4, Franklin 200 Fallon Rd., Stoneham 81 and 83-99 East Cottage St., Boston 85 River St., Waltham 4 Leicester St., Brighton 121 Arsenal Street and 100 North Beacon St., Watertown 501 East Broadway St., Boston 530 Broadway, Lawrence 15 Hinckley Rd., Barnstable 259 Main St., Hyannis 283-293 Second Ave., Waltham 9, 72 and 78 Saw Mill Rd., Duxbury 722 Plantation St., Worcester 17 Foster St., Brockton 244 Washington St., Hudson 28 Myrtle St., Boston 10 A St., 190 Dorchester Ave., 493-495 East Seventh St., 45 Rutland St., and 99-105 West Fourth St., Boston 470 East Eighth St., Boston 11 Daisy St., Lawrence; 74-76 Grant St., Lynn; and 328 Worcester St., Southbridge 375 Pasco Rd., Springfield 1 Airpark Way and 2073 Westover Rd., Chicopee Lots 1A and 78A Country Mill Rd., and Lot 20A Mill Pond Rd., Bolton 556 Main St., Malden 82 Johnson Rd., Carlisle 114 Lothrops Ln., Barnstable; and 168 Industrial Dr., Mashpee 749-751 Broadway St. and 3 Gladstone Ter., Everett 410 Waverley St., Framingham 216, 218 and 220 Pearl St., Springfield

BORROWER Coleman P. McDonough Coleman P. McDonough JSP Realty Investments LLC Springfield Group Inc Wallis Associates, Albanese Realty LLC Longstone LP Bostonview Corp M & MS Realty LLC Colonial Shopping Center Inc Crown Place Realty Corp Walker Realty LLC Sean P. McGrath 170 High Street LLC OAK-RJF 30 Haven LLC Cedarlily LLC

MORTGAGES LENDER Lowell Five Cent Savings Bank Lowell Five Cent Savings Bank Middlesex Savings Bank Peopleâ&#x20AC;&#x2122;s Bank Middlesex Federal Savings Bank Eastern Bank Fidelity Co-Operative Bank Brookline Bank Enterprise Bank & Trust Co. Rockland Trust Rockland Trust Co. Patriot Community Bank Middlesex Savings Bank Bank of America Enterprise Bank and Trust Co. Winter Hill Bank

MORTGAGE $189,751 $270,000 $595,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000

Lev Romm The Village Bank Grover Street LLC Middlesex Federal Savings 48-50 Plymouth Street LLC and 92-96 Richdale Avenue LLC Stoneham Savings Bank Community Resources for Justice Inc RBS Citizens 3 Kent Court LLC Berkshire Bank Kenrick LJS LLC Cambridge Savings Bank Linden LJS LLC Cambridge Savings Bank Scott Garvey and Stuart J. Vidockler RBS Citizens Russell A. Stewart South Shore Savings Bank SK3 Realty LLC Chicopee Savings Bank Kevin Dooley Bank of Canton 12-36 East Central Street LLC Rockland Trust Co. Park Avenue LLC Belmont Savings Bank Diamond 98 LLC Cathay Bank Colonial Shopping Center Inc Rockland Trust Co. 4 Leicester LLC The Village Bank PAR Hospitality LLC Belmont Savings Bank 501 East Broadway LLC Rockland Trust Co. Gino Mills LLC Sovereign Bank Late September LLC Bank of Cape Cod Superior Hotel Management Corp TD Bank SPS Second Avenue LLC Bay Colony Development Corp.

Medinah Corp Holbrook Cooperative Bank 722 Plantation LLC Spencer Savings Bank Affordable Properties LLC Mansfield Cooperative Bank James G. Boyle The Village Bank 28 Myrtle Street LLC NorthEast Community Bank Charles C. Dumbraugh and Karin A. Dumbraugh, trustees of Brookline Bank 493-495 East Seventh Street Realty TR and 45 Rutland Street Realty TR 470 E 8th St LLC First Commons Bank Scudder Bay Capital LLC East Boston Savings Bank

$1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,010,000 $1,020,000 $1,025,000 $1,025,000 $1,027,000 $1,030,000 $1,031,000 $1,032,425

Recor Investments LLC Sweeney Transportation Inc Old Stone Estates LLC JoJo Realty LLC Mosaic LLC Mashpee Fitness LLC Wilmaued Realty LLC Bullard Building LLC Sunset Properties LLC

$1,040,000 $1,050,000 $1,050,000 $1,050,000 $1,050,000 $1,051,000 $1,057,000 $1,060,000 $1,075,000

Country Bank for Savings Nuvo Bank & Trust Co. United Bank Stoneham Bank Cambridge Savings Bank Cape & Islands Community Development Inc. Everett Co-Operative Bank Avidia Bank Standard Insurance Company and Oregon Corp.

$1,037,000 $1,040,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL

MORTGAGES

ADDRESS BORROWER 59 Technology Dr., Lowell Fifty-Nine Technology LLC 835 and 839 Main St., Worcester A. Hammond LLC 15, 17, 19 and 21 N. Beach St., Nantucket James T. Garnache 10, 16 and 18 South Main St., Topsfield Topsfield Crossing LLC 296-300 Bowdoin St., 23 Hosmer St, and 233-235 Norwell St., Boston McGregor 1 LLC 110-112 Pleasant St., Malden Joseph DeRenzis 2-6 West St., Units 1, A, B and J, Weymouth U. Prakash Rau 225 Rivermore St., Boston Abnote USA Inc 672-674, 684-696 and 688-692, Moody St., Waltham Frank D. Valentino 56 Temple St., Boston 56 Temple Street LLC 195 Bunker Hill Street, U-2 Charlestown; 27 Irma St., U-3; and We Close The Deal LLC 43 Waumbeck Street, U-3, Dorchester; 36 West Eagle Street, U-1, East Boston; 32 Arcadia St., Revere; 25 Tyler St., Units 1 and 2, Somerville; and 103 Summit Avenue, U-1, Winthrop 160 Commercial Ave., Units 3 and 3A, Boston Ivy Street Investments LLC 344 North Main St., U-348B; 346 North Main St., U-348A; Grayshaw Realty LLC and 348 North Main St., U-348, Andover 33, 35, 37 and 39 Lynbrook Rd., Southborough Lynbrook Development LLC 55 Gilmore Dr., Sutton Savic Realty LLC 22 Reedsdale St., a/k/a 16-22 Reedsdale Ave., Boston Marc Resnick and Perry D. Stolberg 203-205 Winthrop Rd., Brookline DDG Winthrop LLC 12, 22 and 28 Parkland Ave., Lynn Gordon R. Hall 208-212 South Meadow Rd., Plymouth South Meadow Property Trust 6 Symphony Rd., Boston MESA Properties LLC 2 Dwight St., 157 Exchange St. and 78 Front St., Chicopee Acclaim Properties Inc 91 White St., Haverhill Ninety One White Street LLC 12 Beach Rd., Salisbury 12 Beach Road LLC Clement Road, Dracut PAV Properties LLC 700 Main St., Barnstable CIP Hyannis LLC 11 Willow Rd., Ayer Parmalees LLC 355-357 and 359-365 Broadway St. and 7 Holly St., Lawrence Cibao Realty LLC 436 Marrett Rd., Lexington Autobahn Engineering LLC 150 Richardson Corner Rd., Charlton; 57A and 57B Coughlin Rd, The Barton Center for Diabetes Education Inc 60-66 Clara Barton Rd. and 4, 28 and 30 Ennis Rd., North Oxford 22 Dwight St., Boston AEP LLC 84 and 86R River St., Andover Taylor Cove Development LLC 46-50 Prospect St. Waltham First Eastern Realty Partners LLC Cider Mill Lane and Rockland Street, Lots 1, 2, 4 and 5, Natick B&B Land Corp 360-374 Broadway St., Lawrence Leonard F. D’Orlando Clement Road, Dracut PAV Properties LLC 156 Ballou Ave., 18 Josephine St. and 47-49 Savin Hill Ave., Boston My Van Nguyen Lot 2 Hawley Rd.; and Lots 4, 5 and 6 Irving Rd., Scituate Marvel Homes LLC 201 Chadwick Rd., Orchard Hill Rd., Lot B-19; and Boxford Road, Haverhill BCC Enterprises and Murphy Golf Management Inc 469-477 Concord Ave., Cambridge 477 Concord Avenue LLC 721-723 Parker St., Boston 721 Parker LLC 400 Cadwell Dr., Springfield Bassette Realty LLC, 205 Main St., North Reading Tonelli Realty LLC 174 Olde Canal Dr., Lowell JC Building LLC 4,10 and 14 St. Augustine Dr., Westford 487 Groton Road Westford Builders LLC 717 Atlantic Ave., 170 Cliff Ave., U-1, and 45A Florence Ave., Boston; Gurnam Saini and Mohan Saini and 84, 90 and 92 Spring St., Medford 1259-1269 Broadway, Somerville Francis D. Privitera 1776 Lock Dr., Leominster Bradford A. Spencer 246 Park St., West Springfield Redwood Realty LLC 7-9 Esmond St., Boston A&R Holdings LLC 19-21 Montvale Ave., Stoneham Stoughton-Nawrocki LLC 30-50 Chestnut St., Needham Alfred W. Greymont 161,163 and 165-173 Andover St., Danvers 161 Andover Street LLC Lot 2B Wyndemere Dr., Southborough Landmark Property Holdings LLC

LENDER New England Certified Development Corp.

Country Bank for Savings First Republic Bank Pentucket Bank First Trade Union Bank East Cambridge Savings Bank Weymouth Bank Citibank Rockland Trust Co. Eagle Bank Mansfield Co-Operative Bank

MORTGAGE $1,080,000 $1,080,000 $1,081,000 $1,082,000 $1,087,017 $1,095,000 $1,099,500 $1,100,000 $1,100,000 $1,100,000 $1,100,000

TD Bank Enterprise Bank & Trust Co.

$1,100,000 $1,100,000

United Bank Spencer Savings Bank Digital Federal Credit Union Pilgrim Bank Middlesex Federal Savings Bank Hingham Institution for Savings Lowell Five Cent Savings Bank Sovereign Bank River Works Credit Union Enterprise Bank & Trust Co. Lowell Five Cents Savings Bank Rockland Trust Middlesex Savings Bank Lowell Cooperative Bank Digital Federal Credit Union TD Bank

$1,100,000 $1,100,000 $1,100,000 $1,100,000 $1,100,000 $1,110,000 $1,112,000 $1,116,900 $1,120,000 $1,125,000 $1,125,000 $1,130,000 $1,136,000 $1,140,000 $1,140,000 $1,150,000

Pilgram Bank Bank of New England Eastern Bank MutualOne Bank Salem Five Cents Savings Bank Lowell Five Cents Savings Bank Eastern Bank Scituate Federal Savings Bank Haverhill Bank Winter Hill Bank East Boston Savings Bank People’s United Bank Enterprise Bank & Trust Co. Citibank Lowell Five Cent Savings Bank Leader Bank

$1,150,000 $1,150,000 $1,150,000 $1,160,000 $1,162,500 $1,170,000 $1,173,500 $1,175,000 $1,175,000 $1,181,000 $1,182,250 $1,184,000 $1,185,000 $1,190,000 $1,197,000 $1,200,000

East Boston Savings Bank Digital Federal Credit Union United Bank The Cooperative Bank The Savings Bank Walpole Co-Operative Bank TD Bank Middlesex Savings Bank

$1,200,000 $1,200,000 $1,200,000 $1,200,000 $1,200,000 $1,200,000 $1,200,000 $1,200,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 21-23 Aldie St., 34-36 Coolidge St. and 21 Easton St., Allston 45 Leland St., Framingham; and 8-10-12 Perry St., a/k/a 8, 10 and 12 High St., Grafton 87 Adams St., 498 Blue Hill Ave., 17 Dunlap St., 89 Elwyn Rd., 33 Harold St., 4-6 Nelson St., and12 Wildwood St., Boston 220 Providence Rd., Grafton 16 Huron Dr., Natick 540 Main St., Units 7, 10, 11, 12, 16 and 18, Barnstable 647 West Falmouth Hwy., Falmouth; 1080 Washington St., U-1, Hanover; 129 Summersea Rd., Mashpee; and 330 Main St.,, Wareham 17, 19-21, 23-25 and 27-29 Orient Ave., Arlington 238 Elm St., Bridgewater 70-72 Union Street and Swan Street, Medford 481 Columbia St., and 94 Webster Ave., Somerville 138 Needham St., Newton 266-268 and 294 Bennington St., 366 Brennan St. and 351 Chelsea St., East Boston; 50 Lebanon St., Melrose; and 115 Walnut Ave., Revere 4, 10, 20, 26 and 30 Bellevue Ave., Brockton 360-374 Broadway St., Lawrence Green Street, Foxborough 1683 and 1685 Beacon St., Brookline 446 Main St., and 7-9 South St., Medfield 13 and 14 Cedar St., Amesbury 100 Granger Blvd., U-106, Marlborough 9 Main St., Sutton 169-191 Washington St., Winthrop 28-32 Centre St., a/k/a 28-38 Center St.,Watertown 150 Dover Rd., Millis 97 Auburn St., Newton 9 Monmouth St., Somerville 3 Benton Rd., Somerville 349 Dedham St., Newton 17 and 19 Green St., Milford 533 East Broadway St., Boston Blue Hill Avenue, Lots 3, 4 and 5; f/k/a 1661 Canton Ave., Milton 18 Pond St., Boxford; 21 Bradley Ave., Haverhill; 47 Cochichewick Dr., U-16, North Andover 7 Upper Church St., West Springfield 652 West Center St., West Bridgewater 28-30 Elliott St., and 104-106 Green St., Reading 450 Commercial St., Boston 3313 Washington St., Jamaica Plain, Boston 188 Main St., Wilmington 4-12 and 16-18 Elm St., and 711-723 Somerville Ave., Somerville 23 Symphony Rd., Boston 65 Chestnut St. and Oak Street, Needham 380 Commercial St., U-1C, Boston; and 77-79 Ferry St., Everett 455 Whitney Ave., Northborough 23 Mall St., Lynn 8 Brookside Ave., 126 Day St. and 7 Mark St., Boston 77 and 79 Holbrook St., Norfolk 192 and 196 Pleasant St., Yarmouth 29-29A Winter St., Malden 2684 Main St., Chatham 503-509 Main St., Melrose 170 Oak Hill Way, Brockton 10 New Driftway , Units 101, 104-105 and 301-303, Scituate, 10 Greylock Rd., Allston; 669 Massachusetts Ave., Boston; and 156 South St., Jamaica Plain

MORTGAGES

BORROWER Kevin C. Ryan Alfred L. Connell and Sean P. McGrath

LENDER Eastern Bank Middlesex Savings Bank

MORTGAGE $1,200,000 $1,200,000

HMB LLC

Boston Bank & Private Trust Co

$1,200,000

Broadmeadow Realty LLC Lorraine Kuchinsky and Steven M. Kuchinsky 540 Main LLC 330 Main Street and 647 West Falmouth Highway Realty TR

UniBank for Savings Eastern Bank Bank of Cape Cod Eastern Bank

$1,200,000 $1,200,000 $1,200,000 $1,200,500

Sean D. Galvin Elm Residences at Bridgewater LLC Carli Brothers LLC David Aposhian Needham Street LLC Louie Roberto and Rita M. Roberto

Leader Bank Rockland Trust Co. Winter Hill Bank East Cambridge Savings Bank The Village Bank Middlesex Savings Bank

$1,204,000 $1,220,000 $1,225,000 $1,239,000 $1,240,000 $1,248,000

JORO Realty LLC, RHJH LLC and 7117 ROJO LLC Leonard F. D’Orlando and John A. Gehrisch trustees of the Governors Joint Venture Realty TR Mansfield Oxford 31 LLC 1683 Beacon Street LLC and 1685 Beacon Street LLC Medfield 446 Main LLC Cedar Tree Development Granger Boulevard Realty LLC Manchaug Mills Winthrop Lodge EuSocial Development LLC Radio Frequency Company Inc Lev Romm Monmouth Street Development LLC Shannon Street LLC Chabad-Lubavitch, Inc GAR Green Street Realty LLC 532 East Broadway LLC James Lamarr Samuel J. Conte and Laiza L. St. Onge

Bridgewater Savings Bank Brookline Bank

$1,250,000 $1,250,000

United Bank Cambridge Trust Co. Dedham Institution for Savings First Ipswich Bank Webster National Bank UniBank for Savings North Shore Bank East Cambridge Savings Bank RBS Citizens The Village Bank Mansfield Co-Operative Bank Dedham Institution for Savings The Village Bank People’s Federal Savings Bank First Commons Bank Walpole Co-Operative Bank Georgetown Savings Bank

$1,250,000 $1,275,000 $1,275,000 $1,275,000 $1,275,000 $1,300,000 $1,300,000 $1,300,000 $1,300,000 $1,300,000 $1,307,000 $1,333,250 $1,338,420 $1,340,500 $1,344,900 $1,350,000 $1,350,000

Castle Pines LLC ANG Management LLC James S. Marino ZAS LLC Jack Realty LLC, Charles D. Hannoosh and John D. O’Donnell Leonard F. D’Orlando and John A. Gehrisch Christina E. Pavlina Granville Investments LLC Forzi Azzurri LLC N and B Realty LLC Douglas Hyde 8 Brookside Avenue LLC, 126 Day Street LLC and 7 Mark Street LLC DiPlacido Development Corp Jessie’s Lane LLC Alfred R. Razzaboni Levis Path LLC 503-509 Main Street Melrose LLC 170 Oak Hill Way LLC Country Way Associate LLC, Steffanie Finn

Florence Savings Bank Bristol County Savings Bank Winchester Savings Bank Institution for Savings in Newburyport and Its Vicinity Rockland Trust The Lowell Five Cent Savings Bank Brookline Bank Brookline Bank Walpole Co-operative Bank Avidia Bank The Cooperative Bank Sovereign Bank Enterprise Bank & Trust Co. Walpole Co-operative Bank Cape Cod Cooperative Bank The Savings Bank Salem Five Cents Savings Bank Salem Five Cents Savings Bank Independence Bank Co-Operative Bank Digital Federal Credit Union

$1,350,000 $1,350,000 $1,360,000 $1,360,000 $1,365,000 $1,375,000 $1,375,000 $1,378,000 $1,380,000 $1,380,000 $1,400,000 $1,400,000 $1,400,000 $1,400,000 $1,400,000 $1,410,000 $1,413,500 $1,419,881 $1,425,000 $1,430,000 $1,435,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 15A Linden St., Allston; and 14-16 Lourdes Ave., Jamaica Plain 194 South Main St., Georgetown 63 Marlboro St. and 81-83 Spencer St., Chelsea; and 72-74 Thornton St., Revere 125, 135 and 150 Holmes Rd., Eastham 575 South St., Carlisle 471 Wareham St., Middleborough 34 Edgar Ave. and 117-119, 121 and 123 Heath St., Somerville 31 Antwerp St., Boston 269 and 273 Littleton Rd., Chelmsford 70 Chester St., 51 Gardner St., 5-7 Hovey St., 17-17A and 25-27 Pratt St., Allston; 90-92 Harriet St., Brighton; 5-7 Hovey St., Quincy; and 37-39 Union St., Watertown 3 Federal St. and 152 Sylvan St,. Danvers 12, 18, 29 and 31 Rock Hill Rd., Boston 3050 Washington St., Roxbury 26-28 Main St., Townsend 160 Pawtucket Blvd., Tyngsborough 95-99 Freeport St., Boston 10 Dewline Rd., 42-48 Highland Rd. & 67 South Highland Rd., N. Truro 135 Summer St., Malden 384 East Main St. and 576 Worcester St., Southbridge; and 504 Main St., Sturbridge 395 Southampton Rd., Westfield 55 Elm St., Dedham 784 Tremont St., Boston 10 Old Mine Rock Way, Hingham 107 Adams St., Waltham Middlesex Federal Savings Bank 589 Washington St., Wrentham 157 Union St., Framingham 189 Main St., Gloucester 3 Fenwick St., Framingham 10 Chester Ave., 85 and 87 Congress St., 18 Grove St., 56-60 and 149-151 Hawthorne St. and 77-81, 147-149, and 149-151 Shurtleff St., Boston 10 Chester Ave., 85 & 87 Congress St., 18 Grove St., 56-60 and 149-151 Hawthorne St. and 77-81, 147-149, and 149-151 Shurtleff St., Boston 163 Beacon St., Units 1 and 9R; 2 Hawthorne Pl., Units 9K and 16, 20 Rowes Wharf, U-304; and 151 Tremont St., U-9R, Boston 26, 28-40, 42 and 44 Essex Rd., Ipswich 98 Robinwood Ave., Jamaica Plain 15 North Beacon St., Units NR-1A, NR-1B, NR-1C, NR-1D, NR-2A, NR-3A, NR-3E, NR-3H, NR-31 and NR-4, Allston 495 Cabot St., UC-4, Beverly; & 1011 Osgood St., U-7B, North Andover 40 Cedar St., Somerville 38-48 Washington St., Natick 695 Truman Park Highway, Hyde Park 16 Atlantic Ave., Marblehead 97-97A Main Street and 1-10 Village Sq., Westminster 65 Old Colony Way, Orleans 210 Eastern Ave., a/k/a 200 Eastern Ave., Gloucester 61-63 Moraine St., Belmont 332 Copeland St., Quincy 6-20 and 24 Albany St., and 3, 5 and 7 Albany Ter., Lynn 1416-1428 Beacon St., Brookline 20 Ericsson St., Dorchester 177 Wells Ave., Newton 30 Tyler Prentice Rd., Worcester

MORTGAGES

BORROWER David Finn 2 Aces LLC Imstar LLC,

LENDER Digital Federal Credit Union Citibank First Trade Union Bank

MORTGAGE $1,435,000 $1,440,000 $1,444,000

Steven J. Magliano Benfield Farms LP 471 Wareham St., Middleborough Esmaeil Mahdavi and Yeganeh Salehpour Gourmet Realty LLC Swaminijay LLC Joseph A. Ciliberti and Michael Ciliberti

Seamens Bank Bank of America South Coastal Bank Northmark Bank Cambridge Trust Co. Rockland Trust Peoples Federal Savings Bank

$1,450,000 $1,450,000 $1,450,000 $1,452,000 $1,462,000 $1,465,500 $1,475,000

Jeremy S. Lee and William E. Lee Matthew D. Hayes a/k/a Matthew Hayes 3050 Washington Street Roxbury LLC M & MS Realty LLC Gray Wolf Realty LLC Waterford Two LLC A/C Mobile Home Park Inc., 105A Ferry 135 Summer Street LLC Gregory S. Cormier

North Shore Bank East Boston Savings Bank Walpole Co-Operative Bank Enterprise Bank & Trust Co. Stonehedge Inn Corp.

Mutual One Bank Cape Cod Five Cents Savings Bank Everett Co-operative Bank Savers Co-Operative Bank

$1,475,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000

Frank A. Demarinis Namequoit LLC 784 Tremont Street LLC John M. Lund Golfo LLC 1852 Ocean Street LLC Gerard C. Lorusso Robert D. Sullivan Hecht 189 Main LLC D and D Capital LLC D’Amico LP and Shurtleff Realty TR

Country Bank for Savings Dedham Institution for Savings East Boston Savings Bank Eastern Bank First Commons Bank Middlesex Federal Savings Bank Norwood Cooperative Bank Eastern Bank Cape Ann Savings Bank United Bank Stoneham Bank

$1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,505,000

D’Amico LP and Shurtleff Realty TR

Stoneham Bank

$1,519,000

Steamboat Realty LLC

Brookline Bank

$1,520,000

John J. Bruni James Stamatos and Sam Stamatos George J. Stamatos and Christos G. Stamatos

Salem Five Cents Savings Bank Endeavor High Yield Mortgage Fund LLC Endeavor High Yield Mortgage Fund LLC

$1,525,000 $1,525,000 $1,525,000

Trigilio Management LLC RCG Cedar Renewal LLC Walnut Hill Management Corp 695 Realty Corp Sixteen Atlantic Avenue LLC 97 Main Street Realty LLC 65 Old Colony Way LLC Ryann C. Flynn, Nicholas A. LaFauci RECE Ltd North Shore Realty Group LLC Beacon-Summit Realty Corp., Venezia Real Estate LLC JWD Wells Avenue LLC First Assembly of God of Worcester

Enterprise Bank & Trust Co. JPMorgan Chase Bank MutualOne Bank North Middlesex Savings Bank Brookline Bank Fidelity Cooperative Bank Cape Cod Five Cents Savings Bank Rockport National Bank East Boston Savings Bank Stoneham Bank Eastern Bank Eagle Bank East Boston Savings Bank The Cooperative Bank Central One Federal Credit Union

$1,525,000 $1,550,000 $1,564,000 $1,580,000 $1,589,077 $1,600,000 $1,600,000 $1,600,000 $1,600,000 $1,600,000 $1,600,000 $1,600,000 $1,600,000 $1,600,000 $1,600,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 5-7 and 9-11 Etna St., and 8-10 Glencoe St., Brighton 695 Truman Park Highway, Hyde Park 287-301 Elliot St., Newton 1048 Dorchester Ave., Boston 29 Cedardale Rd., 10 Driftwood Ln., Harwich , 10-12, 18-20, 34-36, and 58-60 Woodcock Ln., South Dennis, 6-8 Sachem Village Rd., West Dennis, 15-17 Uncle Willis Ln., West Harwich, 91-93 Weir Rd., Yarmouth Port, and 25-27 Wampanoag Rd., South Yarmouth 233 Lafayette St., Salem 323 Broadway, Cambridge 320 Stevens Ave., Units F-1, F-3, G-1 and G-2, Hyannis 70 Howard St., Somerville 331, 335 and 339 Lower County Rd., Harwich 120 and 122 Water St., Danvers; and 175 Fort St., Salem 166 North Main St., Andover 9 Abbotsford Rd., U-3; 39 Alpha Rd., U-2; 95 Draper Rd., U-3; 7 Ferndale St., Units 7, 9A and 9B; 18 Franklin St., Units 1 and 2; 1 Lorenzo St.; 46 Lyon St., U-1; 144 Norwell St., Units 1-3, Boston; and 21 Staples Rd., U-47, Everett 40 Newmarket Sq., Boston 467 Massachusetts Ave., Boston 70 Bellingham St., U-3; 6, 8 & 48 Chestnut Ave.; & 292 Washington St., U-1L, Chelsea; 546 Ashmont St., U-2; 12 Hesston St., U-1; 27 Irma St., U-1;, and 50 Percival St., U-1, Dorchester; 71 West Selden St., U-4; Mattapan; 35 Walworth St., U-3, Roslindale; 48 Alpine St. and 77 Marcella St., U-3, Roxbury; & 690 Dorchester Ave., U-B, South Boston 17 Foster St., Brockton 119-127 North Washington St., Boston 43 Twin Diamond Dr., Bridgewater; and 32 and 46 North Manchester St., Brockton 90 Adam St., Dorchester; and 28 Fawndale Rd. and 36 Granfield Rd., Roslindale 99 Newbury St., Boston 21 Beacon Hill Ave., 95 Cottage St., 6 Cypress Pl. 25 Nahant St. and 69 Park St., Lynn Tirrell Street*, Weymouth 151 Oak St., and 70 Stage Coach Rd., Barnstable 16 River St., Boston 32 Oxford St., and 14 Ping On Alley, Boston 626 Centre St., Boston 47 East Main St., West Brookfield; and 12 George St. and 26-30 Harvard St., Worcester 10 Bellamy St., Brighton 5 Fifth St., Peabody 59 Cedar St., Somerville 47-49 Crescent St., Wakefield 25 Franklin St., Malden 134 Leominster-Shirley Rd., Luneburg 33 High Rd., Newbury Units B, C and D at Flagg Uxbridge Condominiums, 865 Quaker Hwy., Uxbridge River Road, Pepperell 200 Middlesex Tpk., Burlington 145 Rosemary St., Needham 311-317 Broadway and 2-8 Pleasant St., Revere 38-48 Damrell St., and 171 and 177 Old Colony Ave., Boston 27 Bow St. and 149 West Bacon St., Plainville 47 Middlesex Tpk., Burlington 362-364 Washington St., Brighton 232 Main St., Barnstable 24 Joy St., Boston 1362-1378 Dorchester Ave., Boston

MORTGAGES

BORROWER Glenetna Plaza LLC 695 Realty Corp G&C LLC The Northeastern Conference Corp. of Seventh-Day Adventists Harwich Ecumenical Council for the Homeless Inc

LENDER JPMorgan Chase Bank North Middlesex Savings Bank Watertown Savings Bank Eastern Bank Cape Cod Five Cents Savings Bank

MORTGAGE $1,620,000 $1,635,000 $1,650,000 $1,650,000 $1,658,205

233 Lafayette LLC Wilkins Management Inc Flagship Estates Hyannis LLC 70 Howard LLC Rupert L. Nichols Family LP Water Street Realty LLC Nathan Frye LLC Equity Builders LLC

United Bank First Republic Bank Mechanics Cooperative Bank Bank of New England Cape Cod Cooperative Bank Sterling Real Estate Holding Co., NYC Enterprise Bank & Trust Co. Webster Bank

$1,680,000 $1,680,000 $1,687,500 $1,700,000 $1,700,000 $1,700,000 $1,700,000 $1,700,000

The Katsiroubas Family Real Estate Partnership LLC Pam & Stone LLC Lolastar LLC

Citibank Clinton Savings Bank Mansfield Co-Operative Bank

$1,706,250 $1,725,000 $1,725,000

Affordable Properties LLC 119-127 North Washington St., Boston Daniel R. Evans Jr.

Mansfield Cooperative Bank Eastern Bank Webster Bank

$1,728,000 $1,739,464 $1,744,500

Frank McNamara

The Cooperative Bank

$1,750,000

New England Historic Genealogical Society George C. Banos and David G. Hughes

Eastern Bank Lowell Cooperative Bank

$1,750,000 $1,765,000

Ryder Development Corp.

Barnstable Housing Authority 16 River Street LLC Centerra Realty LLC Christos G. Stamatos and George J. Stamatos Sheehan Debt Acquisition LLC, 12 George Street LLC and Worcester Health Group LLC Brighton Health Group LLC Peabody WR Properties LLC Silva Realty LLC Timothy J. MacDonald Jr American Maplewood Properties LLC SMD Development LLC Federal Street Restorations LLC Flagg Realty LLC

South Shore Savings Bank Eastern Bank Dedham Institution for Savings Digital Federal Credit Union Dedham Institution for Savings Berkshire Bank

$1,800,000 $1,800,000 $1,800,000 $1,800,000 $1,825,000 $1,835,535

Berkshire Bank People's United Bank Institution for Savings in Newburyport and Its Vicinity North Shore Bank North Shore Bank Rollstone Bank and Trust Georgetown Bank Rollstone Bank and Trust

$1,835,535 $1,850,000 $1,850,000 $1,862,413 $1,862,413 $1,880,000 $1,880,000 $1,888,000

Pepperell Meadows Associates LP, Madnic Realty LLC Rosemary Office Associates LP Revere Investments LLC, 668 Enterprise LLC Heather Hill Investments and Wentworth Hill Investments LLC Forty Seven Middlesex Tpk LLC SA & ZE Co., LLC Wayne Kurker 24 Joy LLC T-Le Enterprises LLC

BostonPost Capital Belmont Savings Bank Washington Trust Co. First Ipswich Bank Blue Hills Bank Mansfield Co-operative Bank Cambridge Trust Co. JPMorgan Chase Bank Bank of America South Shore Bank First Ipswich Bank

$1,900,000 $1,900,000 $1,900,000 $1,900,000 $1,900,000 $1,900,000 $1,900,000 $1,915,000 $1,925,000 $1,940,000 $1,950,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 346 Newbury St., Boston 38-48 Damrell St., and 171 and 177 Old Colony Ave., Boston 7 Union St., Nantucket 12 Beach Rd., Salisbury 21 Burke Dr., Brockton 139 Alma St., 23 Bowers St., 13 Farmland Rd. & 22 Rockdale Ave., Lowell 159 Thomas Burgin Pkwy., Quincy 356 and 360 Andover St., Danvers 281-287 & 289-293 Causeway St.; & 219, 221-225 Endicott St., Boston 11 and 13 Chesterton St. and 903-909 Mass Ave., Boston 20 Waltham St., Lexington 12-14 Parker Hill Ave., Boston 40-41 Anderson St., 879 Beacon St., 447 Park Dr. and 72 Revere St., Boston 23-35 Chesterton St., Boston 2 Canton St., Stoughton 175 McClellan Hwy., a/k/a 144 Addison St., Boston 29 Middlesex St., Haverhill 82 Dover St., Somerville 203-209 Centre St., and 321-329 Main St., Malden 10 Meetinghouse Rd, Littleton 353 Cambridge St., Winchester 240 Andover St., Peabody 1060 Osgood St., Andover 20 Turcotte Memorial Dr., Rowley 93 Cliff St., Douglas 218 Turnpike Rd., Southborough 337-339 Beacon St., Somerville 275 Cabot St. and 50-56 River Street Condominium, U-50, Beverly; and 100 Burrill St., Swampscott 26 High St., Clinton; and 634 Teaticket Hwy., East Falmouth 26 High St., Clinton; and 634 Teaticket Hwy., East Falmouth 47 East Main St., West Brookfield; and 12 George St. and 26-30 Harvard St., Worcester 738-750 Washington St., Pembroke 81, 83 and 87 Brighton Ave., Allston 57-62 Fairway Dr., Northbridge 1002 Beacon St., Brookline 31-33 Illinois Ave., Somerville; and 2-4, 6-8, and 14-16 Montvale Ave.; and 451, 507-509 Main St., Stoneham 10 Cushing Dr., Wrentham 359 Chelsea St., Boston 282 Bennington St., Boston 68-70 Klondike Ave., and 868 Southampton Rd., Westfield 232 Old Colony Ave., Boston 173 Spark St., Brockton 14-16 E. Springfield St., Boston 30 Tremont St., Duxbury Barre-Paxton Road, Rutland 375 West St., West Bridgewater 110-118 Pleasant St., Malborough 1, 3, 9 and 15 Alaska St.; 1 Forest Pl., 62 Forest St.; and 23-29 and 30 Magnolia St., Boston 37, 39 and 41 P St., Boston 203 Turnpike St., Ste. G2, North Andover 109 Bradford St. and 258 Commercial St., Provincetown 20 Auna Dr., U-7; 18 Blackrock Dr., U-4; 248 Colonel Bell Dr., UG-58; 15 Longworth Ave., U-223; 14-16 Revere St. and 227 West Elm St., U-6, Brockton and Hingham; and 13-17 Willow St., Lynn

MORTGAGES

BORROWER DeWitt C. Clemens 668 Enterprise LLC Waterfall Enterprises Inc 12 Beach Road LLC Antenna Associates Inc. Steven J. DeRosa National Association of Government Employees PF Danvers LLC PDJM Land Trust LLC Thomas H. Scott Wallex Realty LLC 14 Parker Hill Ave LLC 40 Anderson Street LLC, 879 Beacon Street LLC, 447 Park Drive LLC

LENDER Blue Hills Bank Blue Hills Bank Nantucket Bank Enterprise Bank & Trust Co. RBS Citizens East Boston Savings Bank Liberty Bay Credit Union East Boston Savings Bank Northmark Bank Rockland Trust Co. Stoneham Bank South Shore Bank East Boston Savings Bank

MORTGAGE $1,950,000 $1,954,000 $1,992,000 $1,995,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000

Chesterton Street Realty LLC Stoughton Center Business Park LLC Bulgroup Colorado LLC George Haginicolas and Steven Haginicolas Dover Real Estate Development LLC, Main Street/60 Associates LP Caddick Littleton LLC Curtis D. Bonnell, Ralph H. Bonnell III and Steven C. Bonnell CEA Peabody LLC Tiam Realty LLC Frangia Realty LLC Beaupre Properties LLC R.H. Long Motor Sales Inc., RCG Beacon Greenwood LLC Thomas Carnevale

Bank of America Rockland Trust Co. People’s United Bank North Shore Bank Saugus Bank South Shore Bank EverBank Winchester Cooperative Bank Cambridge Savings Bank NMTW Community Credit Union Salem Five Cents Savings Bank MCU Commercial Services Sovereign Bank JPMorgan Chase Bank Saugus Bank

$2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,009,200 $2,009,750

Aubuchon Realty Company Inc Aubuchon Realty Co. Sheehan Debt Acquisition LLC, 12 George Street LLC and Worcester Health Group LLC Goddu Realty LLC Brighton Commons LLC Shining Rock Developers LLC 1002 Beacon Street LLC Bruno Mitrano

TD Bank TD Bank Berkshire Bank

$2,020,000 $2,020,000 $2,021,465

TD Bank First Republic Bank Norwood Cooperative Bank Eagle Bank Stonehambank

$2,050,000 $2,053,268 $2,075,000 $2,080,000 $2,082,000

Capstan Holdings I LLC and Wrentham Holdings LLC Louie Roberto and Rita M. Roberto Spinelli Ravioli Manufacturing Co. Inc James P. Buratti Old Colony Two Three Two LLC IGD LLC 16 E Springfield Street LLC Island Creek Village West LP Pleasantdale LLC Commerce Property Group II LLC 110 Pleasant Street LLC LA Concha LP

California Bank & Trust Co. Middlesex Savings Bank Middlesex Savings Bank Bank Rhode Island MutualOne Bank Rockland Trust Co. Avidia Bank South Shore Bank Bay State Savings Bank Blue Hills Bank Rockland Trust Co. Red Mortgage Capital

$2,092,979 $2,096,000 $2,096,000 $2,100,000 $2,100,000 $2,100,000 $2,100,000 $2,100,000 $2,100,000 $2,100,000 $2,100,000 $2,105,000

37 P Street LLC NEOS LLC Cape Tip Investment Inc., Chiles Holdings Ltd

First Commons Bank TD Bank Seamen’s Bank Bee Investments LLC

$2,116,923 $2,121,000 $2,140,000 $2,160,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 1310 Washington St., U-D 102; & 1316 Washington St., U-B 102, Boston 84 West St., Quincy 100 Lockhouse Rd., Westfield 217-223 Holland St., Somerville 84 and 86R River St., Andover 149 South Main St., Middleton 282-286 Marginal St., Boston 194 Main St. and 246 Main St., Amesbury 5 Alpine St., and 143-145 Cedar St., Somerville 70, 72, 74, 76, 78, 80 & 82 Bragdon St., 1 Ernst St. & 2 Miles St., Boston 597-601 West Falmouth Highway, Falmouth 88-98 Bolton St., Boston 108 Trowbridge Rd., Bourne 89 Prince St., Boston 2740 and 2704R Washington St., Canton 15 Williams Pl., Brockton 10-34 Putnam St., Winthrop 301 Second Ave., Waltham 7-15 Hilldale Ave., Haverhill 38-48 Damrell St., and 171 and 177 Old Colony Ave., Boston 108-110 Blaisdell St. and 80-82 Blossom St., Haverhill 441-445 Hanover St., and 550 Tremont St. Boston 3 Garvey St., Everett 12 Cross St., 11 Grove St. and 6 High St., Westborough 922 Massachusetts Ave., Cambridge 151 Oak St., and 70 Stage Coach Rd., Barnstable 40 Cameron Ave., and 41-43 Elmwood St., Somerville Summer Street, Duxbury 18 Main Street Ext., a/k/a 8-22 Main Street Ext., Plymouth Off Kings Town Way, Duxbury 1 Thorndike St., Palmer 2637 Cranberry Hgwy., Wareham 655 Boylston St., Boston 207 Bedford St. Lakeville 190 Fountain St., Framingham and 177 Main St., Shrewsbury 28-34 and 29 Mystic Ave., Medford 215 Newbury St., Boston 32 Westech Dr., Tyngsborough 415 Lowell St., Wakefield 526 Boston Post Rd., Units 1, 2, 3, 4A, 4B, 5-8, Wayland 37-39 Clarendon St., and 57 Gray St., Boston 326 Nichols Rd., Fitchburg Woodridge Road, Duxbury 1091 Boylston St., Units 44 and U-53; 247 Chestnut Hill Dr., U-247-43, 1637 Commonwealth Avenue; Units 1-12 and 14-17; 1673 Commonwealth Ave., U-1B; and 32 Sidlaw Rd., U-32-12A, Boston 704-714 Boylston St., and 51-69 Exeter St., Boston 180 Paine St. and 585 Wrentham Rd., Bellingham 532-542 and 560 Pleasant St., Watertown 26 Allston St., Boston 217 Beaver Dam Rd., Plymouth 346-350 Bremen St., and 97-99 Prescott St., Boston 1731-1751 Washington St., Braintree 2034-2040 Boston Rd., Wilbraham 16 Green St. and 57 South Main St., Ipswich 155 North Beacon St., Boston 25-27 Doherty Ave., Avon 223 and 225 Walnut St., Framingham

MORTGAGES

BORROWER RSR Investments LLC Eighty-Four West Street LLC Forest Glen Apartments LLC Silva Realty LLC Taylor Cove Development LLC Middleton Retail LLC Tay’s Realty LLC Amesbury Realty Corp. and Brick Associates LLC Cedar Development Partners LLC First Northeast Development LLC Westwind Cottages LLC West Point Realty Development LLC Cape Cod Hospitality TR 89 Prince Street LLC Modern Locale Inc Neponset Investments LLC BCRZ LLC CambridgePark Co. LLC Mark A. Dubinsky, Leonard F .D’Orlando and Lisa K. D’ Orlando 668 Enterprise LLC Coleman P. McDonough Hanover Trust Properties LLC Richard A. Cardillo Jr., Joseph W. Horan Granola LP Barnstable Housing Authority Cameron Avenue LLC Giacchetto Duxbury LLC Brewster Park Building Inc Village at Duxbury LP and Welch Duxbury Development Corp.

Merchant Palmer LLC Michael J. Olschafskie Charles C. Hajjar and Mark A. DerHagopain 207 Bedford Street LLC Ranbir Singh-Jaggi and Sangeeta Jaggi Peter M. Grava Newbury 215 Realty LLC 32 Westech LLC Caruso Lowell Street LLC HDR Holdings LLC Pazzol I LLC Community Health Connections Inc Duxbury Residential LLC Mordecai Danesh

LENDER MORTGAGE Middlesex Savings Bank $2,163,000 East Boston Savings Bank $2,175,000 United Bank $2,200,000 Institution for Savings in Newburyport and Its Vicinity $2,200,000 Bank of New England $2,200,000 North Shore Bank $2,200,000 Northern Bank & Trust Co. $2,200,000 Eastern Bank $2,238,964 Cambridge Trust Co. $2,250,000 Eastern Bank $2,250,000 North Middlesex Savings Bank $2,260,000 First Commons Bank $2,280,000 Eastern Bank $2,291,000 Sovereign Bank $2,300,000 Commonwealth Cooperative Bank $2,300,000 Needham Bank $2,310,000 MSA Mortgage $2,325,000 Century Bank and Trust Co. $2,330,000 Brookline Bank $2,335,000 Blue Hills Bank $2,375,000 Lowell Five Cent Savings Bank $2,400,000 First Republic Bank $2,400,000 Everett Co-operative Bank $2,400,000 Mutual One Bank $2,400,000 Brookline Bank $2,400,000 Eastern Bank $2,404,154 Needham Bank $2,424,000 Rockland Trust Co. $2,427,000 The Cooperative Bank $2,440,000 South Shore Bank $2,443,779 Peoplesbank $2,450,000 Farmington Bank $2,450,000 Rockland Trust Co $2,450,000 RBS Citizens $2,450,000 TD Bank $2,480,000 East Boston Savings Bank $2,500,000 Eastern Bank $2,500,000 RBS Citizens $2,500,000 East Boston Savings Bank $2,500,000 Bank of America $2,500,000 East Boston Savings Bank $2,500,000 Enterprise Bank & Trust Co. $2,500,000 Cape Cod Five Cents Savings Bank $2,500,000 Hingham Institution for Savings $2,500,000

Lenox Hotel LLC New England Country Club LLC Michael A. Russo Hamilton DS LLC Woodcrest Apartments LLC LAR Property Management LLC 1731-1751 Washington Street Liability Co 2034-2040 Boston Road LLP Sixteen Green Street LLC and Ipswich Riverbend LLC North Beacon 155 Associates Atlantic-Southborough Realty LLC WFA Realty TR

People’s United Bank Bank of New England Boston Private Bank & Trust Co. People’s United Bank Eagle Bank Middlesex Savings Bank Leader Bank People’s Bank First Ipswich Bank People’s United Bank Middlesex Savings Bank Hingham Institution for Savings

$2,500,000 $2,500,000 $2,539,617 $2,550,000 $2,565,000 $2,590,000 $2,600,000 $2,600,000 $2,600,000 $2,600,000 $2,618,000 $2,620,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 54 Route 6A, Sandwich 40 Industrial Dr., East Bridgewater 302-304 Whiting St., Hingham 320 and 325 Ayer Rd., Harvard 24 Albany St., 205-211 Essex St. and 25 Rogers Ave., Lynn 55 Newbury St., Peabody 63 Princeton Blvd, and 144-148 Stevens St., Lowell 49-55 Davis Sq., Somerville 71 Adams St., 112 and 116 Hancock St., 91-93 Pine St., 130 Tyler St. and 22-24 Winthrop St., Springfield 87A Adams Rd., and 29 Quick Farm Rd., Westborough 133 Southampton St., Boston 154-164 Maple St., Springfield 36 Dartmouth St., 53 Hancock St.,, 676 Massachusetts Ave. and 85 and 87 Worcester St., Boston 1469 Granby Rd., 1405 Memorial Dr., Chicopee; 62-64 West State Side St., Granby; & 90-94 Island Pond Rd., Springfield 32-34 Gardner St., Boston 253-255 Tremont St., Boston 36-54 Broadway St., Malden 127 St. Botolph St., Boston 19 Brigham St., Marlborough 7 Bay St. and 51 Manomet Ave., Hull 102-104 Otis St., Cambridge 91, 95 and 99 Gordon St., Allston 17-19 Winter St., Boston 601-607 Boylston St., Boston 47C Independence Way, 36 Intrepid Cir., U-402; and 29 Pleasant St., Marblehead 21-27 Temple Pl., Boston 351, 353, 355, 357, 359, 361, 363, 365 and 367 Massachusetts Ave., Boston 558 Waverly Oaks Rd., Waltham 109 East Main St., Merrimac 1324 Belmont St., Units 101-105, 201-205 and 207, Brockton 50 Broadway, Beverly 175 East Central St., Franklin 672 East Central St., Franklin 291, 293 and 295 Main St., and 2 Pluff Ave., North Reading 120 Mulberry St., f/k/a 110 Mulberry St., Brockton 285-285A, 285-287 and 289 Crescent St., Waltham 17 Bentley St., 22-24 Burton St., 68 Etna St., 28 Justin Rd. and 669-701 Washington St., Brighton 19 McKeon Rd., Worcester 12 Federal St., Nantucket 206 Upper Main St., Edgartown

MORTGAGES

BORROWER Sandwich Resort Realty Trust WK Development II LLC John A. Woodin LTI Harvard Appleworks LP and LTI Harvard Orchard LP North Shore Realty Group JAM Enterprises LLC Lynnshore Associates LLC B.F. Somerville Properties LLC Cross Town Corners LLC

LENDER Eastern Bank Fall River Five Cents Savings Bank Hingham Institution for Savings Digital Federal Credit Union Eastern Bank The Savings Bank Digital Federal Credit Union Sovereign Bank Center City Housing Inc.

MORTGAGE $2,625,000 $2,625,000 $2,632,000 $2,640,000 $2,672,000 $2,700,000 $2,720,000 $2,725,000 $2,735,152

Casa Builders and Developers Corp Sandra Rothschild Maple Street Holdings LLC Charles C. Dumbaugh

Central One Federal Credit Union Brookline Bank Investors Bank Brookline Bank

$2,750,000 $2,750,000 $2,750,000 $2,800,000

One-Putt Inc

Westfield Bank

$2,825,000

Hamilton DS LLC 253 Tremont Street LLC Malway Realty Associates LP 127 St. Botolph Street LLC Foothills Corp 7 Bay Corp CMS Otis LLC 91-99 Gordon Street LP Scott R. Sherman Holmes Manager LLC Redstone Realty LLC

People's United Bank Boston Private Bank and Trust Co. East Boston Savings Bank Cambridge Trust Co. Digital Federal Credit Union United Bank Brookline Bank Blue Hills Bank Greystone Funding Corp East Boston Savings Bank Brookline Bank

$2,860,000 $2,895,000 $2,900,000 $2,920,000 $2,925,000 $2,975,000 $2,980,000 $3,000,000 $3,000,000 $3,000,000 $3,000,000

Notashul LLC Madison Botolph LP

City National Bank $3,000,000 Community Economic Development Assistance Corp., $3,000,000

Wayside Youth and Family Support Network Inc., North Shore Community LLC Office 24 Brockton LLC RPI Shrewsbury Main Realty LLC Franklin Road LLC Franklin Country Club Inc Pluff Realty LLC G. Anthony Baldwin Micol LLC Traolach Cahillane

Middlesex Savings Bank Salem Five Cents Savings Bank Cantor Commercial Real Estate Lending Metro Credit Union Patalano Family LP Walpole Co-operative Bank Institution for Savings In Newburyport and Its Vicinity Rockland Trust Co The Village Bank TD Bank

$3,000,000 $3,000,000 $3,000,000 $3,000,000 $3,006,852 $3,028,000 $3,075,000 $3,100,000 $3,100,945 $3,120,000

United Bank Nantucket Bank Martha’s Vineyard Savings Bank

$3,131,250 $3,179,870 $3,200,000

Milford National Bank and Trust Co. Boston Private Bank & Trust Co. Rockland Trust Co. Milford National Bank and Trust Co. Digital Federal Credit Union Brookline Bank Leader Bank

$3,200,000 $3,200,000 $3,245,000 $3,250,000 $3,250,000 $3,265,000 $3,271,500

Boston Private Bank & Trust Co. Bank of New England Stoneham Savings Bank TD Bank

$3,300,000 $3,300,000 $3,400,000 $3,400,000

CREI Worcester LLC Angela L. Raynor and Seth C. Raynor Anne Corcoran, Mary Ann Dwyer, Richard J. Edry, Rosiland Kenney, Peter Pistorino, Michael Wright, and Arthur W. Young III 160 Otis St., Northborough 160 Otis Street LLC 697 Cambridge St., Boston Nancy A. Power 14-16 I St., and 535 East First St., Boston 535 East First Street Inc 151 ,155, 157, 159,1 65, 167-169 & 173-175 Memorial Dr., Shrewsbury RIFL Realty LLC 32 Hampshire Rd., Methuen 55 Heritage (Salem) LLC 289 Moody St., Waltham Waltham Artists Group LLC 10 East Milton St., Brookline; 35 Granite St., U-3; 164-170 Putnam Ave. Oliver M. Wahnschafft and Rachel Zanapalidou and 89 Sciarappa St., Cambridge; 18 Liberty Ave., Medford; and 78 Bromfield Rd. and 8 Park Ave, Somerville 2245 Iyannough Rd., Barnstable Cape Cod Young Men’s Christian Association 41 Fairmount St., 300 Hampshire St. and 9-11 Holly St., Lawrence Central Catholic High School of Lawrence 655-705 Eastern Ave., Malden DH Development LLC 122-1239 and 1243-1245 Commonwealth Ave., Commonwealth 1227-1245 LP and 191-199 Harvard Ave., Boston

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS Bartherick Road, North Common Road, State Road East, and Theodore Drive, Westminster 19 Brigham St., Marlborough 287 Tremont St., Carver; and 321 Court St. and 2, 4, 6 and 8 Watercure St., Plymouth 210 Ricciuti Dr., Quincy 6 Gilson Rd., Quincy 383 Dwight St., 110 Lyman St., and Open Square Way, Holyoke 88 West Cedar St., Boston 165 Newbury St., Boston 16-18 Battery St., and 12 Foster St., Boston 425 Fortune Blvd., Milford 90 Grove St. and 112 Grove St., a/k/a 112R Grove St. Worcester 18 and 46 Newmarket Sq., Boston 271-273 Salem St., Woburn 431-439 Hanover St., Boston 970 Fellsway Rd., Medford 1799 Centre St., West Roxbury 99 and 111 Essex St., Melrose 35 Chauncy St., Westborough 83-95 Main St., Concord 2-16 Hyde Park, Boston 1257 Blue Hill Ave., Boston 801 Albany St., Boston 28-60 Peterson Blvd., Gardner Off Lewis Lane, Haverhill 50 and 58-60 West Main St., Hopkinton 14-18, 22 Bailey Pl., 245-261 Walnut St.; and 845-855, 857-859, 861-865, 867 and 869 Washington St., Newton 660-674 and 678 Cambridge St., Cambridge 45 and 47 Bay State Rd., Boston Falmouth Road, Lot 1, Barnstable Turnpike Road, Townsend 2-8 and 10-16 Craig Rd. and 310-312 School St., Acton; and 116-122 South St., Hopkinton 16 Kendrick Rd., Units 1, 5 and 6; and 18 Kendrick Rd., Wareham 183 Main St., Rockport 92-96 Prospect St., Somerville 475 Highland Ave. and 170-172 Maple St., Malden 851-885 East Columbus Ave., 21, 25-27, 29-31 and 33-35 Gardner St., and 26-28 and 32-34 Norwood St., Springfield Fisher Road, Holden 311-315 Mishawum Rd., Woburn 102-123 Brighton Ave., Allston 5 Channel Ctr., Boston 6 Joy St. and 18 Mt. Vernon St., Boston 53-55 Brook St., Acton 8 Mohawk Dr., Leominster 175 Pioneer Dr., Leominster 527-529 Beacon St., Boston 71 Adams St., 112 and 116 Hancock St., 91-93 Pine St., 130 Tyler St. and 22-24 Winthrop St., Springfield Chestnut Street, Main Street and North Street., Foxborough 163 Pioneer Dr., Leominster 45 Highland St., Cambridge 13 Haviland St., Boston 59-61 Westland Ave., Boston 2 and 27 Winter St., Natick 56-58 Selkirk Rd., Brighton

MORTGAGES

BORROWER Westminster Business Park LLC

LENDER Workers Credit Union

MORTGAGE $3,419,467

Foothills Corp JCM Carver Acquisitions LLC

Digital Federal Credit Union Northern Bank & Trust Co.

$3,420,000 $3,500,000

Bradmik Holdings LLC Quincy Insurance Agency Inc Open Square Properties LLC 88 West Cedar Street LLC Newbury & Fenway 165 LLC Devora A. Mache Fortune Boulevard LLC Grove Street Family Properties LLC 980 Mass. Ave. LLC, 18 Newmarket Square Boston LLC, Southampton Mirra Realty LLC Dror Ashuah Fellsway Realty LLC Hamilton DS LLC 99 Essex Street LLC JSP Realty Investments LLC Marley Properties Concord LLC 2-16 Hyde Park Avenue LP Morning Star Baptist Church Inc Community Development Corporation of Boston Inc Gardner Plaza Associates LLC Lewis Builders Inc The Golden Pond Resident Care Corp Charles G. Nicolazzo and Victor A. Nicolazzo Jr

People’s United Bank Dedham Institution for Savings Nuvo Bank & Trust Co. South Shore Bank Rockland Trust Digital Federal Credit Union Milford National Bank and Trust Millbury Savings Bank Cape Cod Five Cents Savings Bank North Shore Bank Digital Federal Credit Union Brookline Bank People's United Bank Northern Bank & Trust Co. Middlesex Savings Bank Cambridge Trust Co. Eastern Bank Century Bank and Trust Co. Century Bank & Trust Co. M&T Bank TD Bank East Boston Savings Bank The Village Bank

$3,500,000 $3,500,000 $3,500,000 $3,520,000 $3,540,000 $3,584,232 $3,600,000 $3,600,000 $3,625,000 $3,626,250 $3,635,000 $3,662,000 $3,685,000 $3,700,000 $3,725,000 $3,750,000 $3,780,000 $3,800,000 $3,866,490 $3,900,000 $3,900,000 $4,000,000 $4,000,000

660 Cambridge Street Realty TR Jocote LLC Wequaquet Strawberry Hill LP Turnpike Village LLC O’Brien Investment Management LLC

Belmont Savings Bank First Republic Bank Eastern Bank Fidelity Co-operative Bank Avidia Bank

$4,000,000 $4,000,000 $4,000,000 $4,000,000 $4,000,000

Warm Winds Inc Local Yokel LLC Two Squares LLC Highlander Maple Apartments LLC 851 East Columbus Avenue LLC

RBS Citizens Northway Bank Cambridge Trust Co. Sovereign Bank Country Bank for Savings

$4,000,000 $4,000,000 $4,008,000 $4,050,000 $4,050,000

Fisher Terrace LLC Woburn Lodging LLC AND Development LLC 5 CC LLC Six Joy Street Trust LLC Acton Coach Estates LLC Joyce Campagna and Alessandro P. Vittorioso Pelino J. Ferzoco and Diega A. Therrien James T. Garnache Cross Town Corners LLC

Rockland Trust Co. Digital Federal Credit Union People's United Bank Eastern Bank Emerald Beacon Hill LLC Arbor Commercial Funding Avidia Bank Avidia Bank Eastern Bank Life Insurance Community Investment Initiative LLC

$4,147,000 $4,150,000 $4,160,000 $4,200,000 $4,200,000 $4,225,000 $4,250,000 $4,250,000 $4,250,000 $4,250,000

Foxborough Air LLC 163 Pioneer Drive LLC, Multi Elements LLC 13 Haviland Street LLC Westland Properties Associates LP Brandon Residential Treatment Center Inc Selkirk Gardens LLC

People's United Bank Middlesex Savings Bank JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank East Boston Savings Bank* Berkadia Commercial Mortgage

$4,315,000 $4,375,000 $4,480,000 $4,537,500 $4,550,000 $4,615,000 $4,680,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 866 North Rd., Westfield 41-53 Brigham St., Marlborough 386 Merrimack St., Methuen 199 Rosewood Dr., Danvers 1511-1525 Washington St., Boston 39 Penzance Rd., Falmouth 356 and 360 Andover St., Danvers 181 Winter St., Belmont 1100 Iron Horse Park, North Billerica 122 and 182 Bridge St., Barnstable 122 Bridge St. and 182 Bridge St. Barnstable 23 Fourth Ave., Burlington 4-8 Gardner St., and 74-84 Harvard Ave., Boston 237 Lexington St., Woburn 75 Finnell Dr., Weymouth 228-230 Hurley St., Cambridge; and 9-11 Glendale Ave. and 341 Washington St., Somerville 120 Franklin Street and 1074 West Washington St., Hanson and East Bridgewater 75 Technology Dr., Lowell 28 Damrell St., Boston 371 and 379 Main St., Worcester 1925 Massachusetts Ave., Cambridge 351, 353, 355, 357, 359, 361, 363, 365 and 367 Massachusetts Ave., Boston 39 Tozer Rd., Beverly 136 Summer St., Kingston 97 Turnpike Rd., Westborough Williamsville Rd., Hubbardston 56 Airport Rd.; 138, 140-152 and 178 Apremont Way; and 22 Progress Ave., Westfield 1897 Washington St., Newton 35 South St., Hopkinton 41 Accord Park Dr. and 10 Washington St., Norwell; and 5 Apollo 11 Rd., Plymouth 95 Shawmut Rd., Canton 103 Drum Hill Rd., Chelmsford 16-20 Peterborough St., Boston 14-20 Linden St., Allston 255 Grossman St., U-4, Braintree 330 Lynnway, Lynn 1070-1080, 1088-1094, 1100-1102 and 1120-1130 Boylston St.; and 5-11 Haviland St., Boston 23 Bartlett Farm Rd. and 15 Somerset Ln., Nantucket 41 and 43 Bay State Rd. Boston 10 Newbury St., Lynnfield 501 Cordwainer Dr., Norwell 85 Dan Rd., Canton 1111 Elm St., 920 Memorial Ave., and 201 Park Ave., West Springfield; and 2701 Boston Rd. and 2339-2341 Boston Rd., Wilbraham 36 Muller Rd., Burlington 56, 57 and 58-60 North Ave., Natick 122 and 182 Bridge St., Barnstable 122 Bridge St. and 182 Bridge St. Barnstable 30 Taylor Dr., Reading 221 North Main St., West Bridgewater 100 Alden St., Provincetown

MORTGAGES

BORROWER Russian Evangelical-Baptist Church of Springfield Mountaintop Corp Homestead Village LLC 199 Rosewood Danvers LLC, Susan A. Geraghty Bruce Beal PF Danvers LLC Belmont Country Club Inc Cooperative Reserve Supply Inc Oyster Harbors Yacht Basin Realty Corp Oyster Harbors Yacht Basin Inc. and Oyster Harbors Yacht Basin Realty Corp NW Building 26 LLC Harvard Gardner LLC Sachem Ventures LLC Finnell Drive Realty LLC Glenside Properties LLC

LENDER Easthampton Savings Bank Digital Federal Credit Union Enterprise Bank & Trust Co. First Ipswich Bank Principal Life Insurance Co. RBS Citizens East Boston Savings Bank RBS Citizens RBS Citizens Bank of America Bank of America Cambridge Trust Co. Sovereign Bank Brookline Bank Eastern Bank Cooperative Bank

$5,000,000 $5,033,000 $5,059,531 $5,070,000 $5,211,940

Shi-II Hanson LLC

Compass Bank

$5,220,481

Suffolk Drum Hill LLC Damrell Properties LLC SJ Realty LLC 1925 Mass Ave LLC Madison Botolph LP

First Niagara Bank Blue Hills Bank Bay State Savings Bank Cambridge Savings Bank Madison Park Development Corp

$5,287,500 $5,300,000 $5,348,149 $5,400,000 $5,450,000

1943 LLC Kingsbury Summer Street LLC Five K LLC KS Solar Six LLC Lawry Realty LLC

Stonehambank Rockland Trust Flagstar Bank Eastern Bank TD Bank

$5,480,000 $5,500,000 $5,500,000 $5,500,000 $5,500,000

Woodland Golf Club of Auburndale BBC Property I LLC Gallen Road Realty TR and Route 53 Realty TR

The Village Bank Northway Bank People’s United Bank

$5,571,494 $5,600,000 $5,800,000

Shawmut Road Investors LLC Linear Retail Chelmsford 1 LLC John Lemonopoulos Partners Properties LLC Here Comes There Goes LLC Kettle Cuisine LLC Boylston 1078 LP

East Boston Savings Bank Enterprise Bank & Trust Co. Enterprise Bank & Trust Co. Digital Federal Credit Union Mansfield Co-operative Bank Maranon Capital LP People’s United Bank

$5,844,000 $5,880,000 $5,938,207 $6,000,000 $6,000,000 $6,000,000 $6,000,000

Bartlett Farm LLC Symphony Bay Properties LLC Spinelli’s LLC Southward At Norwell Nursing Center LP

Farm Credit East ACA Greystone Funding Corp Middlesex Savings Bank Oppenheimer Multifamily Housing & Healthcare Finance Inc. Berkshire Bank United Bank

$6,000,000 $6,031,000 $6,096,000 $6,132,400

Belmont Savings Bank Middlesex Savings Bank Bank of America Bank of America

$6,300,000 $6,304,500 $6,400,000 $6,400,000

Lowell Five Cents Savings Bank People’s Bank M&T Bank

$6,400,000 $6,500,000 $6,500,000

65 Dan Road SPE LLC and 85 Dan Road Associates John W. Medeiros Muller Glen LLC Walnut Place Residences LLC Oyster Harbors Yacht Basin Realty Corp Oyster Harbors Yacht Basin Inc. and Oyster Harbors Yacht Basin Realty Corp Edward T. Moore TECTA Solar West Bridgewater LLC Seashore Point—Deaconess Inc.

MORTGAGE $4,707,500 $4,875,000 $4,950,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000

$6,150,000 $6,300,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 49 Melcher St., Boston 60 Congress St., a/k/a 12 Post Office Sq. and 55 Kilby St., Boston 235 Old Colony Ave., a/k/a 309 Dorchester St., 241 Old Colony Ave. and 69 Damrell St., South Boston 333-337 Turnpike Rd., Southborough 891, 893 and 895 Main St. and 1, 3, and 13 School St., Woburn 139 Walker Rd., Shirley One Fiber Tech Center, Creek Brook Drive, Haverhill 20 Blanchard Rd., 55 Cambridge St. & 111 South Bedford St., Burlington 82 Boston St., Everett 380 Sumner St., Stoughton 1-7 Sandy Bay Terrace, Rockport 105 Holden Rd., Paxton 512-518 Tremont St., Boston 50 and 58-60 West Main St., Hopkinton 128 Derby St, Hingham Providence Rd., Lot 1,, Northbridge 85 Dan Rd., Canton 47 East Main St., West Brookfield 26-30 Harvard St., Worcester 10 Bellamy St., Brighton; and 174 Forest Hills, Jamaica Plain 104B and 1100 Concord Tpk., Concord 4 Central St., Bridgewater 147 Washington St., Plainville 616 East Fourth St., Boston 100 Tower St., Hudson 100-124 North Washington St, Boston 100 Tower St., Hudson 50, 54 and 60 Mall Rd., Burlington 79 Winthrop Ave., Lawrence 85 and 95 Sutherland Rd., Boston Birch St., Lynn 859 Main St., Woburn 50 Sprague St., Hyde Park 71-75 and 100 Kilsyth Rd., Brighton 109-119 Broad St. and 85-87 Wendall St., Boston 275 Bodwell St., Avon 300 Commandants Way, Boston 75 Main St., Grafton; 15 Pleasant St., Oxford; 83 Hospital Rd., Templeton; and 23-37 Boylston St., 321 Burncoat St., 2 Granite St. and 172 Lincoln St., Worcester 28-34 Battery St. and 151-155 Milk St., Boston 90 Middlesex Tpk., Burlington 1775 Andover St., Tewksbury 304-346 Lynnway, Lynn 79-81, 83, 85, 85A, 87 and 91-95 Commercial St. and 362-364 Summer St., Lynn 10 New Bond Street, Worcester 160 East Berkley St., Boston 1850 Commonwealth Ave ., Boston 73 Union St., Franklin One United Dr., West Bridgewater 617-617A and 619 Bennington St. and 94 Horace St., East Boston 100 Newport Ave Ext., Quincy 407-411 Washington St., Boston 167 North Spencer Rd., Spencer 150 Chestnut Hill Ave., Brighton 48 and 52 Lake Ave., Woburn

MORTGAGES

BORROWER 49 Melcher Street LLC 60 Congress St., a/k/a 12 Post Office Sq. and 55 Kilby St., Boston 235 Ocolony LLC

LENDER Rockland Trust Co. Cambridge Savings Bank South Coastal Bank

MORTGAGE $6,500,000 $6,500,000 $6,695,000

Southborough Equity Partners LLC Main Street Woburn RX LLC EBZ Solar LLC Drake G. Behrakis and Donald P. Quinn 20 Blanchard 111 South Bedford and 55 Cambridge LLC JMDH Real Estate of Everett LLC Copley Health Care Partnership and Goddard Restorative Care Unit Inc Rockport Commons LLC JKS Paxton LLC Two Greeks LLC The Golden Pond Resident Care Corp Shulman Realty LLC Beaumont/Whitney Place Northbridge Inc 65 Dan Road SPE LLC and 85 Dan Road Associates Sheehan Debt Acquisition, LLC Worcester Health Group LLC Brighton Health Group LLC and Jamaica Plain Health Group Taymil Concord LLC Shivpar Inc Robinson Plumbing & Heating Supply Co. Inc 616 East Fourth Street LLC Littlebrook LP North Washington Street Holdings LLC Littlebrook LP 50-54-60 Mall Road LLC Charter Foods LLC Octagon Property Management Corp.

Lynn Medical Investors LLC 859 Main Development LLC Joseph Gioioso and Givanall Gioioso Kilsyth Village LLC Broad Street Holdings LLC Atlantic-Bodwell Realty LLC Anchorâ&#x20AC;&#x2122;s Weigh Associates LP You Inc

United Bank Cambridge Savings Bank CIT Finance LLC Cambridge Savings Bank Eastern Bank JPMorgan Chase Bank Prudential Huntoon Paige Associates LLC

$6,800,000 $6,900,000 $7,000,000 $7,000,000 $7,000,000 $7,102,500 $7,163,800

Cantor Commercial Real Estate Lending TD Bank Brookline Bank East Boston Savings Bank Eastern Bank Red Mortgage Capital Berkshire Bank Berkshire Bank Berkshire Bank Berkshire Bank Arbor Commercial Funding First Niagara Bank Sovereign Bank Northern Bank & Trust Co. USA Housing Urban Development Boston Private Bank & Trust Co. Walker & Dunlop Eastern Bank Regions Financial Corp.

Eastern Bank Capital Funding Northern Bank & Trust Co. Customers Bank Berkadia Commercial Mortgage Boston Private Bank & Trust Co. Middlesex Savings Bank Red Mortgage Capital TD Bank

$7,275,000 $7,350,000 $7,400,000 $7,400,000 $7,425,000 $7,550,100 $7,575,000 $8,000,000 $8,000,000 $8,000,000 $8,010,000 $8,200,000 $8,250,000 $8,260,000 $8,311,167 $8,320,000 $8,496,600 $8,500,000 $8,500,000 $8,515,000 $8,717,700 $8,800,000 $8,950,000 $9,102,000 $9,262,500 $9,347,000 $9,443,800 $9,470,000

BMBM LLC Paul A. Calvo EHB Properties-Tewksbury LLC Arthur Pappathanasi, Christopher Scangas and Nicholas Scangas Hibernia Atlantic U.S. LLC

East Boston Savings Bank Salem Five Cents Savings Bank PNC Bank East Boston Savings Bank Bridge Bank

$9,500,000 $9,500,000 $9,600,000 $10,000,000 $10,000,000

Abby Kelly Foster Charter Public School East Berkley LLC 1848-1850 Commonwealth Avenue Realty TR Claremont Franklin Inn LLC One United LLC Brooke Chapter School Roslindale Newport Realty LLC 407 Smiley Crossing LLC The Spencer Brewery LLC 150 Chestnut Hill Ave LLC Horn Pond Apartments LLC

Middlesex Savings Bank Hartford Life Insurance Co. First Republic Bank Boston Private Bank & Trust Co. Rockland Trust Co. Boston Private Bank & Trust Co. Genworth Lee and Annuity Insurance Co. Webster Five Cents Savings Bank Berkshire Bank Belmont Savings Bank Cambridge Trust Co.

$10,000,000 $10,000,000 $10,000,000 $10,000,000 $10,075,000 $10,314,000 $10,400,000 $10,442,144 $10,500,000 $10,522,500 $10,550,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 351, 353, 355, 357, 359, 361, 363, 365 and 367 Massachusetts Ave., Boston 337 Neponset Ave., Dorchester

MORTGAGES

BORROWER Madison Botolph LP

LENDER Eastern Bank

MORTGAGE $10,600,000

The Bostonian Foundation Inc

Oppenheimer Multifamily Housing & Healthcare Finance Inc. Commerce Bank & Trust Co. Commerce Bank & Trust Co. Security Benefit Life Insurance Co.

$10,762,100 $11,306,000 $11,500,000 $11,700,000

Enterprise Bank & Trust Co. RBS Citizens Bank of New England Northern Bank & Trust Co. Wells Fargo Bank Red Mortgage Capital East Boston Savings Bank East Boston Savings Bank Boston Private Bank & Trust Co. People's United Bank PNC Bank First Republic Bank Security Benefit Life Insurance Co. Cambridge Savings Bank Commerce Bank & Trust Co. Wells Fargo Bank WRP Realty Inc

$12,000,000 $12,000,000 $12,000,000 $12,000,000 $12,062,000 $12,287,800 $12,500,000 $13,000,000 $13,000,000 $13,650,000 $13,845,000 $14,000,000 $14,000,000 $14,000,000 $14,033,870 $14,100,000 Brookline Bank

49, 55 and 71 Needham St., Newton Needham Street Village Shops LLC 1 Distribution Center Cir., Littleton Nextsun Energy Littleton LLC 19 Technology Dr., Auburn; 82 South St., Hopkinton; Metro Boston Holdings-2 LLC and 65 Sunnyslope Ave., Tewksbury 163 Howe St., Methuen Gary T. Hammond 37 A St., 66 B St., and 360 and 410 First Ave., Needham SXC Needham Inn LLC 1 and 55 Moody St. and 702 Main St., Waltham Northland One Moody Realty LLC 280 Merrimack St., Building F, Lawrence 280 Riverwalk LLC 656 King Street, Franklin Columbia/Wegman Franklin LLC 1 Lyman St, Westborough Beaumont/Whitney Place Westborough LLC 777 Dedham St., Newton Mount Ida College 355, 356-358 and 360 Merrimack St.*, Lawrence Nicholas A. Lupoli Jr 209-217 Congress St., and 96-104 High St., Boston Congress Street Holding LLC 294-306 Harvard St., Brookline Brookline Investment LLC Parker Street, Parcels 1-3, East Longmeadow Elm Care Group LP 40 Beacon St., Units 2, 3, 4 and 5, Boston DIV Forty Beacon Property Trust 1-55 Green St., Clinton Clinton Millworks LLC 85 American Legion Hwy., Revere Bell Circle Associates LLC 500 West Hartford Ave., Uxbridge Uxbridge Solar LLC Lot 7B Vining St., Malden and Revere LR Overlook Phase III LLC 72 River Park St., Needham; and 70, 100, 150, 160 and 189 Wells Ave., Newton $14,900,000 455 Main St., Wilbraham ARC CBWBMMA001 LLC 217 Adams St., Dorchester ARC CBDCRMA001 LLC 47-77 Palmer St., Quincy Peter F. O’Connell and Thomas P. O’Connell 297 Great Rd., Bedford Great Road Shopping Center LLC 1063-1077 Massachusetts Ave., Cambridge Sundance at Harvard Square Holdings LLC 53 Third Ave., Burlington Third Avenue LLC Lots 1-3 and 5-6, 233-239 Chief Justice Cushing, Cohasset Lynne B. Schwandt 22 Larsen Ln., Chilmark; and 21 Mohawk Way, Cohasset Edna W. Barry 164 Parkingway, Quincy Hancock Park LP 280-284 and 286-290 Summer St., Boston Retals LLC 3 Vision Dr., Natick BWP Natick Realty LLC 2029-2037 and 2041-2049 Columbus Ave.; 185-187 and Washington Park LP 189-191 Walnut Ave.; and 25-33 and 39 Wyoming St., Boston 440-480 McClellan Hwy, Boston 440 McClellan LLC 600-638 Massachusetts Ave., Cambridge Central Square LLC 220 Alewife Brook Pkwy., Cambridge KW Cambridge Property LLC 20 Summer St., Watertown Watertown Senior Housing LLC 10 New Bond Street, Worcester Abby Kelly Foster Charter Public School 950 Canterbury St., Boston Cummins Towers Co. LP 411D St., Boston 411D Street Associates LLC 100 Franklin St. and 4 Liberty Sq., Boston 53-55 Ashford St., 27-31 and 45-55 Brighton Ave., 501 Cambridge St., 1119-1123 Commonwealth Ave., 98 Gardener St., 24-26 Hamilton Rd., 48-50 Newmarket Sq., and 151 Tremont St., Boston; 224 Fuller St., 24-26 Hamilton Rd., 156 Lawton St., 178-186 Thorndike St., 19 Winchester St., and 41 Winslow Rd., Brookline and 63 Oakland St., Medford; and 21-29, and 23, Musquashicut Ave., Scituate 25 and 28 Nickerson Ln. and 1007-1009 South St., Wrentham 35-45, 36-46 and 72-82 Peterborough St., Boston 131 Beverly and 160 North Washington St., Boston 48-52 and 49 Burbank St.; 15, 25-33 and 48-52 Edgerly St.; and 16-20 Haviland St., Boston 58-60 Summer St., U-1, Boston

United Bank Oritani Bank Berkeley Point Capital American United Life Insurance Co. TD Bank Massachusetts Mutual Life Insurance Co. Dunham Massey Limited Dunham Massey Ltd Red Mortgage Capital Bank of America Red Mortgage Capital Bank of America

$15,000,000 $15,000,000 $15,000,000 $15,000,000 $15,000,000 $15,825,000 $16,000,000 $16,000,000 $17,292,600 $17,500,000 $17,848,700 $18,000,000

Brookline Bank Principal Life Insurance Co. Middlesex Savings Bank PNC Bank Middlesex Savings Bank Red Mortgage Capital First Niagara Bank, Sovereign Bank and Commerce Bank & Trust Co. TD Bank Keybank

$18,000,000 $18,000,000 $18,500,000 $18,523,000 $19,480,000 $19,635,000 $19,805,385 $20,000,000 $20,000,000

Shops at Wrentham LLC Peterborough Housing Associates LP, Related LJW Acquisition Co. LLC Burbank Apartments Company LP

First Niagara Bank Greystone Funding Corp Related UBC Lovejoy LLC Red Mortgage Capital

$20,000,000 $20,855,700 $21,000,000 $21,000,000

Linear Retail Boston #5 LLC

TD Bank

$22,630,000

Franklin Street Holdings LLC and Liberty Square Holdings LLC, HBC Holdings LLC, HMC Associates LLC, Hamilton On Gardner Associates LLC, Hamilton Real Estate LLC, Hamilton Realty LP, Hamilton Realty TR #1 and #2; Longfellow Apartments Realty TR, Minot Shores LLC, and RET LP, all managed by the Hamilton Co.

continued

THE REAL REPORTER 2013 SUMMER REVIEW

COMMERCIAL ADDRESS 122 Rindge Ave., and 41 Yerxa Rd., Cambridge Congress Street, Milford 105 Cherry Hill Dr., Beverly 165 Haverhill St. Andover, and 40-50 Lawrence St., Lawrence 180 and 182 Pine St. and 75 Sylvan St., Danvers 19.-27 Jackson St., and 25 Middlesex St., Loft 27 Condominium, Lowell 132-148 Ipswich St., Boston 221-257 Crescent St., Waltham 265, 369 and 385-389 Main St.; and 912 Shoemaker Ln., Agawam 20 Applebriar Ln., Marlborough 355, 356-358 and 360 Merrimack St.*, Lawrence Spring St., Lot 2, and Summer Street, Danvers 465 Arsenal St., Watertown 26 Landsdowne St., Cambridge 74 Commerce Way, Woburn 150 and 200 Presidential Way, Woburn 9-23 Griggs St., Allston 159 First St., Cambridge 83-85 and 103 Heard St.; Maple Street; 155 Sixth St. (f/k/a 80 Heard St.) and 155A Sixth St.; and 238 Spruce Streets, Boston 6 and 10 Drydock Ave., 6 Harbor St., and 329 and 333 Northern Ave., Boston 2 Arnold Rd., 41 French St. and 38 Marshall St., Quincy 268, 280, and 288-298 Main St., Haverhill; 4 Plaza Way, Plymouth; 267 Highland Ave., Salem; and 421 Broadway, Saugus 71 East Main St., Webster 10-24 School St., Boston 125 Paridon St., Springfield 54 Merrimac St. and 92 Merrimac St., Newburyport 1 Beeman Rd., Northborough 704-714 Boylston St., and 51-69 Exeter St., Boston 330 Lynnway, Lynn Lots 2 and 7 Colony Place, Plymouth 79-81, 83, 85, 85A, 87 and 91-95 Commercial St. and 362-364 Summer St., Lynn 237-255 State St., Boston 1360 Worcester Rd., Natick and 30 Washington St., Somerville 375 Harvard St., Cambridge 1 Franklin St. and 6-12 Summer St., Boston 435 Eastern Ave., Malden; and 374 Main St., Reading 36 River St., Waltham 43 Foundry Ave., 41 Seyon St. and 190 Willow St., Waltham Off and on Pond Street; Old Place Road, Robbins Path, S. Meadow Rd., Wade Street and Wenham Road, Carver and Plymouth 1325 Boylston St., Boston 10 Overlook Ridge Dr., Revere 13 Centennial Dr., Peabody 1150 West Chestnut St., Brockton 70 Better Way, Chicopee 11 Essington Dr., and 1, 2, 5, 6, 9, 15,1 8, 19, 22, 23, 25 and 170 Shipyard Dr., Hingham 2345 Commonwealth Ave., Newton 100 Brooksby Village Dr., Peabody 1-7 and 2-4 Dolores Ave., 50 Old Lexington Rd.; and 5-13, 6-12, 22-30, 23-29, 38-44 and 39-45 Judith Ln., Waltham 70 Better Way, Chicopee 634 Memorial Dr., Cambridge North Street, Cambridge 2 and 24 Nemco Way, Ayer; and 11 Harvest Ln., Southborough 1325 Boylston St., Boston

MORTGAGES

BORROWER Broder-Rindge LLC Milford Groves LLC Beverly Retirement Residence LLC The Merrimack Valley Young Men’s Christian Association Inc. Brookwood Sylvan LLC 27 Jackson LP The Boston Conservatory Watch City Ventures PHI LLC Agawam Solar LLC and Route 57 Solar LLC Applebriar Apartments Inc Nicholas A. Lupoli Jr St. John’s Preparatory School Arsenal Associates Landsdowne LLC Metronorth Business Center LLC 150 Presidential Way LLC and 300 Metronorth Corporate Center LLC, 9-23 Griggs Street LLC 159 First Street Associates One North of Boston LLC

LENDER Eastern Bank KeyCorp Real Estate Markets Aviva Life and Annuity Co. Enterprise Bank & Trust Co. East Boston Savings Bank Red Mortgage Capital First Republic Bank East Boston Savings Bank CIT Finance LLC Berkadia Commercial Mortgage East Boston Savings Bank People’s United Bank Red Mortgage Capital Connecticut General Life Insurance Co. Bank of America Sovereign Bank First Republic Bank TD Bank East Boston Savings Bank

MORTGAGE $23,000,000 $23,345,000 $23,700,000 $23,750,000 $24,000,000 $24,295,500 $24,500,000 $25,200,000 $26,300,000 $26,688,000 $27,000,000 $27,200,000 $28,000,000 $28,000,000 $28,000,000 $28,860,000 $29,000,000 $29,300,000 $30,000,000

Iccne I LLC

People’s United Bank

$30,000,000

Quincy Commons Associates LLC Charter Foods LLC

Red Mortgage Capital Regions Financial Corp.

$30,000,000 $31,000,000

Charter Foods North LLC 10-24 School Street Associates LLC LD Acquisition Co. 2 LLC Newburyport Manager LLC MM Industrial Beeman Road LLC Lenox Hotel LLC Kettle Cuisine LLC Colony Place Development LLC Hibernia Atlantic U.S. LLC

Regions Financial Corp.

CIT Finance LLC Texas Capital Bank Wells Fargo Bank Prudential Retirement Insurance & Annuity Co. People’s United Bank Maranon Capital LP Bank of America Fortress Credit Corp.

$31,100,000 $32,000,000 $32,900,000 $35,000,000 $36,138,044 $37,500,000 $41,000,000 $41,665,000 $42,500,000

255 State Street LLC DD Hotels I LLC Audubon Road Associates CCSPE LLC MP Franklin Burnham Co LLC and MP Franklin Tower Co LLC Wash Depot I Inc Hines MIP River Street LLC Centerpoint Acquistions LLC A D Makepeace Co

Bank of America CIBC Inc. Berkeley Point Capital HSBC Realty Credit Corp.

Starwood Property Mortgage Sovereign Bank Canadian Imperial Bank of Commerce Farm Credit East ACA

$43,000,000 $44,000,000 $45,000,000 $46,700,000 $47,000,000 $47,200,000 $47,500,000 $50,000,000

Boylston West Target LLC LR Overlook Phase II LLC Cabot III – MA1W03 LLC MA Industrial Brockton LLC Newark Group Inc. Samuels & Associates Hingham LLC

Northwestern Mutual Life Insurance Co. HSBC Realty Credit Corp.

New York Life Insurance Co. Redwood Commercial Mortgage Corp.

Cortland Capital Market Services Jefferies LoanCore LLC

CHSP Newton LLC Peabody Campus LLC 15 Dolores Avenue Apartments Investors LLC

PNC Bank Branch Banking & Trust Co. Capital One NA

Newark Group Inc. MIT 640 Memorial Leasehold LLC NP Parcel N Owner LLC EIP Allied South Owner and EIP Nemco Way Owner LLC Boylston West LLC

TPG Specialty Lending Inc. Allianz Life Insurance Co. of North America Wells Fargo Bank JPMorgan Chase Bank Northwestern Mutual Life Insurance Co.

$52,280,000 $52,900,000 $54,900,000 $57,000,000 $57,451,929.45 $60,000,000 $60,000,000 $64,750,000 $65,000,000 $80,000,000 $82,000,000 $87,100,000 $90,400,000 $139,580,000

THE REAL REPORTER 2013 SUMMER REVIEW

INDUSTRIAL ADDRESS 124 Montello St., Brockton 124 Montello St., Brockton 124 Montello St., Brockton 124 Montello St., Brockton 124 Montello St., Brockton 12 Lothrop St., Beverly

BUYER CC Station Lofts LLC CC Station Lofts LLC CC Station Lofts LLC CC Station Lofts LLC CC Station Lofts LLC 12 Lothrop Street LLC

4 Spring Brook Rd., Foxborough 4 Spring Brook Rd., Foxborough 775 Eastern Ave., Malden 62 Holton St., Woburn 995 Old Post Rd., Walpole

F.S.C. Realty F.S.C. Realty 775 Eastern Ave LLC Barbara M. Fitzpatrick, James J. FitzPatrick and James J. FitzPatrick Jr George Glaropoulos

720 Mechanic St., Leominster 10 Commercial Dr., Dracut 126 Industrial Dr., East Longmeadow 75 New St., Cambridge

CC&C of Leominster LLC JJ McCarthy LLC Industrial Drive Associates LLC Abodez Acorn New Street LLC

200 Tapley St., Springfield 360 Cold Spring Ave. and 144 Heywood Ave., West Springfield 9 Gallen Rd, Kingston 311 Eastern Ave., Chelsea 34-40 Hayden Rowe, Hopkinton 151-155 Reservoir St., Needham 62 Elm St., Waltham 43 Braintree St., Allston

Pazmino Realty LLC 360 Cold Spring Avenue LLC

76-80 Colon St., Beverly 76-80 Colon St., Beverly 76-80 Colon St., Beverly 50 Mystic Ave., Medford 25 Katrina Rd., Chelmsford 794-838 Eastern Ave., Malden 3 Thatcher Ln., a/k/a 3 Thacher Ln., Wareham 3 Thatcher Ln., a/k/a 3 Thacher Ln., Wareham 3 Thatcher Ln., a/k/a 3 Thacher Ln., Wareham 9-15 Bubier St., Lynn 117-127 Heath St., Boston 345 D St., Boston 120 Southbridge Rd., Oxford 277 North Main St., Uxbridge 170 Bartlett St., Northborough 152 Fisk Ave., Springfield 99-105 Crescent Ave., Chelsea 99-105 Crescent Ave., Chelsea 99-105 Crescent Ave., Chelsea 30 Worcester Rd., Webster 18 Homer St., Brookline 15 Blandin Ave., Framingham 101 Campanelli Dr., Braintree 101 Campanelli Dr., Braintree 101 Campanelli Dr., Braintree

9 Gallen Road LLC Eastern Place LLC RPI Hopkinton LLC Frederick M. Hartman Station Landing Associates LLC Herb Chambers 43 Braintree Street LLC 80 Colon Street LLC 80 Colon Street LLC 80 Colon Street LLC 294 Harvard Street LLC and 50 Mystic Avenue LLC Store Master Funding III LLC Gregory T. Antonelli Thacher Road Realty LLC Thacher Road Realty LLC Thacher Road Realty LLC Clocktower Properties LLC

SELLER Knight Building Inc., Knight Building Inc., Knight Building Inc., Knight Building Inc., Knight Building Inc., George E. Michaud Jr. and Patricia R. Michaud Poulin Realty LLC Poulin Realty LLC Thomas Costello Charwit A&S Realty LLC Bruce Stivaletta and Nicholas Stivaletta D.H. Adams Co. Inc Lupine Trust LLC, WB Real Estate Holdings LLC Joseph G. Adams III, Stephen M. Adams and Thomas F. Adams Polman Realty LLC Kuhr Family Realty LLC

LENDER/MORTGAGE Brockton Housing Authority PM 2006 Mass Historic Tax Credit Fund LLC PM 2006 Mass Historic Tax Credit Fund LLC Massachusetts Department of Housing and Community Property & Casualty Initiative Beverly Cooperative Bank Eastern Bank Eastern Bank Newburyport Five Cents Saving Bank Eagle Bank

PRICE $350,000 $350,000 $350,000 $350,000 $350,000 $525,000

MTG. VALUE $200,000 $1,061,423 $116,535.85 $1,118,000 $2,750,000 $1,297,000

$650,000 $650,000 $900,000 $1,000,000

$1,243,529 $1,776,471 $1,600,000 $400,000

$1,000,000

Brookline Bank Hampden Bank Maywood II Realty TR

$1,020,000 $1,020,000 $1,025,000 $1,033,427

$765,000 $3,485,000 $375,792

Peoplesbank

$1,060,000 $1,062,500

$400,000

Richard P. Lynch Delro Associates LP Hayden Rowe Realty Corp Hobson Property Investments LLC Savage & Co. Inc 43 Braintree Street Corp

Holbrook Cooperative Bank Delro Associates LP

$1,075,000 $1,150,000 $1,200,000 $1,250,000 $1,250,000 $1,287,500

$1,240,000 $900,000

Eighty Colon Street LLC Eighty Colon Street LLC Eighty Colon Street LLC W.F. Lacey & Sons Co.,

Granite State Economic Development Corp Provident Bank Provident Bank Brookline Bank

$1,300,000 $1,300,000 $1,300,000 $1,305,000

$534,000 $520,000 $650,000 $1,500,000

Pace Industries LLC Citibank $1,430,917 Endeavor Capital Industries LLC Everett Co-Operative Bank $1,500,000 Jeffrey Richard Ouimet Rockland Trust Co. $1,525,000 Jeffrey Richard Ouimet New England Certified Development Corp $1,525,000 Jeffrey Richard Ouimet Rockland Trust Co. $1,525,000 Massachusetts Coalition East Boston Savings Bank $1,575,000 for the Homeless Inc Heath Street Partners LLC LSREF2 Clover Property 15 LLC East Boston Savings Bank $1,700,000 Seaport Crossing LLC Cedarwood Development LLC East Boston Savings Bank $1,700,000 M & I Realty Inc 2 Katie Marie Dr., LLC $1,728,598 Charbel Real Estate LLC Uxbridge Properties Inc Hellen Service Company Inc., and Uxbridge Properties Inc. $1,775,000 Funnlore Realty Trust LLC Douglas Horka and Nancy Rinuado Enterprise Bank & Trust Co. $1,800,000 American Builders & Contractors Hendricks Commercial Properties LLC $1,892,000 Supply Co. Crescent Avenue-Chelsea LLC Boger Realty LLC Granite State Economic Development Corp $2,065,000 Crescent Avenue-Chelsea LLC Boger Realty LLC First Trade Union Bank $2,065,000 Crescent Avenue-Chelsea LLC Boger Realty LLC First Trade Union Bank $2,065,000 KLT Realty Trust Cranston Print Works Co Sovereign Bank $2,250,000 New Homer Street LLC 18 Homer Street LLC Digital Federal Credit Union $2,250,000 MetroWest Regional Southern Middlesex $2,300,000 Transit Authority Non-Profit Housing Corp.

101 Campanelli Drive LLC Prologis LP Granite State Economic Development Corp $2,359,999 101 Campanelli Drive LLC Prologis LP Weymouth Bank $2,359,999 101 Campanelli Drive LLC Prologis LP Weymouth Bank $2,359,999

$2,010,000 $1,125,000 $610,000 $630,000 $762,500 $900,000

Frederick M. Hartman

$1,100,000

$1,200,000 $3,490,000 $1,275,000 $1,440,000

$1,192,000 $1,158,000 $1,447,500 $1,125,000 $1,800,000

$1,050,000 $1,020,000 $1,275,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

INDUSTRIAL ADDRESS 1988 Washington St., Hanover 910 Boston Tpk., Shrewsbury 9 Progress Rd., Billerica 180 Avocado St., Springfield 39-41 Brooks Dr., Braintree 39-41 Brooks Dr., Braintree 179 Campanelli Pkwy., Stoughton 749 Middlesex Turnpike, Billerica 14 Grove St., Franklin 521 Meadow St., Chicopee 40 Federal St., Lynn 15 Liberty Way, Franklin 15 Liberty Way, Franklin 15 Liberty Way, Franklin 250 Merrimack St, Lawrence 15-33 Richdale Ave., Cambridge 5 Beeman Rd., Northborough 360 Cedar Hill St., Marlborough 234 Ballardvale St., Wilmington 15 Shattuck Rd., Andover 165-181 Cambridge Park Dr., Cambridge 1 Distribution Center Dr., Littleton One Investors Way, Norwood 300 Riverpark Dr., North Reading 300 Riverpark Dr., North Reading

BUYER SELLER Hanover Automotive Properties LLC M And S Limited Partnership Hecht Shrewsbury LLC Douglas Smith, Frederick Smith and Stuart M. Smith Bayfield PB LLC Office Max Inc Severn Peanut Co. Inc Camar Realty Inc 39-41 Brooks Drive LLC STJ Brooks Equity Partners LLC 39-41 Brooks Drive LLC STJ Brooks Equity Partners LLC GCP Stoughton LLC Prologis LP Middlesex Billerica 749 LLC Welch Foods Inc. Storage Pros Franklin LLC Edgar Alger III, Joyce Haseotes and Julius A. Nicolai Meadow Chicopee 425-521 LLC Callaway Golf Ball Operations Inc 40 Federal Street Realty General Electric Co. Holdings LLC 15 Liberty Way LLC Campanelli Franklin I LP 15 Liberty Way LLC Campanelli Franklin I LP 15 Liberty Way LLC Campanelli Franklin I LP 250 Riverwalk LLC Wood Mill Building E LLC Hathaway Partners LLC Arthur Wolfson 5 Beeman Road LLC, LIT Industrial LP 360 Cedar Hill Holdings-3 LLC Ipers Cedar Hill Inc., Ballardvale Street LP 234 Ballardvale Street LLC DC-15 Shattuck Road LLC WRT-Andover Property LLC Hines MIP* Cambridge George B. Dodge Jr, Park Drive LLC MA Industrial Littleton LLC PR Littleton Expansion LLC Marshwood Property LLC Trumbull Center LP and Fairfield Mortgage Partners LP TFG 300 Riverpark Drive Riverpark Investors L.P Property LLC TFG 300 Riverpark Drive Riverpark Investors L.P Property LLC

LENDER/MORTGAGE Merchants Bank Salem Five Cents Savings Bank

PRICE $2,400,000 $2,500,000

MTG. VALUE $1,920,000 $1,825,000

RBS Citizens RBS Citizens Northway Bank

$3,000,000 $3,000,000 $3,100,000 $3,100,000 $3,100,000 $3,180,000 $3,760,000

$1,299,000 $2,480,000 $2,200,000

Eastern Bank

$3,750,000

$3,868,958 $4,000,000 Granite State Economic Development Corp Avidia Bank Avidia Bank Northern Bank & Trust Co. Cambridge Savings Bank Blue Hills Bank Salem Five Cents Savings Bank KeyBank

$4,325,000 $4,325,000 $4,325,000 $5,000,000 $7,000,000 $8,040,000 $9,750,000 $10,530,000 $12,000,000 $19,520,000

$1,777,000 $1,730,000 $2,162,500 $4,800,000 $5,000,000 $5,600,000 $15,600,000 $55,000,000

Redwood Commercial Mortgage Corp Sovereign Bank

$27,400,901 $32,250,000

$57,000,000 $19,350,000

Cresset Riverpark LLC

$32,250,000

$3,400,000

East Boston Savings Bank

$32,250,000

$22,700,000

PRICE $550,000

MTG. VALUE $1,340,000

East Boston Savings Bank Endeavor Capital Funding Cambridge Trust Co. JPMorgan Chase Bank Walpole Co-Operative Bank

$558,200 $850,000 $1,000,000 $1,008,500 $1,024,000 $1,050,000

$1,165,000 $2,000,000 $750,000 $756,375 $819,200

TD Bank Bay Colony Development Corp.

Eastern Bank Eastern Bank MSA Mortgage

$1,050,000 $1,099,000 $1,099,000 $1,099,000 $1,100,000 $1,170,000 $1,200,000 $1,200,000 $1,200,000 $1,270,000 $1,300,000

$862,500 $455,000 $439,600 $549,500 $801,000

M U LT I - F A M I LY ADDRESS Units 46, 47 and 52-59, Riverview Heights Condominium, Amesbury 54 Derby St., Salem 220-226 Hurley St., U-226, Cambridge 24 Murdock St., Brighton 94 Spring St., Medford 20, 23 and 35 Kathryn Ln., Holliston Lewis Wharf Atlantic Ave., U-55/56 and 135/136, Boston 5 Greenwood Pl. and 8 Joyce St., Lynn 3000 Davenport Ave., U-3100, Canton 3000 Davenport Ave., U-3100, Canton 3000 Davenport Ave., U-3100, Canton 6 Baldwin Pl., Boston 9 Mission St., Boston 595 Main St., U-1, Chatham 595 Main St., U-1, Chatham 765 Broadway, Everett 83-85 Surrey St., Boston 71-73 Gainsborough St., Units 101E, 101W, 201E, 202W, 301E & 302W, 71-73 Gainsborough St.; and Units 10, 11, 12, 33-35 and 48, 76 Gainsborough St., Boston

BUYER Gorman Homes LLC Blue Sky Properties Inc 220-226 Hurley Street LLC 24 Murdock St LLC Tauro Investments LLC Eames Capital Partners Sun Hill LLC

SELLER Powder Mill Road Property Management Terryanne St. Pierre William Brett Davis William Y. McCain Charles Fields and Janet Fields Lewis Branzburg Lewis Wharf LP

KCMP Capital Inc Jazbo LLC Jazbo LLC Jazbo LLC Christopher J. Young NILI SO 1998 LLC Riley and Baylor LLC Riley and Baylor LLC Robert Krauss Realty LLC Marc Resnick Stepcon Group LLC

Peter Realty LLC Davenport Associates LLC Davenport Associates LLC Davenport Associates LLC Marie Colleameno 9 Mission LLC 595 Main Street LLC 595 Main Street LLC Mark A. Pearlstein 83-85 Surrey Street LLC Sixty-Nine Gainsborough Street LLC

LENDER/MORTGAGE Georgetown Bank

GRS Investments Brookline Bank Peopleâ&#x20AC;&#x2122;s Federal Savings Bank Walpole Cooperative Bank

$185,000 $825,000 $900,000 $1,015,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

M U LT I - F A M I LY ADDRESS 8 Museum Way, Units 208, 211, 216, 311, 316, 401, 411, 415, 501, 511, 516, 601, 611, 616, 625, 701, 725, 801, 825, 901, 925-926, 1001, 1025, 1101, 1125, 1327, 1827-1828, 8 Museum Way; Units 208, 211, 216, 311, 316, 401, 411, 501, 511, 601, 609, 611, 616, 701, 801, 901, 1001 and 1101, 10 Museum Way, Cambridge 435 Walnut Ave., Boston 41-43 Crescent St., Boston 232 Tremont St., Melrose 875-889 American Legion Hwy., Boston 99 Lexington Ave., Units 99-1, 99-2 and 99-3, Lexington 85 Harding St., Units 0, 2A, 1B, 2B, 3B and 4B, Worcester 2-8 Islington St., Boston 4 Leicester St., Brighton 1140-1142 and 1144 River St., Hyde Park 42-44-46 Lincoln St., Cambridge 259 Commercial St., Units A, B and C, Provincetown 465 Columbia Rd., Boston 170 St. Alphonsus St., Roxbury 28 Fisher Ave., Boston 31-33 Warren F. Roberts Road, Cambridge 219 West Springfield St., Boston 303 Tappan St., Brookline 164 Endicott St., Boston 2-12 Torrey St., Framingham

BUYER Preferred Regatta LLC

SELLER Regatta Riverview ADU LLC

LENDER/MORTGAGE TAL Equities LLP

PRICE $1,300,000

MTG. VALUE $975,000

ABSHB LLC Crescent Moon LLC 232 LLC We Close The Deal LLC MAC Properties LLC

David A. Rosengard Charlestown Crescent LLC Paul S. Alpert Joseph Larosa Debra McEvoy & Robert P. McEvoy

East Cambridge Savings Bank East Boston Savings Bank

$1,162,400 $969,500

First Trade Union Bank Eastern Bank

$1,358,000 $1,385,000 $1,395,000 $1,400,000 $1,400,000

$1,120,000 $1,200,000

Blackstone Lofts LLC

Raymond C. Green Investments LP Builders First Financial

$1,424,027

$1,424,027

Uyen Tu Pham 4 Leicester LLC River Street LJS LLC 42-46 Lincoln LLC

Marc Resnick 4 Leic LLC Antoinette E. Pemberton Gabriel Fula, Joseph Mendonca, and Walter Sousa Donald Coill and Pamela Coill

Blue Hills Bank South Shore Bank

$1,427,500 $1,450,000 $1,500,000 $1,500,000

$1,100,000 $1,400,000

Sovereign Bank

$1,500,000

$1,200,000

$1,501,465 $1,503,000 $1,525,000 $1,560,000 $1,581,000 $1,670,000 $1,683,000 $1,723,750

$1,120,000 $1,320,000 $645,000 $1,170,000

Patricia Gisleson, Aeneas 4 LLC 93 Hillside LLC Bharti Kadian and Sudhir Kadian Jeremy Seeger Kerry L. Nelson Teampeh Properties LLC 164 Endicott LLC Kevin Ryan

15-18, 24 and 26 Pompeii St., Boston Pompeii Street Realty LLC 135-137 Oxford St., Cambridge Manta Ray Management LLC 96, 104-106, 110 and 116 Conant St., Concord Rideout Realty LLC 130 and 134 Ballou Ave., 8 and 10 Elizabeth St. and 10 Verill St., Mattapan 112 Sycamore St., Units 3, 7 and 10; and 112 Sycamore Street 116 Sycamore St., Units 14, 16, 19, 23, 24, 27 and 31, Somerville 618 Columbus Ave., Boston 618 Columbus Avenue LLC 11-13 Seckel St., Cambridge LC Waltham LLC 143 Worcester St., Boston 143 Worcester LLC 203-205 Winthrop Rd., Brookline 206 West Brookline St., Boston 15 Belair St., Brockton 16 River St., Boston 21 and 25 Catherine St., 21 Ives St., 15 Northampton St., 141 Providence St., 54 Queen St., 7-9 Woodland St., and 6 Wyman St., Worcester 53 Church St., Hudson 93 Kirkland St., Cambridge 3 Buckley St., 106 and 108 Chestnut Ave., 76 and 78 Spring Park Ave., and 69 Walden St., Boston 523 Columbus Ave., U-A-G, Boston 54 Bay State Rd., Cambridge 8-14,9-11,18-20,22-24 and 26-28 Lexington Ter., Waltham 96 West Cedar St., Boston 35 North Margin Street, Boston 197-205 Kent St.*, Brookline

Columbia Road Boston LLC East Cambridge Savings Bank Noreen E. Loughran Cambridge Savings Bank FPG 17 Wensley LLC Guaranteed Rate Leonard Singer Digital Federal Credit Union David J. Ware Tappan Street LJS LLC Joseph A. Rubino Belmont Savings Bank Christine M. Johnson-Battista Eastern Bank and Judith N. Johnson Uwe Jaeckel, trustee of MED Realty TR Farrington Realty LLC Rockland Trust Co. Maria Christine Ruggiero K&K Development Inc Mattapan Community Development Corp 112-116 Sycamore Street LLC East Boston Savings Bank

Ghassan Krayem 11-13 Seckel Street LLC Christopher L. Gordon and Cynthia E. Gorton DDG Winthrop LLC Wernick Properties LLC 206 West Brookline Properties LLC Christopher R. Yens Rosebrook Apartments LLC Richard G. Daggenhurst 16 River Street LLC Joanna W. Chodes and Leslie W. Fishman South Middlesex The Henry Lee Willis Community Non-Profit Housing Corp Center Inc

Belmont Savings Bank Leader Bank Hingham Institution for Savings

East Boston Savings Bank

$1,346,000 $1,252,500

$1,800,000 $1,806,000 $1,817,500 $1,820,109 $1,850,000

$1,295,000

$1,900,000 $1,925,000 $2,050,000

$1,425,000 $950,000 $1,450,000

$2,100,000 $2,150,000 $2,200,000 $2,500,000

$1,000,000

$1,760,000

$2,500,000

South Middlesex Non-Profit Housing Corp 93 Kirkland Street LLC JP Scattered Site LLC

The Henry Lee Willis Community Center Kirkland LLC JPSSC Housing Corp.

$2,500,000

523 Columbus Avenue LLC I Fishman LP Allston Village LLC

Conrad E. Jack 54 BSR LLC Linda J. Revell

96 West Cedar Street LLC 35 North Margin Street LLC 197-205 Kent Street LLC

Brownstone Florone Management LP Lantern Corps Realty LLC Cambridge Savings Bank I. Fishman Family LP East Boston Savings Bank

Cambridge Trust Co. Eastern Bank

$2,552,000 $2,700,000

$1,550,000 $3,360,000

Sidney R. Handler

$2,700,000 $2,800,000 $2,925,000

$2,225,000 $2,800,000

$3,075,000 $3,250,000 $3,300,000

$2,437,500 $2,640,000

Digital Federal Credit Union

continued

THE REAL REPORTER 2013 SUMMER REVIEW

M U LT I - F A M I LY ADDRESS 66 Mayflower Ave., Middleborough

BUYER Mayflower LJS LLC

127 St. Botolph St., Boston West Wood Village, Plympton Road.

Plymouth and Kingston 190 Groton Rd., Units 130, 140-150,160, 170, 200, 220, 250, 260 and 270, Ayer 5 Marlborough St., Boston Units 586-1, 586-2, 586-3, 586-6; 588-1, 588-2, 588-4, 588-A; 590-A, 590-1, 590-2, 590-3, 590-4, 592-2, 592-3, 592-4 and 592-6, 586, 588, 590 and 592 Washington St., Brookline 284 Great Rd., Acton 580-584 Bridge St., Weymouth 88 West Cedar St., Boston 5-15 Victory Rd., Dorchester 5-15 Victory Rd., Dorchester 134 Summer St., Malden 2-4-6 Brimmer St., Boston 43 Church St, Falmouth

127 St. Botolph Street LLC West Wood Village Resident Association Inc. HTA-Nashoba MOB 1 LLC

60 Pleasant St., Arlington 25 Hopedale St., Hopedale 85 Storey Ave., Newburyport 1-17 Old Colony Ln., Arlington 130 Bowden St., Lowell

Brentwood Realty Partners LLC VTR Northeast Holdings LLC VTR Northeast Holdings LLC Old Colony Realty Partners LLC Taurus CD 165 Bowden Street Lowell MA LP BC Edmands House LLC BSL/BN Groves CCRC LLC Sun Peters Pond RV LLC CPF Taylor Pond LLC

SELLER KMarsh-Palmer LLC and WMarsh-Palmer LLC Lynx Botolph LLC R.J. Ferioli Realty Inc

LENDER/MORTGAGE Rockland Trust Co.

PRICE $3,500,000

MTG. VALUE $2,700,000

ROC USA Capital

$3,650,000 $3,828,000

$3,876,000

Nashoba Valley Medical

$3,982,662

5 Marlborough LLC Glenside Properties LLC

DEK Holdings LLC The Uma Mallikharjuna Foundation Inc

Acton Townhouses LLC 580-584 Bridge Street LLC 88 West Cedar Street LLC Victory Equity Investment LLC Victory Equity Investment LLC 134 Summer Street LLC GPD Brimmer 2 LLC Peter R. Fenn

Nashoba Apartments LP CBRE Multifamily Capital Inc Ellen Rea Marcus and Sy H. Marcus Eastern Bank Beacon Hill Apartments LLC Victory Road LLC Digital Federal Credit Union Victory Road LLC Digital Federal Credit Union Nancy Murray and Mark Murray Brookline Bank J. Linzee Coolidge & Robert Gulick Mary Ellen Malloy and Anastasios Parafestas David W. Carr Leader Bank HCRI Massachusetts Properties Inc., HCRI Massachusetts Properties Trust II, David M. Carr Leader Bank Lowell Crossing Realty LP Commerce Bank & Trust Co. Edmands House Apartments Assoc. MHIC LLC The Groves In Lincoln Inc HCRI Tucson Properties Inc. Peters Pond RV Resort Inc Criterion at Bedford LLC

$22,000,000 $22,350,301 $29,450,000 $49,050,000

$20,180,000 $21,000,000

Hamilton Northeast LLC

Douglass Plaza Housing Co

$52,000,000

$28,000,000

Georgetowne Homes Two LLC

New Georgetowne LLC

Georgetowne Homes One LLC

New Georgetowne LLC

New Georgetowne LLC

$120,578,810

$7,458,118

Georgetowne Homes One LLC

New Georgetowne LLC

Massachusetts Housing Finance Agency

$120,578,810

$32,392,000

Georgetowne Homes One LLC

New Georgetowne LLC

Massachusetts Housing Finance Agency

$120,578,810

$72,474,000

43 Salcombe Street LLC

John M. Fink

Eastern Bank

ADDRESS 3 and 5 Tannery Rd., Sturbridge Plimpton St., Parcel A, Walpole 6 Neelon Ln., Medway IBG Lots 31-35, Weymouth 56-58 Waverly Ave., Newton

BUYER DiVerdi Builders Inc Plimptonville Crossing LLC Charles River Village LLC IBG Highlands LLC Rogers & Co

881 East Second St., Boston Beech St., Lots 22, 24, 26, 27, 28 & 31, Millis 97 Myrtle St., Norfolk Lots 4,7, 10, 11 and 23 Hickory Ln., Topsfield 149 County Rd., Ipswich ; 21 Plantingfield Way, Edgartown 29 Commercial Rd., Leominster

881 Second Street LLC Mendes Development Co. Inc Ariana Lane Norfolk LLC Patch Development LLC SHP IV/LCB Ipswich LLC Geoffrey Caraboolad, Wendy’s Old Fashioned Hamburgers of New York Inc. Briarcliff Estates SV LLC

SELLER Allen Homestead Development John M. Lubold Todd A. Gattoni, LNR South Shore LLC David O’Rourke and Deborah M. O’Rourke J&E Realty TR Southwind Farm LLC Sunnyside-Myrtle Development LLC Meeting Way Corp. Inc Congress Construction Corp Plantingfield Way LLC CNL APF Partners LP

11-15 Edmands Rd., Framingham 9-17 Cambridge Tpk., Lincoln 185 Cotuit Rd., Sandwich 2000 Taylor Pond Rd., Bedford; and Plank Road, Billerica 3 Douglas Pk., 168R Camden St., 650 Columbus Ave. & 801 Tremont St., Boston 400A Georgetown Dr., f/k/a 543 Georgetown Drive., Boston 400A Georgetown Dr., f/k/a 10 and 650 Georgetown Dr., Boston 400A Georgetown Dr., f/k/a 10 and 650 Georgetown Dr., Boston 400A Georgetown Dr., f/k/a 10 and 650 Georgetown Dr., Boston 43-45 Salcombe St., Boston

Wellesley Bank The Cooperative Bank

KeyBank

$4,150,000 $4,200,000

$5,328,300 $5,211,940

$4,300,000 $4,400,000 $4,400,000 $5,335,000 $5,335,000 $6,600,000 $8,250,000 $11,750,000

$3,440,000 $3,300,000

$12,465,000 $14,035,188 $19,939,727 $20,035,000 $20,250,000

$21,125,000

$2,575,000 $1,160,000 $4,950,000

$21,125,000 $17,050,000

$73,430,703.75

$1,104,000

LAND

Stafford Street and Victoria Drive, Lots 1, 2, 6, 7 and 8 , Leicester

Watson Global Development Associates LLC

LENDER/MORTGAGE United Bank MutualOne Bank Needham Bank South Shore Bank Dedham Institution for Savings First Commons Bank Sunnyside-Myrtle Development LLC Haverhill Bank PNC Bank National Association

PRICE $57,000 $120,000 $450,000 $640,000 $725,000

MTG. VALUE $1,250,000 $2,575,000 $2,160,000 $1,620,000 $1,500,000

$866,000 $1,087,000 $1,100,000 $1,100,000 $1,100,000 $1,130,000 $1,138,000

$6,633,475 $1,000,000 $1,245,000 $12,892,000

$1,175,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

LAND ADDRESS 36 River St., Waltham 160,162 and 164 Bradford Street Ext., Provincetown 4790 State Hwy., Eastham 199 Stafford Rd., Wales 2, 12, 12A, 16, 18, 22, 38 and 44 Irving St.; and 400 and 402 Waverly St., Framingham Lots 1, 2 and 3 of Parcel A Cider Hill Way, Andover Lot 2, Vine and Tufts Streets, Charlestown 15 Harris St., Cambridge and 318 Beacon St., Somerville 33 Walcott St., Stow 121-129 Winter St., Lots 1-4, Lincoln & Waltham Brandt Lane and 24 Jolma Rd., Worcester 3 Distribution Center Dr. Littleton 75-85 Northern Ave., Boston 189 Boston Post Rd., Sudbury 16 Wildes Road, Topsfield 101 Brookley Rd., West Roxbury Lots 50, 52 and 53 Livermore Cir., Lots E and F Maynard Rd. and Lots 46A, 47-49, 54 and 55 Widow Rite’s Ln., Sudbury 21 Shepard St. and Lot 1, Warren St., Lynn 90 Freeport St., Dorchester Lots 15-258 thru and inc. Lots 15-268, A-238, A240 and A-241, Boatwright’s Loop, Plymouth Lot 1A and 4 and Parcel A, B, C and 1B, Franklin St., Wrentham Lot 1A and 4 and Parcel A, B, C and 1B, Franklin St., Wrentham Lot 1A and 4 and Parcel A, B, C and 1B, Franklin St., Wrentham Lots A and B, 71 Needham St., Newton 36 River St., Waltham Woodland Road, Lot A, Brookline 30 Wyman St., Woburn

BUYER Acadia on the Charles LLC Marcus Builders LLC

SELLER LENDER/MORTGAGE TC Saracen LLC, Donald N. Fiset and Robert P. Fiset Seamans Bank

PRICE $1,249,999 $1,270,000

Eastham Range LLC Wales Village LLC Bullard Building LLC

T.D. Riverside LLC Wales Brookside Village LLC Plousia LLC

Dime Bank

$1,300,000 $1,312,500 $1,325,000

$1,050,000

Fieldstone Meadows Development Corp Suffolk Vine LLC

Andover Sunset Rock LP

Enterprise Bank & Trust Co

$1,360,000

$1,251,600

$1,400,000

$4,200,000

Beacon Street Partners LLC

Roman Catholic Archbishop East Boston Savings Bank of Boston Greenwood Management Properties

Bentley Building Corp Hospice of the North Shore Inc. J. Russ Corp., MA Littleton Land LLC, MS Seaport Block F LLC CCC Post Road LP New Meadows Development LLC Buildex Real Estate Ventures LLC, SF Holdings LLC

Kenny E. Banks and William C. Banks LSREF2 Clover Property 15 LLC Scott M. Saltus Avidia Bank PR Littleton Expansion LLC MS Boston Seaport LLC Northern Bank & Trust Co. Vincent C. Mercuri Montana Development LLC North Shore Bank Planet Street LLC Robert D. Quirk Bank of New England

$1,450,000 $1,450,000 $1,575,000 $1,600,000 $2,000,000 $2,000,000 $2,150,000 $2,180,000 $2,200,000

$1,000,000

EWE Properties Inc North Dorchester LLC Whitman Homes Inc

21 Shepard Street LLC Motorland Inc Pinehills LLC

$2,250,000 $2,400,000

$2,100,000 $2,080,000

$2,720,000

$1,920,000

$2,720,000

$2,000,000

$2,720,000

$3,880,000

$3,200,000 $4,500,000 $4,500,000 $4,533,595

$11,306,000

$2,250,000 Joseph M. Susi, Raymond P. Susi and Robert Susi South Coastal Bank

Eaglebrook Development LLC

Antonio J. Lorusso and Rockland Trust Co. Samuel A. Lorusso Eaglebrook Development LLC Antonio J. Lorusso and Rockland Trust Co. Samuel A. Lorusso Eaglebrook Development LLC Antonio J. Lorusso and Rockland Trust Co. Samuel A. Lorusso Needham Street Village Shops LLC H & J Newton LLC Commerce Bank & Trust Co Hines MIP River Street LLC Acadia on the Charles LLC 3DBB Brookline LLC Pine Manor College Pine Manor College Melanson Gately LLC William C. Carlson, Paul J. Kennedy, Northern Bank & Trust Co. Albert T. Spence, Robert J. Spence Jr., and Thomas W. Spence, trustees of Spence Farm Realty TR 555 Forest St., Marlborough Partners Healthcare Systems Inc John A. Cataldo, Arturo J. Gutierrez and Arthur J. Gutierrez Jr., Shipyard Dr., Lot P19B-7 and Lot P19-1, Hingham Lennar Hingham Holdings LLC MS Rialto Hingham MA LLC 1 Repton Dr., and 2 Repton Cir., Watertown VRS/MCRT Watertown MEWS LLC Beacon Pleasant Street LLC Citizens Bank of Pennsylvania

MTG. VALUE $470,000

$1,400,000

$1,725,000 $3,250,000 $3,150,000

$500,000 $3,579,000

$4,542,500 $5,185,389 $12,357,500

$37,700,000

PRICE $1,000,000 $1,000,000 $1,034,335

MTG. VALUE $1,000,000 $1,000,000 $700,000

$1,200,000 $1,237,500 $1,300,000

$960,000 $1,300,000

$1,417,623 $1,630,000 $1,630,000 $1,800,000

$1,230,000 $3,662,500 $2,660,000 $1,200,000

OFFICE ADDRESS 154 High St., Ipswich 817 Highland Ave. & 471 Hunnewell St., Needham 18 Highland Ave., Newburyport 33 Nagog Park, Acton 418-422 Main St., Worcester 135-137 North Beacon St., Watertown 52 Armstrong Rd, Plymouth 285 John Fitch Highway, Fitchburg 292 Cabot St., Beverly 40 Tall Pine Dr., Sudbury 40 Tall Pine Dr., Sudbury 1398 Cambridge St., Cambridge

BUYER SELLER 154 High Street LLC High Street North LLC 57 Dedham Ave LLC Edgehill Construction Corp Highland Associates of Daniel Leary Jr., Paul Mendelson Newburyport LLC and Joseph E. Tuthill Aditas LLC ND/Winrock Acton LLC KYR 418 LLC Panadorou Properties LLC 135 North Beacon Street LLC Samuel S. Brooks ARC of Greater Plymouth Inc Origen Armstrong Investment LLC Fitchburg Gas and Electric Light Co. Fitchburg Associates Pathways for Children Inc Northeast Behavioral Health Corp SG Tall Pine LLC CODJER Pines LLC SG Tall Pine LLC Codjer Pines LLC 1400 Cambridge Street Realty LLC Katherine A. Coughlin

LENDER/MORTGAGE The Savings Bank Needham Bank Institution For Savings in Newburyport and its Vicinity $1,055,017 Avidia Bank Webster Bank $1,400,000 TD Bank Cape Cod Five Cents Savings Bank Cape Cod Five Cents Savings Bank Northern Bank & Trust Co

continued

THE REAL REPORTER 2013 SUMMER REVIEW

OFFICE ADDRESS

BUYER

SELLER

LENDER/MORTGAGE

PRICE

MTG. VALUE

189 Cambridge St., Cambridge

189 Cambridge Street LLC

Robyn L. Mooradian and Debra M. Wilson

South Shore Bank

$2,000,000

$1,600,000

1 Griffin Brook Dr., Methuen

One Griffin Brook Drive LLC

197 Main St., North Reading

NR 197 Main LLC

David K. Wanger

Enterprise Bank & Trust Co.

$2,094,523

$1,593,750

William R. Schofield,

William R. Schofield, trustee of 197 Main Street Realty TR $2,250,000

$2,130,000

94 Wells Ave., Newton

The Hospice of the Good Shepherd Inc.

Ninety-Four Wells Avenue LLC

The Village Bank

$2,280,000

15 Belmont St.; 22, 51 and 53 Old Lincoln St.; and 43 and 49 Lincoln St., Worcester

Massachusetts College of Pharmacy CHM Realty LLC and Allied Health Sciences

345 Boylston St., Newton

Legacy Pearl LLC

Louise Corman

Eastern Bank

$2,926,000

$2,190,000

145 Wells Ave., Newton

145 Wells Partners LLC

D&D Image Group LLC

Brookline Bank

$3,200,000

$300,000

1 Riverside Dr., Andover

Charm Sciences Inc.,

RREEF America REIT III Z1 LLC

550 Dudley St., Roxbury

Co-Opportunity Inc

Community Hope LP

1266 Furnace Brook Pkwy., Quincy

Ellen Rea Marcus & Sy H. Marcus Exchange 1 LLC

Eastern Bank

$3,800,000

31 Roche Brothers Way

Heights Holding Co

RiverSource Life Insurance Co.

$4,250,000

490 Old Connecticut Path, Framingham

CR 21 LLC

Conopco Inc

727-731 Boylston St., U-2, Boston

Boylston 729 LLC

729 Boylston Street Partners LLC

Brookline Bank

$5,200,000

$4,500,000

159 Overland Rd., Waltham

ABC Commercial Properties Waltham Inc

Koda Ventures Waltham I LLC

Northway Bank

$5,425,000

$3,797,500

Northway Bank

$6,165,000

$6,670,000

Two Washington Place LLC

$2,850,000 $2,900,000

$3,500,000 $3,649,469

$4,500,000

300 Federal St., Andover

GCP Andover LLC

Jupiter Real Estate LLC

193-195 State St., Boston

195 State Street Realty TR

195 State Holdings LLC

$7,700,000

7-9 Channel Center St., Boston

BCSP 7/9 Channel Center Property LLC

Channel Center Holdings VAF LLC

$7,800,000

319-321A St., Boston

319A Property Owner LLC

W2005 BWH II Realty LLC

$3,000,000

Divcowest Fund III REIT LP

$8,000,000

$5,850,000

1-9 Essex St., & 628-636 Washington St., Boston Washington Liberty LLC

JPMCC 2007-CIBC19 Washington Street LLC

$8,137,500

70 Walnut St., Foxborough

HTA-Norwood MOB LLC

Steward Norwood Hospital Inc

79 Newbury St., Boston

UMNV 79 Newbury LLC

YAS Real Estate LLC

97 Libbey Industrial Pkwy, Weymouth

Foxrock Weymouth At Realty LLC Libbey Park LLC

Rockland Trust Co.

$10,500,000

327-335 and 337-347 Summer St., Boston

DWF II Synergy LLC

W2005 BWH II Realty LLC

DWF III Synergy Lender LLC

$11,000,000

$5,850,000

150 Newport Ave., Quincy

Foxrock Granite LLC

Normandy Newport Holdings LLC

Eastern Bank

$13,975,000

$12,000,000

$8,245,511 $10,000,000 $5,250,000

306 Dartmouth St., Boston

FAL Boston LLC

Neil St. John Raymond

111 Speen St., Framingham

111 MPA LLC

RREEF America REIT III-Z1 LLC

Cambridge Savings Bank

$14,500,000

$14,500,000 $10,400,000

100 and 150 Grossman Dr., Braintree

Albany Road-Braintree LLC

Braintree Executive Park LLC

JPMorgan Chase Bank

$17,200,000

$10,690,000

818 and 830 Oak St. Brockton

HTA – Good Sam Mob LLC

Steward Good Samaritan Medical Center Inc.

$17,601,170

45 Milk St., Boston

SDCO 45 Milk Street Office Inc

45 Milk Street Owner LLC

$21,000,000

330 Baker Ave., Concord

Cole of Concord MA LLC

Normandy Concord BTS LLC

$24,365,522

10 Fawcett St., Cambridge

AG Fawcett LLC

Fresh Pond Square Associates LLC

200 Inner Belt Rd., Somerville

North River II LLC

Fine Art Storage Partners LLC

People’s United Bank

$33,430,000

$24,570,000

9-11 Beacon St., Boston

Beacon Street Holdings LLC

11 Beacon Street LLC

Eastern Bank

$34,000,000

$23,000,000

1 Newton Pl., Newton

Taurus One Newton Place LLC

The Realty Associates Fund VII LP

Eastern Bank

$34,000,000

$34,500,000

266 & 275 Second Ave., Waltham

266 & 275 Second Avenue LLC

John Hancock Life & Insurance Co.

$31,300,000

$34,500,000

400-1, 400-2 & 460 Totten Pond Rd., Waltham The Realty Associates Fund X L.P Totten Pond Investors Inc

$47,000,000

320 Charles St., a/k/a 111 Sixth St., Cambridge BMR-320 Charles LLC

Joseph H. Matzkin

$52,000,000

19 Superior Dr., Natick

The Mathworks Inc.

Boston Scientific Corp.

47 Foundry Ave., 41 Seyon St. and 190 Willow St., Waltham

Centerpoint Acquisitions LLC

TC Saracen LLC Behringer Harvard Wayside LLC

$55,000,000 RPF II Lender I LLC

$68,000,000

5 and 15 Wayside Rd., Burlington

Piedmont 5 & 15 Wayside LLC

1 Sun Life Park, Route 9 and Route 128, Sun Life Executive Park, Wellesley Hills, and St. Mary Street, Needham

Sun Life Assurance Co. of Canada Sun Life Assurance Co. of Canada

$69,320,800

311 Arsenal St., Watertown

Athena Arsenal LLC

President and Fellows of Harvard College

$168,500,000

269-287 Grove St., Newton

Hines Global Reit Riverside Center LLC

MA-Riverside Project LLC

$197,250,000

1, 3, 6, 7, 8, 12, 15, 16 and 17 New England Executive Park Dr., Burlington

AEW Capital, CRRI and National Development

Equity Office

$215,900,000

$88,040,000

$44,200,000

THE REAL REPORTER 2013 SUMMER REVIEW

RETAIL ADDRESS 350 John Fitch Hwy., Fitchburg

BUYER Thurken MA II LLC

0 and 32-36 Andrew St. and 38-50 Central Ave., Lynn 14-18 Robert St., Roslindale 45 Meeting House Ln., Bourne 1115 Worcester Rd., Framingham 213-221 Bowdoin St., and 82-84 Norton St., Dorchester 250 Central St., Winchendon 893 Main St., Woburn 40A Centre St., U-1, a/k/a 40A Center St., Nantucket 139 Southbridge Rd., Oxford 915 South Main St., Haverhill 343 Center St., Ludlow 1179-1191 Ocean St., Marshfield 1179-1191 Ocean St., Marshfield 1179-1191 Ocean St., Marshfield 524-530 Main St., Melrose 24 Commonwealth Ave., Concord

Water Street Retail LLC

SELLER Lawrence Marshall and Robert Marshall Great East Realty TR

13-15 Main St., Wakefield 19 Haverhill Rd., Amesbury 237 Dodge Rd., Rowley 237 Dodge Rd., Rowley 619-621 Hammond St., Brookline 8 Dyer St., Provincetown 8 Dyer St., Provincetown 8 Dyer St., Provincetown 324 East Main St., Milford 49 L Street, Boston 891 Main St., Woburn 116 Main St., Medway 59 Main St., a/k/a 59 Rt. 28, West Yarmouth 59 Main St., a/k/a 59 Rt. 28, West Yarmouth 2485 Massachusetts Ave., Cambridge 106-120 Cambridge St., Boston 11 Research Pl., Chelmsford 64 Bearskin Neck, Rockport 28 West Rd., Orleans 168-174 Hampshire St., Cambridge 126 Killam Hill Rd., Boxford 186 Endicott St., Danvers 350 Squire Rd., Revere 175 Bridge Rd., Salisbury 138 Harvard Ave., Boston 515 Northboro Road West, Marlborough 1 Country Club Rd., Holyoke 311 and 315 Mishawum Rd., Woburn 6 Washington St., North Reading 1833 Centre St., Boston 140-142 Franklin St., Stoneham

LENDER/MORTGAGE Franklin Savings Bank

PRICE $499,000

MTG. VALUE $1,200,000

Lowell Five Cent Savings Bank

$585,000

$1,505,882

City Point Capital III LP Carol Ann Gately & John Gately Jr. A.L. Prime Energy Consultant Inc Nelson Fernandez

Thomas Papathanasiou Dedham Institution for Savings 45 Meeting House Lane Realty LLC Hingham Institution for Savings Govoni Realty Inc., Jennifer M. Trendel

$750,000 $1,050,000 $1,100,000 $1,100,000

$3,492,000

Winmass Realty LLC Main Street Woburn RX LLC 58 Main Street LLC

Almy Corp Edward J. McManus Bernard Coffin and Carol Coffin

Valley National Bank Cambridge Savings Bank Hingham Institution for Savings

$1,150,000 $1,200,000 $1,200,000

$900,000 $6,900,000 $525,000

Oxford Realty TR $1,200,000 $1,209,706 New England Certified Development Corp South Coastal Bank South Coastal Bank Enterprise Bank & Trust Co.

$1,200,000

$400,000

$1,250,000 $1,250,000 $1,250,000 $1,250,000 $1,250,000

$527,000 $509,600 $637,000 $937,500

$2,010,000

Reading Cooperative Bank

$1,278,293 $1,295,000 $1,400,000

$1,425,000

Reading Cooperative Bank

$1,400,000

$3,239,671

619-621 Hammond Street Realty TR Cape & Islands Community Development Inc

$1,400,000 $1,447,500

$200,000 $458,000

Seamens Bank

$1,447,500

$445,500

Seamens Bank

$1,447,500

$742,500

Navigant Credit Union Needham Bank Cambridge Savings Bank

$1,450,000 $1,475,000 $1,500,000 $1,525,000

$1,100,000 $3,512,000 $6,900,000

BankNewport BankNewport M and S Limited Partnership First Trade Union Bank

$1,550,000 $1,550,000 $1,605,000 $1,700,000 $1,733,333

$577,500 $825,000

139 Southbridge Road Inc Richard McCabe South Main Corner LLC Joseph B. Bardetti GF Enterprise II LLC Taco Bell of America LLC Rexhame Real Estate LLC Robert E. Gagnon Sr Rexhame Real Estate LLC Robert E. Gagnon Sr Rexhame Real Estate LLC Robert E. Gagnon Sr Cuong Bui Timothy C. Moynihan 24 Commonwealth Avenue Paul Mandrioli & Peter Mandrioli Jr Associates LLC Store Master Funding III, LLC Best Friends Pet Care Inc Align Credit Union Bradley M. Kutcher The Residence At Carriage Windover Properties LLC Pines LLC The Residence At Carriage Windover Properties LLC Pines LLC 619 Hammond Street LLC Barry Bernard and Myrna Bernard Stephen Katsurinis and Penzance Road Real Estate LLC Brandon Quesnell Stephen Katsurinis and Penzance Road Real Estate LLC Brandon Quesnell Stephen Katsurinis and Penzance Road Real Estate LLC Brandon Quesnell Stewardship Property LLC Route 16 Land Development Corp 49 L Street LLC Kerri Nee and Kevin Nee Main Street Woburn RX LLC Flora Main LLC Paul A. Longobardi and Janice Griffiths and Joseph Griffiths Peter B. Longobardi Dipti LLC Ragini LLC Dipti LLC Ragini LLC Cambridge Automotive Properties LLC MJ Development Group LLC Gerard Schifino Milton Wilson III Barbara Schupack and Melvyn B. Schupack 64 Bearskin Neck LLC Bearskin Neck Motor Lodge Inc Hang Ten Inc William L. Hirst Hampshire Holdings LLC Agnosis Development LLC Store Master Funding III, LLC Best Friends Pet Care Inc Charter Foods North LLC Taco Bell of America LLC 350 Squire Road LLC Global Companies LLC George Haginicolas and Steven Kuchar and Lisa Reinhold Steven Haginicolas Allston Village LLC Yellow Brick Storage LLC OFLC Real Estate LLC Vivon Corp., D. Hotel & Suites Inc Holyoke Hotels LLC Woburn Lodging LLC Grand Prix Woburn LLC DJTC Realty LLC Ronald A. Levaggi Roxbury Pooh LLC Babak Veyssi Stoneham Assisted Living LP S&R Associates

Citibank

Bank of Cape Cod Salem Five Cents Savings Bank Citibank Regions Financial Corp Northern Bank & Trust Co. North Shore Bank Digital Federal Credit Union Vivon Corp Easthampton Savings Bank Business Capital Source

United Bank

$1,800,000 $1,800,000 $1,900,000 $1,976,438 $1,981,812 $2,000,000 $2,000,000 $2,050,000 $2,200,000 $2,500,000 $2,568,900 $2,650,000 $2,757,281 $2,800,000

$1,261,500

$905,000 $4,100,000 $2,010,000 $31,100,000 $1,584,000 $2,000,000 $1,288,000 $1,980,000 $2,240,000 $1,950,000

$15,700,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

RETAIL ADDRESS 21 Broad St., Nantucket Boria Lane and Worcester Providence Tpk., a/k/a Route 146, Millbury 94 Charles St., Boston 1, 5 and 17 Edgell Rd., Framingham 105 and 109R Bradford Street Ext., Provincetown 465, 467 and 469 Washington St., Boston 1719 Boston Rd., Springfield 1725 Massachusetts Ave., Cambridge 49-53 Grove St., and 576-578 Washington St., Wellesley 131 Main St., Spencer 1075 Broadway, Lot 21, Saugus

BUYER Nantucket Broad Street LLC 146 Rocks LLC

SELLER 21 Broad Street LLC Millbury Savings Bank

94 Charles Street Residential LLC Sally Deane and Louise Venden Capstan Holdings I LLC and GO Development LLC Wrentham Holdings LLC The Escape Plan LLC Charlotte L. Gordon and William A. Gordon Jr Treeco/Liberty LLC Frederick Ballou and Peter Loring Boston Road Retail LLC JCP Partners LLC Elie On Mass. Ave., LLC Cumberland Farms Inc. Washington Grove LLC WB Wellesley Inn LLC

LENDER/MORTGAGE

MTG. VALUE

People's Bank

PRICE $3,050,000 $3,200,000

East Cambridge Savings Bank Eastern Bank

$3,300,000 $3,400,000

$3,000,000 $2,560,000

Cooperative Bank of Cape Cod

$3,425,000

$2,850,000

East Boston Savings Bank

$3,475,000 $3,550,000 $3,750,000 $4,530,000

$4,000,000

$6,500,000 $9,361,000

$5,200,000 $7,020,000

East Cambridge Savings Bank

Mayan Tov LLC CPI VSC Saugus LLC

Woodgreen Spencer LP Rollstone Bank & Trust Nomist Realty/1069 Broadway/ Sovereign Bank Saugus LLC 49-67 Lansdowne St., Boston NESV Lansdowne Street LLC Lansdowne Parking Associates LP 10-18 Pleasant St., and 5 Waldo St., Brookline CHR Pleasant LLC Gladys LLC Gladys LLC 400 Presidential Way, Woburn Realty Income Properties 25 LLC 400 Metronorth Corporate Center LLC 1285 Beacon St., Brookline 1285 Beacon Investors LLC 1285 Beacon LLC RBS Citizens 1453 Pleasant St., Bridgewater HD Bridgewater Realty DST 1453 Pleasant Street LLC and CTL Lending Group Pleasant Street Bridgewater LLC 75 Felton St., Marlborough Marlborough WCP Hotel LLC Fine Key West Investments LLC Cantor Commercial Real Estate Lending 10 Necco St., Boston Necco Garage Properties Owner LLC W2005 BWH III Realty LLC Capital One 27-B and 727-A Marrett Rd., Lexington A&E Lexington Hotels Owner LLC Starwood Lexington Realty LLC Sovereign Bank 100 Commercial Rd., and VCG Whitney Field LLC MLMT 2006-C2 Mall at Colfin Whitney Funding LLC 71 Sack Blvd., Leominster Whitney Field LLC 350 Stuart St., Boston LBV Hotel LLC Headquarter Hotel LLC/ Deutsche Bank Doyle Back Bay LLC

$10,500,000 $11,009,747 $12,100,000 $13,925,000 $15,150,000

$3,400,000

$10,509,747 $10,402,000 $14,125,000

$23,980,000 $34,000,000 $36,000,000 $36,100,000

$19,750,000 $18,525,000 $18,500,000 $41,650,000

$84,387,000

$62,000,000

PRICE $800,000

MTG. VALUE $1,486,500

The Village Bank

$1,020,000

$798,750

Marlborough Savings Bank

$1,090,000 $1,105,000 $1,200,000

$825,000

MIXED-USE ADDRESS 61-65 Boyd St., Watertown 429 Cherry St., Newton 181 North Main St., North Brookfield 2 and 4 Chins Way, Nantucket 126-150 Pleasant St., Malden 27-29 Square St., Boston 534 East Broadway, Boston 101 Richdale Ave. and 60-62 Walden St., Cambridge 63 Bedford St., Lakeville 221 Baker Ave., Concord 24 Joy St., Boston 355 Bennington St., and 413, 415 and 419 Bremen St., Boston 40 Follett St., Quincy 315 and 335 Maple Ave. and 365 Boston Tpk., Shrewsbury 10 and 12 Avon Ct., 1, 5 and 8 Norwood Ct.; and 115-123, 147R and 149R East Main St., Gloucester 760 Cummings Hwy., Boston 55-65 Central St., Georgetown

BUYER SPC Development LLC

SELLER Davis Rowe, Kathleen Rowe and Matthew H. Rowe Young Investments LLC Newton Community Service Centers Inc 181 N. Main North Brookfield LLC Paradise One Realty LLC 2-4 Chins Way LLC PBE Companies LLC 126-150 Pleasant Street Malden Masonic Association Associates LLC 27-29 Stuart Street LLC Frederick M. Cyker 534 EB LLC Boston Redevelopment LLC Mane Properties John E. Fallon

LENDER/MORTGAGE Cambridge Trust Co.

Belmont Savings Bank Walpole Co-operative Bank

$1,200,000 $1,295,000 $1,300,000

$1,036,000 $1,040,000

Warren Trask Co New Life Community Church 24 Joy LLC 413-419 Bremen Street LLC

Gebsco Realty Corp Concord Elks Club Inc Beacon Hill Apartment LLC DeSanctis Holdings LLC

Berkshire Bank

$1,925,000 $2,180,000 $2,425,000 $2,850,000

$10,740,000

Saint Bay Pointe Land LLC, Spagtacular LLC

Rossignol Corp David M. Nickless

Rossignol Corp.

$3,531,300 $4,000,000

$2,931,300

Rockport National Bank

$4,100,000

$3,690,000

760 Cummins Highway LLC East Cambridge Savings Bank Central Street Plaza Georgetown LLC

$4,295,158 $4,400,000

$3,400,000

Sixty-Nine Gainsborough Street LLC

Manufacturers and Traders Trust Co.

$4,600,000

$3,600,000

Blades Realty LLC Blades Realty LLC

TD Bank TD Bank

$6,750,000 $6,750,000

$2,380,000 $3,400,000

East Gloucester Marine Realty TR East Gloucester Marine LLC and Jimary Land Trust LLC

Cummins Highway LLC Columbia Property Investors Windham II LLC 69Gainsborough St.; & 76-110R Gainsborough St, 69 Gainsborough St, LLC Units 28 to 31 an 60 to 65, Boston 2110 to 2130 Providence Hwy., Unit 1, Walpole SRJ Management LLC 2110 to 2130 Providence Hwy., Unit 1, Walpole SRJ Management LLC

continued

THE REAL REPORTER 2013 SUMMER REVIEW

MIXED-USE ADDRESS 205 Newbury St., Boston 10 and 11 Arlington St., Boston 8 Newbury St., Boston

BUYER UMNV 205 Newbury LLC Fisher College UMNV 8 Newbury LLC

39 JFK St., Cambridge 10-20 Channel Center St., Boston

Mayhaw LLC BCSP 10/20 Channel Center Property LLC

SELLER LENDER/MORTGAGE 205 Newbury Associates Tellus Institute Inc TD Bank Linda S. Dalby Kennedy and Martha W. de Bourgknecht 39 JFK LLC Channel Center Holdings VAF LLC

PRICE $8,060,000 $11,750,000 $15,150,000

MTG. VALUE $9,320,000

$33,150,000 $62,000,000

MISCELLANEOUS COMMERCIAL ADDRESS 502-504 Massachusetts Ave. and 776-780 Tremont St., Units 4, 5, 6 and 7, Boston 319-329A Centre St., Units C-1, C-2, C-3 and C-6, Jamaica Plain 407-409 Shawmut Ave., Roxbury

BUYER Tropicana Realty LLC

SELLER Irina P. Shubov and Lev Y. Shubov

LENDER/MORTGAGE Endeavor Capital North LLC

Miller Holdings LLC

Audubon Circle Realty LLC

Henshaw Tremont LLC

Salvation Army of Massachusetts

ADDRESS 45 Plainfield St., Chicopee 5 Lowell Ave., Winchester 51 Man Mar Dr., Plainville

BUYER SDI LLC Anova School Inc Iandoli Properties LLC

15-17 A St., Burlington 9 Malcolm Hoyt Dr., Newburyport 5 Omni Way, Chelmsford 377 Plantation St., Worcester 381 Plantation St., Worcester One Innovation Dr., Worcester 175-190 Kenneth W. Welch Dr., Lakeville

William H. Goldberg Phoenix Electronics Inc EB/GP3 Five Omni Way LLC WCS-377 Plantation Street Inc WCS-381 Plantation Street Inc WCS-One Innovation Drive Inc ARC TBLVLMA001 LLC

SELLER LENDER/MORTGAGE RHD Realty LLC Parkview Electronics LLC Winchester Cooperative Bank Cheryl A. Deschenes and Rollstone Bank & Trust Patricia A. Fellman Franklin A Street LLC The Savings Bank Malcolm Hoyt LLC Rochester Electronics LLC DMARC 2006-CD2 Omni Way LLC Bank of New England ARE-377 Plantation Street LLC ARE-381 Plantation Street LLC ARE-One Innovation Drive LLC 175-190 Kenneth W. Welch Drive LLC

ADDRESS 34 Grove St. and 21 and 26 Salisbury St., Worcester 34 Grove St. and 21 and 26 Salisbury St., Worcester 34 Grove St. and 21 and 26 Salisbury St., Worcester 34 Grove St. and 21 and 26 Salisbury St., Worcester

BUYER Voke Lofts LP

SELLER New Garden Park Inc

Voke Lofts LP

New Garden Park Inc

Voke Lofts LP

PRICE $1,030,000

MTG. VALUE $750,000

$1,349,000 Hingham Institution for Savings

$5,025,000

$3,700,000

PRICE $1,050,000 $1,600,000 $1,700,000

MTG. VALUE

$1,747,500 $3,639,000 $3,858,750 $11,120,071 $12,929,205 $16,200,724 $36,743,057

$1,400,000 $3,200,000 $7,802,131

LENDER/MORTGAGE Boston Community Loan Fund

PRICE $1,720,000

MTG. VALUE $4,042,000

$1,720,000

$4,555,000

New Garden Park Inc

Massachusetts Department of Housing and Community Development Boston Community Loan Fund

$1,720,000

$12,425,000

Voke Lofts LP

New Garden Park Inc

Bank of America

$1,720,000

$23,250,000

ADDRESS 174 Forest Hill St., Boston 174 Forest Hill St., Boston 170 Corey Rd., Brighton

BUYER Jamaica Plain Health Group LLC Jamaica Plain Health Group LLC Welch-Bacon Realty LLC

SELLER Ventas Realty LP Ventas Realty LP HCRI Massachusetts Properties Inc

LENDER/MORTGAGE Berkshire Bank Berkshire Bank M&T Bank

PRICE $1,059,753 $1,059,753 $2,500,000

MTG. VALUE $1,835,535 $2,021,465 $2,650,000

ADDRESS 1518 Beacon St., Newton MA

BUYER Webb Place LLC,

PRICE $875,000

MTG. VALUE $1,250,000

East Boston Savings Bank

Trinity Green Investments LLC

East Boston Savings Bank

$1,000,000

$3,013,600

471 Trapelo Rd., Belmont

E&A Properties LLC

Northern Bank & Trust Co.

$1,300,000

$975,000

103-111 Arch St., Boston 910 Commonwealth Ave., Brookline

103 Arch Street LLC Trustees of Boston University

SELLER Roman Catholic Archbishop of Boston Roman Catholic Archbishop of Boston First Congregational Church of Waverley St. Anthony Residence Inc United Christian Evangelistic Association Inc.

FLEX

$1,200,000 $1,360,000

HISTORIC

NURSING HOME

RELIGIOUS LENDER/MORTGAGE Mansfield Cooperative Bank

$2,200,000 $5,000,000

continued

THE REAL REPORTER 2013 SUMMER REVIEW

MISCELLANEOUS TA X - E X E M P T ADDRESS 100 Rockview St., Jamaica Plain 656 Massachusetts Ave., Boston 711-713 East Fourth St., Boston 2110 Dorchester Ave., Boston 280 Washington St.*, Brighton 11 Nevins St.*, Brighton

BUYER 100 Rockview Street 100 LLC

SELLER Jamaica Plain Trinity Latvian Lutheran Church 656 Mass Ave LLC Heading Home Inc Oshun Investments LLC Thomas J. Fitzgerald, Post 561, Veterans of Foreign Affairs Inc. HTA – Carney MOB LLC Steward Carney Hospital Inc HTA- St. Elizabeth’s MOB 2 LLC Steward St. Elizabeth’s Realty Corp HTA – St. Elizabeths MOB 1 LLC Steward St. Elizabeth’s Realty Corp

LENDER/MORTGAGE Needham Bank

PRICE $800,000

MTG. VALUE $1,400,000

Cambridge Savings Bank Leader Bank

$807,500 $315,000

$1,875,000 $1,516,000

$8,530,971 $8,596,879 $15,719,378

RESIDENTIAL ADDRESS BUYER 1033 & 1039 Boylston St. and 192 Fairway Rd., Fairway Boylston Brookline (Price allocation of $850,000 for 1033 Boylston St., $1,500,000 for 1039 Boylston St. and $1,600,000 for 192 Fairway Rd.)

SELLER Dorothy Edinburg

ADDRESS 230 Highland Ave., Malden

BUYER Mystic Valley Regional Charter School

SELLER City of Malden

ADDRESS 392-396 Cambridge St., Allston Front Street, Worcester 1156-1160 Walnut St., Newton Firmin Avenue and Pleasant Street Connector, Framingham 426 Washington St., Boston 426 Washington St., Boston

BUYER 392 Cambridge Street LLC Citysquare II Development Co. LLC Alexander A. Argiros NREF III Pleasant LLC

SELLER J.M.S. Jr., Inc Worcester Renaissance LLC Bank of America CRCP Pleasant Street LLC

MP Franklin Burnham CO LLC MP Franklin Tower Co LLC

426 Washington Street Owner LLC 426 Washington Street Owner LLC

LENDER/MORTGAGE Rockland Trust Co.

PRICE $3,950,000

MTG. VALUE $2,775,000

LENDER/MORTGAGE

PRICE $1,290,000

MTG. VALUE

PRICE $1,300,000 $1,425,000 $1,775,000 $5,500,000

MTG. VALUE

E D U C AT I O N A L

MISCELLANEOUS LENDER/MORTGAGE

$1,597,500

$20,000,000 $70,000,000

INTERIOR PHOTOGRAPHY SERVICES

COMMERCIAL + RESIDENTIAL PHOTOGRAPHY

Brookline Bank

nd North E 12 June 20

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GREATER BOSTON’S REAL ESTATE INVESTMENTS REVIEW

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ADP HQ Lease for 55,000 SF Signals Busier Suburban Pace

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INVESTMENTS FLOW THE REAL REPORT

Buying Spree

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JUNE 21, 2013

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BY MIKE HOBAN Home Base . . . . . . . . . . . . . . . . . . . . 6 ATICK — Payroll services firm ADP, which dealt its longtime Massachusetts facility in Waltham late last year, has found a new home at 2 Vision Dr. in the Natick Executive Park, according to industry sources.

ADP will occupy approximately 55,000 sf at the 83,500-sf Class B building and is also reportedly searching for additional space for other functions, with some

continued on page 19 Two Vision Dr., Natick MA

JLL Launches 5 Burlington Woods for ELV EXTRA CREDIT

tacted Thursday, having been unable to comment when the assignment was first unveiled at therealreporter.com two days earlier. Estimates have the 103,000-sf building’s value approaching $25 million, although Petz says there is no opening target being proffered in the opening continued on page 16

Cambridge Lab Market Regains Aura

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URLINGTON—Jones Lang LaSalle has indeed jumped aboard the Burlington Bandwagon, with Capital Markets leader Frank F. Petz confirming a fresh listing at 5 Burlington Woods Dr. on behalf of ELV Associates.

“It just launched,” Petz tells the Real Reporter when con- 5 Burlington Woods Dr., Burlington MA

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AMBRIDGE — These days, this city’s biggest commercial real estate competition appears to be internal, at least when it comes to the struggle to find space in the ever-tightening East Cambridge district. The latest bioSTATus review from Richards Barry Joyce & Partners says demand for

8 Newbury St., Boston MA

BOSTON — In terms of usual suspects for buying commercial real estate in the Back Bay, the principals of Novaya Real Estate Ventures and Urban Meritage would certainly qualify, having assembled a portfolio of assets that yielded $225 million in 2011 and now regrouping in a partcontinued on page 7

Kendall Square, Cambridge MA

Cover:Apple Store, 815 Boylston Street Boston Fetched $27.5 Million from Tribeca, Brokered by Eastdil Secured

Also Inside: Over 1,500 Commercial Transactions By Product address | buyer | seller | lender | price | mortgage value

continued on page 18

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