Callahan Construction Managers broke ground at Breakwater in Lynn, MA.
Callahan Construction Managers (Callahan) announces they have broken ground at Breakwater in Lynn, MA. The Dolben Company in joint venture with Minco Corporation is developing the future luxury waterfront apartment complex, with HDS Architecture serving as the architect. The groundbreaking ceremony took place on December 11, 2019, with Governor Charlie Baker, Housing and Economic Development Secretary Mike Kennealy, Senator Brendan Crighton and Lynn Mayor Thomas McGee all in attendance.
The Breakwater apartment complex, which overlooks Lynn Harbor, will completely transform a section of real estate previously vacated for more than 35 years. Construction for the multifamily development is happening on the site of former Beacon-Bel Chevrolet and is scheduled for completion in March 2022.
The development will have 331 apartments in two buildings over structured parking. In addition to spectacular waterfront views, Breakwater will feature many high-end amenities including two courtyards, a fitness center, game room, pet wash, and outdoor fire pit. There will also be a harbor walk and linear park along the waterfront, which is being constructed for public use.
“We are excited to announce our collaboration with the State, City of Lynn, Dolben, and HDS Architecture as we bring additional residential opportunities to Greater Boston,” said Patrick Callahan, President of Callahan Inc. “We are excited to transform the waterfront into a lively housing community that embodies Lynn’s bright future.”
The Breakwater project received two major grants from the State of Massachusetts. The first grant is a $1,000,000 infrastructure grant from the Seaport Economic Council for improvements to the seawall, to ensure the harbor is a viable place to live for years to come. The second grant is from MassWorks to help with traffic on the Lynnway, a busy highway that connects Lynn to Boston.
Callahan Construction Managers broke ground at Breakwater in Lynn, MA.
Callahan Construction Managers (Callahan) announces they have broken ground at Breakwater in Lynn, MA. The Dolben Company in joint venture with Minco Corporation is developing the future luxury waterfront apartment complex, with HDS Architecture serving as the architect. The groundbreaking ceremony took place on December 11, 2019, with Governor Charlie Baker, Housing and Economic Development Secretary Mike Kennealy, Senator Brendan Crighton and Lynn Mayor Thomas McGee all in attendance.
The Breakwater apartment complex, which overlooks Lynn Harbor, will completely transform a section of real estate previously vacated for more than 35 years. Construction for the multifamily development is happening on the site of former Beacon-Bel Chevrolet and is scheduled for completion in March 2022.
The development will have 331 apartments in two buildings over structured parking. In addition to spectacular waterfront views, Breakwater will feature many high-end amenities including two courtyards, a fitness center, game room, pet wash, and outdoor fire pit. There will also be a harbor walk and linear park along the waterfront, which is being constructed for public use.
“We are excited to announce our collaboration with the State, City of Lynn, Dolben, and HDS Architecture as we bring additional residential opportunities to Greater Boston,” said Patrick Callahan, President of Callahan Inc. “We are excited to transform the waterfront into a lively housing community that embodies Lynn’s bright future.”
The Breakwater project received two major grants from the State of Massachusetts. The first grant is a $1,000,000 infrastructure grant from the Seaport Economic Council for improvements to the seawall, to ensure the harbor is a viable place to live for years to come. The second grant is from MassWorks to help with traffic on the Lynnway, a busy highway that connects Lynn to Boston.
Callahan Construction Managers broke ground at Breakwater in Lynn, MA.
Callahan Construction Managers (Callahan) announces they have broken ground at Breakwater in Lynn, MA. The Dolben Company in joint venture with Minco Corporation is developing the future luxury waterfront apartment complex, with HDS Architecture serving as the architect. The groundbreaking ceremony took place on December 11, 2019, with Governor Charlie Baker, Housing and Economic Development Secretary Mike Kennealy, Senator Brendan Crighton and Lynn Mayor Thomas McGee all in attendance.
The Breakwater apartment complex, which overlooks Lynn Harbor, will completely transform a section of real estate previously vacated for more than 35 years. Construction for the multifamily development is happening on the site of former Beacon-Bel Chevrolet and is scheduled for completion in March 2022.
The development will have 331 apartments in two buildings over structured parking. In addition to spectacular waterfront views, Breakwater will feature many high-end amenities including two courtyards, a fitness center, game room, pet wash, and outdoor fire pit. There will also be a harbor walk and linear park along the waterfront, which is being constructed for public use.
“We are excited to announce our collaboration with the State, City of Lynn, Dolben, and HDS Architecture as we bring additional residential opportunities to Greater Boston,” said Patrick Callahan, President of Callahan Inc. “We are excited to transform the waterfront into a lively housing community that embodies Lynn’s bright future.”
The Breakwater project received two major grants from the State of Massachusetts. The first grant is a $1,000,000 infrastructure grant from the Seaport Economic Council for improvements to the seawall, to ensure the harbor is a viable place to live for years to come. The second grant is from MassWorks to help with traffic on the Lynnway, a busy highway that connects Lynn to Boston.
MassHousing committed $7.9 million in affordable housing financing to The Neighborhood Developers for the construction of the 571 Revere Street in Revere.
MassHousing has committed $7.9 million in affordable housing financing to the non-profit The Neighborhood Developers (TND) for the construction of the 571 Revere Street in Revere. The MassHousing financing will allow The Neighborhood Developers to construct 51 units of new affordable housing for households across a broad range of incomes, including 19 new workforce housing units.
“By transforming a vacant parcel into a new, modern community of affordable and workforce housing, The Neighborhood Developers will help ensure that a revitalized Revere Beach remains welcoming and accessible to residents of all means,” said MassHousing Executive Director Chrystal Kornegay. “TND is a strong, mission-based developer, and MassHousing is pleased to be part of the team making this important project a reality.”
“571 Revere Street is a transit-oriented development; the 51 new affordable homes will not only be steps away from the beach, but also within easy walking distance of the Wonderland MBTA Station and the MBTA 116 bus line, said Rafael Mares, TND’s Executive Director. “This project wouldn’t be possible without MassHousing’s commitment of affordable housing financing and its partnership.”
MassHousing is providing TND with a $6 million permanent loan and $1.9 million in workforce housing financing from the Agency’s Workforce Housing Initiative.
In addition to the MassHousing financing, other funding sources include $9.3 million in federal and state Low-Income Housing Tax Credit equity, $1.3 million in direct financing from the Massachusetts Department of Housing and Community Development (DHCD), $1.2 million in HOME financing from the North Suburban Consortium, a $206,511 sponsor energy grant loan, $1.1 in financing from the Community Economic Development Assistance Corporation (CEDAC) and $1 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD. Santander Bank will be providing construction financing.
571 Revere Street advances the Baker-Polito Administration’s goal of creating up to 1,000 new workforce housing units affordable to middle-income households through MassHousing’s $100 million Workforce Housing Initiative. Since the inception of the initiative in 2016, MassHousing has committed or closed workforce housing financing totaling $92.4 million, to 40 projects, located in 19 cities and towns. To date, the Workforce Housing Initiative has advanced the development of 3,727 housing units across a range of incomes, including 1,006 workforce housing units.
The new, energy efficient housing will be constructed in a six-story building on a vacant site two blocks from Revere Beach and within walking distance to the MBTA’s Wonderland subway station. The apartments will be on the top four floors of the building, with garage parking on the first two levels.
Thirty-two apartments will be affordable for households earning at or below 60 percent of the Area Median Income (AMI), with 6 of those units further restricted for vulnerable low-income households earning at or below 30 percent of AMI, and 5 of the affordable units further restricted for households earning at or below 50 percent of AMI. The remaining 19 apartments will be workforce housing units for households earning at or below 90 percent of AMI. The AMI for Revere is $113,300 for a household of four.
Eight of the apartments will be subsidized by a federal Section 8 Project Based Housing Assistance Payment contract and 3 apartments will be subsidized through the Massachusetts Rental Voucher Program. There will be 26 one-bedroom apartments, 21 two-bedroom apartments, and 4 three-bedroom apartments.
MassHousing has financed 4 rental housing communities in Revere involving 290 housing units and $17.4 million in financing. The Agency has additionally provided home mortgage loans to 721 Revere homebuyers and homeowners involving $115.5 million in financing.
CBRE secured $37,200,000 in financing to assist with the acquisition of Alta Easterly, a 157-unit apartment community in Walpole, Massachusetts.
CBRE announced today that it has secured $37,200,000 in financing to assist with the acquisition of Alta Easterly, a 157-unit apartment community located at 1100 Cricket Lane in Walpole, Massachusetts.
John C. Kelly and Collin Brennan of CBRE Capital Markets’ Debt and Structured Finance team obtained the financing on behalf of Audubon Capital Partners. The property has been rebranded Audubon Easterly.
“We were happy to assist our repeat client in positioning this acquisition for long-term financial success,” stated CBRE’s Kelly.” We were able to secure a great long-term fixed rate financing solution with one of our life company partners that matched the client’s business objectives.”
“We were attracted to the economic drivers as well as the quality of the construction of this newly built asset,” noted Brett Catlin of Audubon Capital Partners. “The community offers a desirable location to our residents as well as providing a first class living environment.”
Alta Easterly is a 157-unit apartment community located in East Walpole, Massachusetts. Delivered in 2018, the property is comprised of three four-story residential buildings. The unit mix includes 57 one-bedroom, eight one-bedroom with den, and 92 two-bedroom units, with an average unit size of 948 square feet. Alta Easterly is located proximate to the intersection of Interstates 95 and 93, providing direct access to Boston.
MassHousing committed $7.9 million in affordable housing financing to The Neighborhood Developers for the construction of the 571 Revere Street in Revere.
MassHousing has committed $7.9 million in affordable housing financing to the non-profit The Neighborhood Developers (TND) for the construction of the 571 Revere Street in Revere. The MassHousing financing will allow The Neighborhood Developers to construct 51 units of new affordable housing for households across a broad range of incomes, including 19 new workforce housing units.
“By transforming a vacant parcel into a new, modern community of affordable and workforce housing, The Neighborhood Developers will help ensure that a revitalized Revere Beach remains welcoming and accessible to residents of all means,” said MassHousing Executive Director Chrystal Kornegay. “TND is a strong, mission-based developer, and MassHousing is pleased to be part of the team making this important project a reality.”
“571 Revere Street is a transit-oriented development; the 51 new affordable homes will not only be steps away from the beach, but also within easy walking distance of the Wonderland MBTA Station and the MBTA 116 bus line, said Rafael Mares, TND’s Executive Director. “This project wouldn’t be possible without MassHousing’s commitment of affordable housing financing and its partnership.”
MassHousing is providing TND with a $6 million permanent loan and $1.9 million in workforce housing financing from the Agency’s Workforce Housing Initiative.
In addition to the MassHousing financing, other funding sources include $9.3 million in federal and state Low-Income Housing Tax Credit equity, $1.3 million in direct financing from the Massachusetts Department of Housing and Community Development (DHCD), $1.2 million in HOME financing from the North Suburban Consortium, a $206,511 sponsor energy grant loan, $1.1 in financing from the Community Economic Development Assistance Corporation (CEDAC) and $1 million from the Affordable Housing Trust Fund, which MassHousing manages on behalf of DHCD. Santander Bank will be providing construction financing.
571 Revere Street advances the Baker-Polito Administration’s goal of creating up to 1,000 new workforce housing units affordable to middle-income households through MassHousing’s $100 million Workforce Housing Initiative. Since the inception of the initiative in 2016, MassHousing has committed or closed workforce housing financing totaling $92.4 million, to 40 projects, located in 19 cities and towns. To date, the Workforce Housing Initiative has advanced the development of 3,727 housing units across a range of incomes, including 1,006 workforce housing units.
The new, energy efficient housing will be constructed in a six-story building on a vacant site two blocks from Revere Beach and within walking distance to the MBTA’s Wonderland subway station. The apartments will be on the top four floors of the building, with garage parking on the first two levels.
Thirty-two apartments will be affordable for households earning at or below 60 percent of the Area Median Income (AMI), with 6 of those units further restricted for vulnerable low-income households earning at or below 30 percent of AMI, and 5 of the affordable units further restricted for households earning at or below 50 percent of AMI. The remaining 19 apartments will be workforce housing units for households earning at or below 90 percent of AMI. The AMI for Revere is $113,300 for a household of four.
Eight of the apartments will be subsidized by a federal Section 8 Project Based Housing Assistance Payment contract and 3 apartments will be subsidized through the Massachusetts Rental Voucher Program. There will be 26 one-bedroom apartments, 21 two-bedroom apartments, and 4 three-bedroom apartments.
MassHousing has financed 4 rental housing communities in Revere involving 290 housing units and $17.4 million in financing. The Agency has additionally provided home mortgage loans to 721 Revere homebuyers and homeowners involving $115.5 million in financing.
CBRE secured $37,200,000 in financing to assist with the acquisition of Alta Easterly, a 157-unit apartment community in Walpole, Massachusetts.
CBRE announced today that it has secured $37,200,000 in financing to assist with the acquisition of Alta Easterly, a 157-unit apartment community located at 1100 Cricket Lane in Walpole, Massachusetts.
John C. Kelly and Collin Brennan of CBRE Capital Markets’ Debt and Structured Finance team obtained the financing on behalf of Audubon Capital Partners. The property has been rebranded Audubon Easterly.
“We were happy to assist our repeat client in positioning this acquisition for long-term financial success,” stated CBRE’s Kelly.” We were able to secure a great long-term fixed rate financing solution with one of our life company partners that matched the client’s business objectives.”
“We were attracted to the economic drivers as well as the quality of the construction of this newly built asset,” noted Brett Catlin of Audubon Capital Partners. “The community offers a desirable location to our residents as well as providing a first class living environment.”
Alta Easterly is a 157-unit apartment community located in East Walpole, Massachusetts. Delivered in 2018, the property is comprised of three four-story residential buildings. The unit mix includes 57 one-bedroom, eight one-bedroom with den, and 92 two-bedroom units, with an average unit size of 948 square feet. Alta Easterly is located proximate to the intersection of Interstates 95 and 93, providing direct access to Boston.
The CBRE Capital Markets team today announced the sale of Devonshire Place located at 50 Holy Family Road in Holyoke, Massachusetts, for $19,750,000.
CBRE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, First Merchants Group, and procured the buyer, Yellowstone Property Group.
Devonshire Place is a 180-unit, 100 percent market-rate apartment community located in Holyoke, Massachusetts. Built in 1988, the property is comprised of two six-story residential buildings with at-grade covered garage parking. The unit mix includes 20 one-bed; 18 two-bed, one-bath; and 142 two-bed, two-bath units, with an average unit size of 1,001 square feet. Devonshire Place offers a strong amenity package including a spacious clubhouse with sitting areas, resident fitness center and outdoor swimming pool with patio. Devonshire Place also includes well-manicured grounds with a spacious courtyard with green space and mature landscaping.
Devonshire Place benefits from excellent highway access, located a half mile from Interstate 91 via Exit 15 and two miles from Interstate 90 (Mass Pike). This provides access to Springfield in 10 minutes, Hartford in 30 minutes and Worcester in 50 minutes.
The CBRE Capital Markets team announced the sale of Appleton Square located at 171-176 East Street in Methuen, Massachusetts, for $29,300,000.
The CBRE Capital Markets team announced the sale of Appleton Square located at 171-176 East Street in Methuen, Massachusetts, for $29,300,000.
CBRE multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Appleton Square, LLC, and procured the buyer, Arrowpoint Properties.
“We are pleased to have executed the sale of Appleton Square for the behalf of the seller, who had originally developed the community,” said CBRE’s Butler. “It presents the buyer, with the ability to add value through a combination of upgrades to the asset.”
Appleton Square is a 140-unit apartment community. Originally built between 1987 and 1988, the existing site is comprised of six three-story residential buildings located on 6.8 acres. The unit mix includes 28 one-bedroom and 112 two-bedroom, where 53 of the apartment units have been upgraded since 2012. Community amenities include a remodeled clubhouse with leasing office, business center, cyber café, and 24-hour fitness center. Outside the clubhouse is a resort-style swimming pool with expansive sun deck and grilling area.
Residents are just 1.5 miles from major retailers at The Loop and along Pleasant Valley Street. The Loop is a 500,000-square-foot open-air retail plaza, with retailers along this one-mile stretch including Super Stop & Shop, Market Basket, Target, AMC Theaters, Home Depot, Not Your Average Joe’s, Olive Garden, Fridays, Margarita’s, and more. Additionally, residents are also just 10 minutes from tax-free shopping in Salem, New Hampshire.
Appleton Square is strategically located with easy access to both Interstates 495 and 93, and residents have direct access to major employment centers throughout both downtown, via the MBTA Riverwalk Lawrence Station, and suburban Boston. Interstate 93 provides residents connections and access to Interstate 95/Route 128 in less than 25 minutes and Downtown Boston and Logan Airport in 45-60 minutes.
The CBRE Capital Markets team today announced the sale of Devonshire Place located at 50 Holy Family Road in Holyoke, Massachusetts, for $19,750,000.
CBRE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, First Merchants Group, and procured the buyer, Yellowstone Property Group.
Devonshire Place is a 180-unit, 100 percent market-rate apartment community located in Holyoke, Massachusetts. Built in 1988, the property is comprised of two six-story residential buildings with at-grade covered garage parking. The unit mix includes 20 one-bed; 18 two-bed, one-bath; and 142 two-bed, two-bath units, with an average unit size of 1,001 square feet. Devonshire Place offers a strong amenity package including a spacious clubhouse with sitting areas, resident fitness center and outdoor swimming pool with patio. Devonshire Place also includes well-manicured grounds with a spacious courtyard with green space and mature landscaping.
Devonshire Place benefits from excellent highway access, located a half mile from Interstate 91 via Exit 15 and two miles from Interstate 90 (Mass Pike). This provides access to Springfield in 10 minutes, Hartford in 30 minutes and Worcester in 50 minutes.
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