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Callahan Construction breaks ground on luxury waterfront apartment complex in Lynn North Shore

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 breaks ground on luxury waterfront apartment complex in Lynn North Shore

CBRE sells Residences at Riverwalk for $33 million

CBRE today announced the sale of the Residences at Riverwalk located at 553-557 South Commercial Street in Manchester, New Hampshire, for $33,000,000.

CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, SMC Management Corporation, and procured the buyer, Forest Properties.

“We are pleased to have closed on the sale of the Residences at Riverwalk, which is located in a dynamic location adjacent to the Fisher Cat’s minor league baseball park and walking distance to numerous retail amenities,” said Butler.

“The strength of the Manchester economy and the lack of new supply should allow Forest Properties to achieve strong long-term rent growth,” said St. John.

The Residences at Riverwalk is a 150-unit, 100 percent market-rate class A apartment community located in Manchester, New Hampshire. Built in 2016, the property consists of three five-story residential buildings with garage parking. The unit mix includes 28 studio, 52 one-bedroom, and 70 two-bedroom units. Amenities include an on-site fitness center, laundry and private meeting spaces. The Residences at Riverwalk is conveniently located off Interstate 293 and is proximate to Interstate 93.

CBRE sells Residences at Riverwalk for $33 million

CBRE today announced the sale of the Residences at Riverwalk located at 553-557 South Commercial Street in Manchester, New Hampshire, for $33,000,000.

CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, SMC Management Corporation, and procured the buyer, Forest Properties.

“The strength of the Manchester economy and the lack of new supply should allow Forest Properties to achieve strong long-term rent growth,” said St. John.

Cushman & Wakefield brokers sale of Farmingdale, N.Y., multifamily asset

Cushman & Wakefield brokered the trade of Jefferson at Farmingdale Plaza, a newly-constructed, luxury mid-rise apartment community has sold in Nassau County

A newly-constructed, luxury mid-rise apartment community has sold in Nassau County, announced commercial real estate services firm Cushman & Wakefield. A team of capital markets specialists based in New York and New Jersey brokered the trade of The Jefferson at Farmingdale Plaza—representing the seller, a joint venture of H.I.G. Realty Partners and JPI, and procuring the buyer, Fairfield Properties.

Located on 2.5 acres at 148 South Front Street, the 154-unit rental community sits adjacent to the Farmingdale LIRR rail station in downtown Farmingdale. “This transit-oriented development offers superior connectivity, allowing residents to reach New York Penn Station in just 49 minutes,” said Cushman & Wakefield’s Kevin Donner, who co-headed the transaction with Brian Whitmer, working in conjunction with their teams including Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Ryan Dowd and Mark Phillips in New Jersey and Adam Spies and Michael Collins in New York. “The Jefferson is also located one block from Farmingdale’s Main Street, well-known for its active nightlife scene, numerous restaurants and shops.”

Built in 2015, The Jefferson at Farmingdale Plaza features two, three-story buildings with open concept floor plans, high-end finishes and a market-leading amenity package. Residents enjoy ample parking; a health club with a yoga studio and aerobics center; fully equipped business lounge; club room with billiards, shuffleboard and gaming consoles; movie theater with a media center and more. The property also features 20,000 square feet of retail leased to a desirable tenant mix, including Starbucks, TAO Asian Bistro and Eastern Breeze spa.

“This community has drawn renters seeking to live within a dynamic, amenity-rich and transit-oriented area,” Whitmer noted. “Farmingdale has experienced sustained growth and development over the past few years with The Jefferson well-positioned to benefit as one of the centerpieces of the town’s renaissance.”

Cushman & Wakefield’s New Jersey capital markets team, based in East Rutherford, specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.

Cushman & Wakefield brokers sale of Farmingdale, N.Y., multifamily asset

CBRE sells Bay View Estates for $20,425,000

CBRE today announced the sale of Bay View Estates in Portsmouth, Rhode Island, for $20,425,000.

CBRE Capital Markets’ multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Bay View Apartments LLC, a partnership that includes Chestnut Hill, Massachusetts-based Chestnut Hill Realty and Providence, Rhode Island-based Lisco Development. CBRE also procured the buyer, Braintree, Massachusetts-based Schochet Companies.

“We are pleased to have sold Bay View Estates for both Chestnut Hill Realty and Lisco Development who had owned the community for over 20-years and recently made significant improvements to the asset, including both amenities and unit renovations,” said CBRE’s Butler. “Bay View Estates offers the buyer the ability to continue with and expand the scope of upgrades implemented by the seller to further drive revenue and a better living experience for residents.”

Bay View Estates is a 100 percent market-rate apartment community consisting of a total of 130 units, including 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building, and 23 direct access units in a terrace building, spread over 29.3 acres of grounds. The community is comprised of a mix of studios, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Strategically located on Route 114 (West Main Street), Bay View Estates has easy access to Route 24 and Interstate 95 to the North and Newport, Rhode Island, to the South. Residents also have access to both Newport and Providence via RIPTA bus service, which picks up adjacent to the community. Additionally, Bay View Estates offers a generous amenity package including a community room, an outdoor pool, a gym and tennis count.

CBRE sells Bay View Estates for $20,425,000

CBRE today announced the sale of Bay View Estates in Portsmouth, Rhode Island, for $20,425,000.

MassHousing commits $7.9 million in financing for new, 51-unit mixed-income rental housing community in Revere

571 Revere Street, Revere — 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.

The general contractor will be NEI General Contracting, the architect is Arrowstreet and the management agent is WinnCompanies.

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.