Meredith & Grew recently brokered the sale of 113 Hartwell Ave. in Lexington to a joint venture of Neelon Properties and AEW Capital Management for $12.85 million.
The single-story, 105,656-square-foot office/retail-and-development building is located near Hanscomb Air Force Base and the Massachusetts Institute of Technology's Lincoln Laboratory.
Waltham-based Neelon Properties is a commercial real estate firm that specializes in developing and repositioning office, industrial and flexes buildings.
AEW provides real estate investment management services to institutional and private investors.
Boston-based Meredith & Grew is an integrated commercial real estate company.
Its team of Lisa M. Campoli, Matthew J. Daniels, Nicholas M. Herz and Katharine B. Barry represented the owner, New York-based Gateside Corp., and procured the buyer.
Poli Palace Receives Overhaul Financing
MassDevelopment and the Massachusetts Housing Investment Corp. have provided financing packages for the Worcester Center for the Performing Arts Inc., a nonprofit group redeveloping the former Loews Poli Palace Theater in Worcester.
MHIC's $14.3 million financing package was a result of to federal New Market Tax Credits and historic tax credits. MHIC partnered with Coastal Enterprises of Maine and the Nonprofit Finance Fund and CitiCorp USA, both of New York, which provided another $15.85 million in New Market Tax Credit financing. NFF also participated in half of a $2.7 million bridge loan provided by MassDevelopment toward a $30 million total project cost.
MassDevelopment provided $1 million toward a $4 million construction loan supplied by the Commonwealth National Bank of Worcester. Another component of the financing package was the sale of $4.65 million in Massachusetts state historic tax credits.
WCPA estimates the creation of 35 jobs when the project is finished next year. The new facility will be named the Hanover Theatre for the Performing Arts, which will house a 2,300-seat venue.
The project team includes Worcester Business Development Corp., Worcester-based Lamoureaux Pagano Assoc. and Barr & Barr.
MHIC specializes in financing affordable housing and community development.
MassDevelopment, the state's finance and development authority, works to stimulate economic growth across the commonwealth.
Plan for Downtown Haverhill Completed
A master plan for downtown Haverhill, one of the oldest cities in the country, has been completed by the Hammersmith Group, a firm that advises developers and cities on reviving historic areas. The plan follows a battle between residents and Mayor James J. Fiorentini and was written to avoid demolition of the city's architectural heritage.
Fiorentini has been criticized for encouraging growth and resisting historic preservation, according to Hammersmith. Last June, Fiorentini released a master plan that advocated urban renewal. The mayor's plan recommended demolishing historic buildings downtown and installing giant fiberglass shoes to pay homage to the city's past as a center of shoe manufacturing.
Constantine Valhouli, principal of Hammersmith, co-authored the alternative plan with Shaw Rosen, past chairwoman of Team Haverhill.
Financing for Dunkin' Brands Arranged
Holliday Fenoglio Fowler L.P. has arranged $31.5 million in financing for the Dunkin' Brands headquarters in Canton.
Completed in 2002, the building has 175,000 square feet of Class A office space that is leased to Dunkin' Brands, which includes Dunkin' Donuts and Baskin Robbins. The property is located at 130 Royall St., off Route 128 at the Interstate 93/95 interchange.
Robert Herron and Gregory LaBine of HFF represented the borrower, Boston-based real estate investment and development company H.N. Gorin Inc., to secure a fixed-rate loan through Allstate Investments.