Dealmaker: Transwestern Closes Two Deals Totaling $151M
Transwestern, Houston, closed two deals totaling $150.6 million in Massachusetts and Maryland.
In Brighton, Mass., Transwestern Partner Chris Skeffington and Vice President Andrew Stone arranged a construction loan for NB Development Group, Boston. The firm did not release details, but public reports indicate that NB Development Group received $101 million to build 80 Guest St., part of the Boston Landing mixed-use development.
Skeffington and Stone worked with NB Development Group Managing Director Jim Halliday and New Balance Treasurer Kevin Doyle to arrange the financing. When completed, 80 Guest St. will be a 265,000-square-foot office and laboratory building that also includes the Warrior Ice Arena, the Boston Bruins’ new training facility. NB Development Group is co-developing Boston Landing with HYM Investments, Boston.
U.S. Bank and TD Bank provided the syndicated financing.
Located adjacent to New Balance’s new world headquarters, Boston Landing includes a variety of property types including three new office/lab buildings, an NHL-regulation hockey arena, a 70,000-square-foot basketball training facility that will become the Boston Celtics’s home, a 175-room hotel, a 295-unit apartment building and 80,000 square feet of amenity-driven retail. Later this spring, Boston Landing will add a newly constructed commuter rail station.
In Greenbelt, Md., Transwestern helped Harbor Group International sell 320-unit apartment community The Hanover to Blue Ocean Realty for $49.6 million. Transwestern Co-Directors Dean Sigmon and Robin Williams brokered the transaction.
“The Hanover is a strategic purchase by Blue Ocean Realty, as the Greenbelt market is supply-constrained for multifamily product,” Williams said. “Additionally, there is upside potential to increase rental revenue by completing renovations on approximately 250 remaining units.”
The Hanover offers access to Both Washington, D.C. and Baltimore via three interstates, two Metro rail stations and a Maryland Area Regional Commuter/Amtrak train station. Nearby employers include the University of Maryland-College Park, NASA’s Goddard Space Flight Center and Fort Meade Army base, the largest employer in Maryland.
“Investor appetite in value-add opportunities is very strong in the Washington, D.C., region,” Sigmon said. “There are few other areas in the U.S. offering such high-yield investments with organic rent growth and very low vacancy.”
