Related Supplies $73M Loan on Boston Mixed-Use Development
By Andrew Coen April 12, 2022 5:51 pm
reprints
Developer Center Court Mass (CCM) has sealed $72.5 million of pre-development financing for a Boston mixed-use project, Commercial Observer can first report.
Related Fund Management, a subsidiary of Stephen Ross’ Related Companies, provided the loan for CCM’s two adjacent properties at 35-55 Morrissey Boulevard and 75-55 Morrissey Boulevard in Boston’s Dorchester neighborhood.
Newmark arranged the transaction with a team led by Dustin Stolly and Jordan Roeschlaub alongside Nick Scribani, Chris Kramer, Issa Abbassi and Jake Neeb.
Boston-based CCM first purchased 75 Morrissey in 2017 and then expanded its development plans with the acquisition of an adjacent 6.42 acres at 35-55 Morrissey comprising 279,799 square feet. This includes a 100 percent-leased, 61,800-square-foot retail building occupied by Shaw’s Supermarket and a 42,192-square-foot Class B office building that is fully occupied by Beasley Media Group.
The 75 Morrissey site encompasses 2.24 acres that includes a fully vacant, 27,600-square-foot Class B office building. The 700,000-square-foot former Boston Globe headquarters adjacent to the property at 135 Morrissey Avenue has been approved for life sciences use.
Officials for Related and CCM did not immediately return requests for comment. Newmark declined to comment.
Andrew Coen can be reached at acoean@commercialobserver.com.
