Newmark facilitated the sale of 359 Allston St., a life science property in the East Cambridge submarket of Cambridge, MA. A team of Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper, in conjunction with Joseph Alvarado and Casey Valente, represented the undisclosed seller and procured the buyer, King Street Properties.

“359 Allston St. is occupied by a well-funded, fast-growing biotechnology tenant,” said Sleeper. “The asset is set on a quarter-acre lot with a highly efficient floor plate and exclusive outdoor spaces that make it an ideal Cambridge flagship for a tenant of this size.”

359 Allston was completely renovated in 2022. The building is fully leased, serving as the headquarters of Vaxess Technologies.

“Acquiring 359 Allston St. was a strategic decision that aligns with our long-term vision and we appreciate Newmark’s assistance with the transaction,” said Tyson Reynoso, managing director/partner at King Street. “This building offers dynamic space for early-stage companies in East Cambridge, the premier life science location in the country.”

Cambridge Realty Capital has provided $43,360,100 in HUD-insured Section 223(f) financing for four senior housing properties located in Illinois, Washington, and Iowa.

According to Cambridge’s Managing Director Tony Marino, the Illinois transactions consisted of two affordable rental apartment properties for seniors totaling 196 units located in Chicago, Illinois.

The Washington transaction was provided to South Pointe, a 42-bed assisted living facility located in Everett. The Iowa financing was provided to Gardens of Cedar Rapids, a 112-bed facility in Cedar Rapids that offers skilled care, assisted living, and memory care services.

Cambridge’s early rate lock program was utilized, which allowed the owners to lock rates before all HUD approvals were obtained. This enabled each borrower to mitigate risk associated with rising interest rates and contributed to a more predictable and efficient HUD execution, including assurance that the financings included sufficient funds to complete long-term repairs and improvements.

Register Today to “Be in the Room” when Michael Brennan receives Connect CRE’s Lifetime Achievement Award and will participate in the Keynote Interview with Kevin Brennan, also of Brennan Investment Group. Join us at Connect Industrial Midwest 2025 on the afternoon of Wednesday, March 5, at Joe’s Live in Rosemont, IL, for this exclusive presentation! 

Architectural firm TRIA announced the completion of Korro Bio’s new headquarters in Cambridge, MA. The office and laboratory fit-out spans 50,000 square feet and marks a significant milestone for the biopharmaceutical company developing RNA-based genetic medicines. It was completed ahead of schedule and under budget.

Korro Bio, which specializes in developing therapies for patients with both rare and highly prevalent diseases, sought a space that would reflect its mission and accommodate its growth. The new headquarters includes open, flexible work environments, dynamic meeting hubs, and lab spaces designed to foster creativity and scientific discovery.

“This project was a fantastic collaboration between Korro Bio’s leadership and our design team,” said Amanda Roderman, project manager at Boston-based TRIA. “Our goal was to design an environment that reflects Korro Bio’s cutting-edge work in the biopharmaceutical field while offering employees a comfortable, dynamic place to thrive.”

Cambridge Realty Capital provided a $15.52 million HUD Lean loan to refinance The Pointe at Eastgate, an assisted living facility located in Algonquin, Illinois.

Brent Holman-Gomez, Cambridge Senior Vice President, reported that the fully-amortized, 35-year loan was provided for the owner, an Illinois limited liability company, using HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing HUD loans. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.

The Pointe at Eastgate is an assisted living facility for seniors 65 and older, and the property offers private apartments and a variety of services. Privately owned since 1983, Cambridge Realty Capital has national origination offices in Chicago and Los Angeles and provides FHA-insured HUD loans and conventional mortgage financing.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!

Cambridge Properties plans to knock down a shuttered Kohl’s department store in Charlotte and build a 300-unit apartment project along with ground-floor retail space and a parking garage. Cambridge has already begun on a separate 400-unit rental community and 90,000 square feet of retail at the Mallard Pointe Shopping Center.

The latest permits for improvements have a total value of about $13.3 million. Crestline Construction is listed as the general contractor.

Cambridge is working with investment partner Withrow Capital.

Mallard Pointe is a Food Lion-anchored retail development off Grove Lake Drive. Cambridge purchased and developed the 15-acre property in 1996, alongside Withrow Capital.