Photo courtesy of JLL
The Bulfinch Crossing development’s high-rise luxury tower has a new investor following a year-long marketing process.
San Francisco Carmel Partners joined ownership of the Sudbury, a 46-story apartment and condominium building at the former Government Center garage property, after paying $43 million to an affiliate of National Real Estate Advisors, according to a deed filed March 1 in Suffolk County.
JLL represented The Sudbury’s developers HYM Investment Group and National Real Estate Advisors in the transaction.
Completed in 2020, the 368-unit rental portion of the Sudbury was expected to sell for up to $300 million when it was placed on the market in early 2023.
Multifamily investment sales activity has dropped in the past year following a series of interest rate increases.
What else is on tap today?
- Housing Bill Moves: Gov. Maura Healey’s sweeping, $4.1 billion housing bond and policy bill is moving forward in the legislative pipeline – so far without changes.
- Flood Risks Escalate: As downtown property owners and city officials debate how to deal with climate change-driven coastal flooding, Boston’s Wharf District Council released a new analysis showing how bad flooding could get over the next 10 years.
- Berkshire Sells Branches: Boston-based Berkshire Bank will sell off 10 of its Upstate and Eastern New York State branches to three separate buyers, along with associated deposits and loans.
- Latest ‘Junk Fee’ Cap: The Consumer Financial Protection Bureau’s new regulations will set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee.
Show me the data!
This is how the number of single-family home loans has changed each month.
What did I miss?
Here’s what you might have missed in Sunday’s newsletter. Not a B&T subscriber? Fix that here.
- A year after ChatGPT burst onto the national stage, Massachusetts’ banks and credit unions have begun adopting artificial intelligence-powered software tools in quests to enhance customer experience, offer new products or improve operational efficiency.
- Columnist Scott Van Voorhis argues that Boston Mayor Michelle Wu’s plan to revamp the city’s development and planning agency will empower the Boston City Council, with bad results.
- There is a potential new partner just over the horizon for Massachusetts’ community banks, community development financial institutions, small businesses, farms and underserved communities: a Massachusetts Public Bank.
