REBusinessOnline.com

February 23, 2012

BOSTON REALTY ADVISORS ARRANGES SALE OF BEACON HILL PORTFOLIO
BOSTON — Beacon Hill Apts LLC has purchased two apartment buildings in Boston's Beacon Hill for an undisclosed amount. The buildings are located at 88 W. Cedar and 24 Joy St. Christopher Sower and Jason Weissman of Boston Realty Advisors represented the seller, Joy Boston LLC/88 West Cedar LLC in the transaction. The buyer was self-represented. East Boston Savings Bank provided the long-term financing.


NEW JERSEY APARTMENT PROPERTY FETCHES $4.8M
HACKENSACK, N.J. — Hackensack Associates has acquired Franklin Garden Apartments, a 45-unit apartment property in Hackensack for $4.8 million. Thomas McConnell and Kevin McCrann of Marcus & Millichap's New Jersey office represented the seller, Franklin Apartments LLC. They also secured the buyer.


ADVISORY FIRM RELOCATES TO NEW BOSTON OFFICE
BOSTON — The Parthenon Group, a Boston-based strategic advisory firm, has signed a 46,000-square-foot lease at 50 Rowes Wharf in Boston. The firm will occupy floors five and six in the building, which is owned by Equity Office Properties. Bill Barrack and Ben Heller of Jones Lang LaSalle represented the tenant in the transaction. The Parthenon Group plans to move from its current location at 200 State St. to its new space in early 2013.


INVESTOR SECURES $2.7M LOAN FOR MASSACHUSETTS MIXED-USE PROPERTY
SOMERVILLE, MASS. —Fantini & Gorga has originated $2.7 million in first mortgage financing for a mixed-use building in Somerville. A Boston-area investor acquired the fully leased property for $3.5 million. The building includes 15 apartment units and 4 street-level rental units. Keith Wentzel of Fantini & Gorga arranged the loan through a Boston area community bank.

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