Belmont Homes

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This was an acquisition assemblage and  entitlement project for a 300 unit building in Malden, MA.

Land:$2.5m

Sold land & entitlements

Full redevelopment of a building located in Maverick Square, East Boston.

Land: $1.1mm

Construction: $1mm

Entitlement: Commercial with storage to commercial with 6 residential units

73 Maverick Square is a current project with the plan to add two more stories and renovate the Bella's Market store front. 

In addition to underwriting supply/demand fundamentals, this 500 unit residential development project had all of the “hair” of a complex development process.  Namely, foreclosure, environment EPA, onsite windmill with federal funding, entitlement, waterfront permitting, organized abutters, and solvent bank.

Our mitigating factors were; creditable relationship with local officials, my relationship with local CBRE partners, local market knowledge of the residential demand, and local EPA relationship to assist in deeming the issues as “monitoring”.  Thus after the bank’s failed foreclosure process, CBRE was engaged to soft market the property to several well qualified local & national developers.  I reached out to Simon (partner at CBRE), shortly thereafter we entered into direction negotiations with bank in NYC, agreed on price $9.5mm plus acceptable due diligence terms, and set a timeframe for closing.

During the due diligence process we had been approached by larger national residential companies to co-development the project.  30 days prior to closing a Chinese development company offered a very attractive land price.  Which my client sold.  Recently the ZBA denied the developer’s large scale development that included a 27 story residential tower, hotel, and retail component.

Lesson leanred – the development process is improved with local relationships and certain dispositions options yield higher returns.