5 Responses to “Seaport apartment complex for sale” »»

1. Mary
   Comment by Mary | 07/29/10 at 12:10 pm

   Maybe they just need the money….99 million minus 30 million = oh my!

   “Woodbury Lakes opened in 2005. Cornerstone Real Estate Advisors in Hartford, Conn., bought it the following year for $99 million, or about $324 a square foot — a rich price for a mall that size, brokers say, particularly since it was only about 80 percent leased. But the recession throttled the mall — it lost a key anchor, Linens ‘n Things, and another major tenant, Z Gallerie, when those companies filed for bankruptcy. ”

   “A joint venture called DBRA RED Woodbury closed on the deal Tuesday, one of the partners confirmed. While terms were not disclosed, the price was said to be just north of $30 million”

2. Mary
   Comment by Mary | 07/29/10 at 12:29 pm

   John,

   If you don’t like SB how ’bout something in Canada?

   “The iconic 400-room property, one of the largest resorts in Canada to come to market, is being marketed by U.S. owners Cornerstone Real Estate Advisers, LLC, Mass Mutual Financial Group and an institutional company.

   The resort has two 18 hole golf courses, a 40,000 square foot meeting and exhibition space and its own 3,000 foot long airstrip.

   “Right now the winds are behind the owners of the property given that there is a returning appetite for this type of real estate and there isn’t a lot on the market,” said Bill Stone, executive vice president of CB Richard Ellis Hotels. “This is a strategic sale. They didn’t have to sell at this point.”

   What ever you say Bill….

3. rich
   Comment by rich | 07/29/10 at 3:41 pm

   Hi Mary,

   What did people do before the Internet?

   According to Boston’s online property tax database, 225 Northern Avenue is assessed at about $100 million for the 2 buildings and the parking garage.

   The property has a $110 million mortgage on it from the Hartford company. The mortgage closed in Dec. 2006, so I expect that it needs to be refinanced in Dec. 2011. (30-year mortgages are rare in the commercial real estate business.)

   I don’t see this building as a candidate for condo conversion, since there is a glut of units for sale now in Boston. In addition, the building has been chopped up into relatively small units. As a condo conversion, it will require some serious dollars to reconfigure the 2 buildings into more spacious units.

   If the building is mostly occupied, I suspect the current owners probably are doing okay. My guess is that they are pulling in around a $1 million a month in rents and that 2006 mortgage is costing them $600K per month. $400K should go along way towards paying for tax, utilities, management, repairs, etc.

   Rich

4. Mary
   Comment by Mary | 07/30/10 at 12:05 am

   Rich,

   Interesting stuff…thanks

5. JohnG
   Comment by JohnG | 07/30/10 at 6:33 am

   Someday, with the right development, that area will be a great place to live, but I think it is somewhat isolated right now.

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