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October 2013 | Legal Update

The Nutter Real Estate Bulletin is a periodic update that highlights recent client transactions for which we have been pleased to serve as legal counsel. For further information, please contact your Nutter attorney.

City of Boston executes Host Community Agreement with Sterling Suffolk Racecourse, LLC

In late August, the City of Boston entered into a Host Community Agreement with Sterling Suffolk Racecourse, LLC ("Suffolk Downs") which requires Suffolk Downs, if it obtains a Category 1 License from the Massachusetts Gaming Commission ("MGC"), to develop a $1 billion destination resort casino and pay an upfront impact fee of $33.4 million dollars, minimum annual payments to the City of $32 million dollars at stabilization, and the potential for significantly more payments based upon casino revenues. Nutter represented the City in its negotiations with Suffolk Downs and has continued to assist the City in issues related to the required referendum vote and proceedings before the MGC.

AXA Equitable closes a large construction/permanent loan for a residential project in the Fenway area of Boston

Nutter represented AXA Equitable Life Insurance Company on its recently closed $123,600,000 construction/permanent loan to Abbey Viridian LLC for the construction of a new residential apartment building with 342 units (including 38 affordable units), retail space and a community center at 1282 Boylston Street (near Fenway Park), Boston, Massachusetts.

Adobe Systems sells office building for $25,000,000

In September, Nutter handled the sale of Adobe Systems Incorporated's office building at 21-61 Hickory Drive, Waltham, Massachusetts to Medical Information Technology, Inc. (MEDITECH) for $25,000,000. 

 

  

AXA Equitable provides permanent financing for a multi-family residential building within University Park, Cambridge

Nutter represented AXA Equitable Life Insurance Company on its $31,000,000 leasehold mortgage loan to FC 91 Sidney Street, LLC for the property at 91 Sidney Street, Cambridge, Massachusetts, a multi-family residential building within the University Park development on land owned by MIT.

Connecticut General Life Insurance Company finances commercial building in University Park, Cambridge

Nutter represented Connecticut General Life Insurance Company on its closing of a $28,000,000 leasehold mortgage loan to UP 26 Landsdowne, LLC, secured by the property at 26 Landsdowne Street, Cambridge, Massachusetts, a commercial building within the University Park development on land owned by MIT.

TD Bank, N.A., as Agent, closes construction and permanent loan to finance the completion of Phase II of the multi-family apartment building known as "Flats 130" in Washington, D.C.

TD Bank, N.A., as Agent, closed a $49,000,000 construction and permanent loan from TD Bank and M&T Bank to CS Residential 2, LLC for Phase II of the multi-family apartment building known as "Flats 130", located in the integrated, mixed-use development known as Constitution Square in the NOMA District of Washington, D.C. Phase II will contain 150,000 square feet, including apartments, retail space, and an underground garage. Constitution Square includes office, hotel, residential, retail and restaurant uses. Nutter has represented TD Bank and/or M&T Bank in 5 separate construction loans relating to this Project.  

This update is for information purposes only and should not be construed as legal advice on any specific facts or circumstances. Under the rules of the Supreme Judicial Court of Massachusetts, this material may be considered as advertising.

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