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Viceroy Purchases Harbor View Apartments in Gloucester
Gloucester, MA The Mega Group has completed the sale of Harbor View Apartments, a 22-unit mixed-use residential and commercial investment opportunity, situated on Stacy Blvd. in the town’s oceanfront seaport district. At the time of the sale, the $4.8 million purchase price traded at an unprecedented 4.1% CAP.
Brian DApice of the Mega Group facilitated the sale on behalf of the sellers, Harbor View Realty Trust, and navigated a swift no finance, no due diligence, 10-day purchase contract to the closing table in an off-market fashion by hand-picking the buyer, ViceRoy Capital Management, from their private client network of ready willing and able real estate investors list.
Harbor View Apartments is located at the corner of 31 Western Ave. & 7 Middle St. and is a 18,912 s/f mixed-use brick construction corner building with a drive-in parking garage and one single-tenant restaurant building and parking lot situated on 30,971 s/f of land. Location is prime waterfront in an emerging transit-oriented market.
This transaction would be DApice’s second with ViceRoy Capital Management totaling $7.6 million in about a six month time period having also facilitated the sale of 3 Main St. in Peabody, Mass. for $2.8 million in the very same off-market fashion via it’s private client network.
The Mega Group, since 1997, is a full-service commercial real estate firm with a wide-range of services that covers greater metropolitan Boston area, coastal New Hampshire and southern Maine.
Peabody City Council Approves Children's Museum
PEABODY — There were no kids at Thursday night’s Peabody City Council meeting. If there were, they might’ve let out a big cheer.
The City Council voted 8-2 to approve Mayor Ted Bettencourt’s plan to create a new city department to open and operate a children’s museum. The museum will be located at 10 Main St. in downtown Peabody and is scheduled to open in June or July.
“I think it’s a historic moment for our downtown,” Bettencourt said Friday.
Bettencourt told city councilors the museum will be the only children’s museum on the North Shore and will provide an economic boost to restaurants, shops and other businesses in Peabody.
“I want this for our downtown,” he said. “I want this for our city, for our children, for our families. I believe this can be a great success.”
Bettencourt told councilors he has been “enamored” with the idea of bringing a children’s museum to Peabody since 2014, when he and others from Peabody visited the children’s museum in Dover, New Hampshire. They became convinced the idea could work in Peabody when the Peabody Cultural Collaborative ran a pop-up children’s museum in 2019 and drew more than 9,200 visitors over 42 weeks, most of them from outside of the city.
“We were really astounded,” Martha Holden, a board member of the collaborative, told city councilors. “Our initial projections were nearly tripled.”
Michael Gingras, the city’s finance director, said the new children’s museum department would have two full-time employees, five part-time employees, and an annual budget of about $550,000. He estimated potential revenues at about $470,000 through ticket sales, donations, grants, rentals and gift shop and concession sales.
“With a reasonable amount of growth over a few years it’s conceivable that the revenue generated by the museum could exceed the operating costs,” Gingras told councilors. “The numbers look like they can pan out in the long run.”
Bettencourt said the city has received a $400,000 grant from the Community Development Authority as a “nest egg” to help with start-up costs. Local legislators have also requested $1.2 million in a state bond bill, he said.
City councilors Anne Manning-Martin and Jon Turco both said they liked the idea of a children’s museum, but voted no because they didn’t want the city and the taxpayers to take on the financial risk, especially at a time of economic uncertainty.
“Good concept, bad time,” Manning-Martin said.
Turco asked Bettencourt if he knew of any other city that ran a children’s museum, and Bettencourt said he did not. Turco wondered why the museum couldn’t be operated as a nonprofit, as other communities have done, rather than creating a new city department with a half-million dollar budget.
Bettencourt agreed that the museum could be changed to a nonprofit at some point. But said it takes time to establish a nonprofit and the city needs to act quickly to secure the spot at 10 Main St. The city has reached an agreement to lease the space, which was previously occupied by TD Bank.
“I feel like we have a window here to make it work and I think this would be the way to go,” he said.
The City Council voted to create the new department and to authorize Bettencourt to finalize the lease agreement for 10 Main St. It also voted to review the financial viability of the museum at the three-year point to help determine whether the lease will eventually be extended beyond five years.
“There’s always risk associated with creating a new department,” Bettencourt said. “I believe it’s a risk we can succeed at and overcome.”
He said the city will soon advertise for an executive director. The City Council approved a maximum salary of $81,168 for the position and $51,689 for an assistant director.
Staff Writer Paul Leighton can be reached at 978-338-2535, by email at pleighton@salemnews.com, or on Twitter at @heardinbeverly.
Banker & Tradesman
January 7, 2022
A Woburn real estate company is the new owner of a 99-unit Rowley apartment complex following a $13.8 million transaction.
Viceroy Capital Management acquired the three-building Millwood Apartments complex at 803-805 Haverhill St. and 4 Dodge Road.
Boston City Group Inc.’s Caroline Ligotti, Linda Redeker and Emily McGranaghan worked with the seller and procured the buyer to complete the off-market transaction.
The complex is comprised entirely of two-bedroom apartments in three 2-story brick buildings constructed in the 1970s on an 8-acre site.
Headed by former Hamilton Co. President Carl Valeri and Sandra Capo, Viceroy invests in multifamily, medical office and neighborhood shopping center properties
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Current Events
March 19th - ViceRoy Acquires The Princeton for $11m
Though originally under agreement in October 2023 on the cusp of our 5th Year Anniversary, we persevered through the myriad of title issues keeping our eye on the prize. Built in 1914, once the tallest building in Somerville, this 50 unit iconic building was owned by just 2 families in its 100 year old history. ViceRoy now is operating over $90m in assets and over 400 units under management.
November 15th - ViceRoy Celebrates its 5th Year Anniversary
Five years ago, November 15th, ViceRoy was formed using Godaddy account and Legal Zoom LLc agreement. During this timeframe, we faced Federal Reserve easing/tightening, inflation not seen in 40 years, the shuttering of a $30 trillion economy, political and social unrest not experienced since the late 1960's and an overabundance of buyers chasing too few sellers. Through it all, ViceRoy and its team have been able to tactically and strategically acquire and manage $80 million in assets. Doing so, we raised $16 million in private equity, infused nearly $4m of our own funds and became stewards of $8.5m in annual revenue. During these first 5 years ViceRoy maintained 98% plus occupancy rates throughout its portfolio, drove revenues higher, improved the infrastructure of each asset, managed the CoVid downturn, dealt with three major fires and a flood and now delivers an average cash on cash return of 10% across the asset pool. (All this while not chasing every deal for the sake of the fees which many in our industry do to the detriment of its partners).
We have been consistent with our message of long-term ownership and maintain this objective as the correct path for all involved. We wish to thank our Board of Advisors, our strategic lending partners, key vendors and most importantly our 85 plus active investors who have believed in us from the beginning. Who needs Crowd Funding.
Sic Parvis Magna - "Out of small beginnings there are great outcomes"
April 24th - ViceRoy Closes on Gloucester Purchase
Just 20 days from offer, ViceRoy closed on 31 Western Avenue in Gloucester, MA. A key block of housing and commercial space overlooking the harbor. The interior and exterior improvements commenced immediately. As it approaches its 5th year anniversary in November, this puts total assets under management at $75m.
April 5th, 2023 - Viceroy puts Gloucester Purchase Under Agreement
On April 5th, ViceRoy put the $4.8m asset overlooking Gloucester Harbor under agreement. Using its $8m Line of Credit, clsoing is schedule for April 19th, just 15 days from U/A to close! This soon to be repositioned asset will immediately undergo $250k renovation in a span of 2 months.
November 4th & 5th - ViceRoy lead sponsor of the Yarmouth Police 2nd Annual Charity Pickeball Tournement. With 125 contestants, ViceRoy lead the sponsorship of the Charity Pickeball Tournement held over a two day period with skill levels ranging from 3.5 to 5.0 hosting Men's Doubles, Women's Doubles and Mixed Doubles. Co-Founder Carl Valeri and daughter Christina assisted in managing the courts as well as playing in the event.
October 6th - ViceRoy delivers CoO to the New North Shore Childrens Museum
7 months from lease execution, ViceRoy delivers occupancy to 10 Main Street in time for its opening of October 7th.
September 13, 2022 - ViceRoy acquires 3 Main Street, Peabody
With the strategic advantage of its $8m line of credit, ViceRoy acquires 3 Main Street in downtown Peabody for $2.8m. From offer to closing in 25 days. ViceRoy now owns 13 buildings in downtown Peabody.
March 2022 - ViceRoy signs 5 Year Lease with City of Peabody
With City Counsel Authorization, ViceRoy and Mayor Bettencourt executes 5 year master lease for 10 Main Street, Peabody acquisition made in August, 2022
December 31st - ViceRoy reaches new milestone
Having just celebrated its 3 year anniversary and completed its latest acquisition ViceRoy now has $67m in assets under management comprised of 350 apartments and 15,000sf of neighborhood retail.
December 29th - ViceRoy acquires 99 unit property in Rowley, Ma
Employing its robust $8m Line of Credit, hosted by Brookline Bank, ViceRoy closed on a 99 unit apartment complex in Rowley, MA for $14m. The 3 building, 8.5 acre complex is fully occupied but will undergo the ViceRoy Way of upgrades and operational improvements repositioning a valuable asset in an ever improving suburban marketplace.
November 30th - ViceRoy reopens The General Washington in 4 months
Having to shutter the building down on July 13th due to a wholesale failure of the electrical system, ViceRoy found housing for 39 residents immediatley afterward. With coordination of local officials and key vendors, the building was rehabbed over a 4 month period and the majority of the residents returned to their homes and to a completely updated building.
August 10th 2021 - ViceRoy purchases key asset in Downtown Peabody
ViceRoy acquired its 12th building in downtown Peabody for $970,000. Abutting its existing portfolio, ViceRoy acquired the former TD Bank Building from the banking giant. The property boasts off-street parking and a 7,500sf footprint w/ combined office and retail space totaling 10,000sf. A Very tactful move to acquire such a large asset in an ever improving downtown.
November 20th 2020 - ViceRoy closes The General Washington in 26 days
Using its $8m Line of Credit, Viceroy goes from P&S, 10 day due diligence to close in record time of just 26 days. Excellent example of great teamwork of Brookline Bank and Saul Ewing, llp. In fact extraordinary in the age of Covid. This purchase puts total assets under ownership/management of $41m giving it a market presence in Arlington, Lexington, Reading, Peabody, Woburn and Framingham comprising 240 units and 15,000 sf of neighborhood retail.
October 25th - ViceRoy puts The General Washington Apartments, Reading Ma under agreement
ViceRoy put a 39 unit, 5-story apartment building under agreement with Trident Partners for $7.4m slated to close in early December.
August, 2020 - ViceRoy Assets Under Managment Grows
Managing Partners, Sandra Capo and Carl Valeri, took on the Asset & Property Management roles of a family portfolio valued at $15m principally comprised of multifamily in the towns of Lexington, Woburn and Arlington. Combined, Viceroy now manages real estate exceeding $35m.
March 27th - ViceRoy guest speaker on WRKO 6pm Howie Carr Show
March 20th - ViceRoy Announces Discounted Rents to its Peabody Residents and Commercial Businesses First to offer discounts to it tenants in the industry, ViceRoy gives 10% rent rebates to all of its residential and commercial tenants in Peabody. Designed to reward and assist those who can most use the extra income toward food and other vital necessities. The rebate was well received by more than 85% of the tenants who paid on time and applies for both April and May. Effective give back in excess of $32,000.
March 13th - ViceRoy Observation
On February 20th the 9th DNC debate was held. OMG is that the best 358 million plus population can produce? It was like observing a bunch of 6th graders debate over the value of Poprocks candy. In anycase, we still have other distractions to keep us amused like MLB Spring Training, MLB Opening Day, St. Patricks Day Parade, Boston Marathon, NHL and NBA games, casual shopping in Malls, large family gatherings and new movie releases to entertain us.
November 19th - ViceRoy celebrates its First Year Anniversary - From Kitchen to Trade Center Woburn and from Zero to 51 investors. Not a bad start in a very mature industry
November 12th - ViceRoy puts $13.5m neighborhood shopping center in Acton, Ma under agreement
October 1st, 2019 - ViceRoy managing partner, Carl Valeri, invited to Marcus/Millichap November 7th Real Estate Roundup as guest panelist in its Value Add Seminar
https://multifamilyforum.com/new-england/
September 30th, 2019 - ViceRoy closes $12m permanent loan with KeyBank/Freddie Mac.
August 28th - ViceRoy acquires 149 unit, 11 building mixed use portfolio in downtown Peabody for $17.2m and opens its second office.
On a related front, Seller takes all toilet paper, paper towels, 10 gallons of grey paint, one silk flower and office furniture leaving the remaining staff with one chair and a pen. Who does that?
August 15th, 2019 - Brookline Bank displays tremendous flexibility and support of ViceRoy by arranging a $13m loan in a record 7 days for a Viceroy Acquisition securing a $17m purchase
July 31st, 2019 - Managing Partner Carl Valeri spends 2 lost hours watching 10 adults conduct themselves as uneducated children in a debate on national TV and is reminded of a Rodney Dangerfield quote, " Now I know why tigers eat their young"
July 26th, 2019 - ViceRoy closes $2m permanent financing with Stephanie Maiona of Needham Bank
July 25th, 2019 - ViceRoy index locks $10m with KeyBank/Freddie for upcoming Peabody purchase.
July 18th, 2019 - Brookline Bank approves $3m mixed use loan for upcoming Peabody purchase.
July 16th, 2019 - ViceRoy raises $4.6m in 20 days closing out its 2nd Fund.
June 25, 2019 - ViceRoy executes definitive agreement for a 149 unit portfolio in Peabody, MA
June 10, 2019 - ViceRoy Closes on 76 Grant Street
June 6, 2019- ViceRoy enters into definitive agreement to purchase work force housing portfolio in Peabody.
May 20, 2019 - ViceRoy closes on $8m Line of Credit with Brookline Bank
May 2, 2019 - ViceRoy announces ViceRoy Capital Fund 1
April 7, 2019 - ViceRoy puts 76 Grant Street under agreement in record time (offer to P&S in 5 days)
April 4, 2019 - Kelly Berardi, Robert Verrone and Michael Prakken join ViceRoy Board of Advisors
April 3, 2019 - ViceRoy announces operating partnerships with Gray, Gray & Gray and Rackaman/Sawyer
March 24, 2019 - ViceRoy qualified investor pool passes 35 memberships
March 1, 2019 - ViceRoy enters into definitive agreement with Brookline Bank for $8m Line of Credit
February 2, 2019 - ViceRoy moves from kitchen to Trade Center Plaza, Woburn
January 21, 2019 - ViceRoy investor pool reaches 20 qualified investors raising $3.1m for its first all cash purchase
January 15, 2019 - Darrel Fess and Keith Munsel join ViceRoy as first Board of Advisors
November 17, 2018 - ViceRoy Capital Management formed out of the kitchen
June 29, 2018 - Carl Valeri retires from The Hamilton Company after 22 years and plays 80 rounds of golf and misses the senior tour cut but shot a 79 at Pebble Beach so that ain't bad
July 20, 1969 - Amongst huge social unrest, America first to land on the moon with the Apollo 11 crew
October 4,1957 - Russian launches Sputnik and creates a space race. America responds with a decade of students studying civil and mechanical engineering which spawned countless improvements that can be found in current day society. There were no "Safe Spaces" at that time
June 4, 1919 - Congress passes the 19th Amendment giving women the right to vote
May 9, 1865 - The single greatest social experiment is kept together with the brilliant leadership of Abraham Lincoln bringing and end to the American Civil War. Home schooled and self taught, Abraham Lincoln relied on himself, not a handout, to improve himself and ultimately the United States. He did not win the majority of the popular vote, was a dark horse in the nomination, file for bankruptcy many times and was a Republican. Just sayin
September 17, 1787 - The US Constitution is ratified
July 4,1776 - Greatest single document written declaring inalienable rights for all triggering a revolution for the greatest capitalist society ever formed and annoyed AOC
Circa 1438 - First printing press produced by Johannes Gutenberg; transformed the informational age by producing multiple copies of the bible for those who could read opening information and ultimately news to a wider audience than just the elite
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