Madison Realty Capital Lends $165M on Boston Multifamily Development
Madison Realty Capital provides $165 million loan for construction of 451-unit multifamily asset located near Fenway Park
By Cathy Cunningham November 9, 2020 10:00 am
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Madison Realty Capital has provided a $165 million loan for the construction of 1252-1270 Boylston Street, a 451-unit multifamily asset located near Fenway Park in Boston.
The property is being developed by Boston-based Scape North America.
“Boston has experienced significant growth in the areas of life sciences, health care, and technology, and this financing will ensure that workers in these sectors have access to much needed, reasonably priced housing options in the highly sought-after Fenway neighborhood,” Josh Zegen, a principal and co-founder of MRC, said. “This $165 million loan at 70 percent loan-to-cost is emblematic of Madison Realty Capital’s commitment to collaboration and execution amid periods of significant market upheaval. We look forward to working with this best-in-class team, including Scape North America and Suffolk Construction, on an important project in the Boston area.”
The 291,000-square-foot, two-tower asset will include 19,380 square feet of ground-floor retail space. Its amenities are set to include a courtyard, a fitness center, a swimming pool, a landscaped roof terrace and co-working space.
The Fenway neighborhood offers new office, lab and life sciences spaces. As reported by Bisnow, Third Rock Ventures and Tango Therapeutics signed leases at Samuels & Associates’ 201 Brookline Avenue, an office and lab component in the developer’s 401 Park development in the Fenway neighborhood in February. The neighborhood, however, faces an undersupply of residential options for the growing workforce, positioning the new multifamily property well for success.
It’s not MRC’s first rodeo in the Boston market. Only last year, the firm provided $314 million in construction financing for the Raffles Boston Back Bay Hotel & Residences.
