Madison Realty Capital Refis Boston Apartments Near Fenway Park With $178M Loan
By Andrew Coen December 19, 2023 3:34 pm
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Developer Scape North America has nabbed a $177.5 million refinance for a Boston mixed-use multifamily asset just steps from Fenway Park, Commercial Observer can first report.
Madison Realty Capital (MRC) originated the loan on Scape’s 415-unit property at 1252-1270 Boylston Street in the Fenway neighborhood of Boston and near the 111-year old ballpark that is home to the Boston Red Sox.
The transaction, which was executed through MRC’s income-oriented debt investment vehicle, will retire a $165 million construction loan supplied by the lender in late 2020 and also fund interest and carry costs associated with the property’s stabilization.
Scape’s Fenway project began leasing in December 2022 and the apartments are now 95 percent leased, while the retail space is 80 percent leased, according to MRC.
“As a flexible alternative to traditional bank lenders, we are pleased to continue serving as a single source of financing for Scape through the next phase of development, and expand upon our presence in Boston,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, value-oriented luxury rental options from a growing population.”
The 1252-1270 Boylston property has community amenities that include a fitness center, a yoga room, co-working space and a lounge library. Tenants of the ground-floor retail space include Immersive Gamebox, Carbon Health, Dave’s Hot Chicken and Halal Guys.
Officials at Boston-based Scape did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
