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Boston MF Development Secures $178M Loan
Madison Realty Capital has provided a $177.5 million loan to Scape, a multifamily and student housing owner, for a 415-unit multifamily property in Fenway, Boston.
The loan replaces an earlier $165 million construction loan provided by Madison Realty Capital in 2020 and supports interest and carrying costs during property stabilization. Since opening for leasing in December 2022, the property has achieved 95% residential occupancy and 80% occupancy in its retail space.
“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, and we are proud to support a substantially leased high-quality residential and retail offering in an attractive market,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital.
Featuring furnished studios, one- and two-bedroom apartments, and retail spaces housing brands like Immersive Gamebox, Carbon Health, Dave’s Hot Chicken, and Halal Guys, the property has amenities including a landscaped terrace, fitness center, and co-working spaces.
- ◦Financing
