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Newly Built Somerville Apartments Secure Life Company Refi
JLL Capital Markets secured a refinancing for Prospect Union Square, a newly constructed 450-unit residential property located in the Union Square neighborhood of Somerville, MA. Although terms of the financing were not disclosed, published reports put it at $125 million.
Senior managing directors Danny Kaufman and Brett Paulsrud, director Madeline Joyce and analyst Ali Howard represented the borrower, a joint venture between affiliates of Magellan Development Group, RAS Union Square Development, LLC, Cypress Equity Investments and Affinius Capital, and arranged the loan through Northwestern Mutual.
Prospect Union Square is located at 20-50 Prospect St. in Somerville. Built in 2023, the property includes a 25-story high-rise tower and a six-story mid-rise tower.
The complex is adjacent to the new MBTA Union Square Station on the Green Line, offering direct access to Downtown Boston. It’s situated near I-93 as well as key employment hubs such as Kendall Square and Downtown Boston.
- ◦Financing