Sub Markets

Property Sectors

Topics

Boston & New England CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Boston & New England  + Metro Boston  + Finance  | 

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.

Read More News Stories About: JLL
Connect

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing