JLL Capital Markets has successfully secured a refinancing deal for Prospect Union Square, a recently constructed residential property in Somerville, MA. The 450-unit complex is located in the desirable Union Square neighborhood. While the exact terms of the financing were not disclosed, reports indicate that it was worth $125 million.
The borrower, a joint venture between Magellan Development Group, RAS Union Square Development LLC, Cypress Equity Investments and Affinius Capital was represented by senior managing directors Danny Kaufman and Brett Paulsrud along with director Madeline Joyce and analyst Ali Howard. They arranged for the loan through Northwestern Mutual.
Prospect Union Square can be found at 20-50 Prospect St., boasting two towers – one standing at 25 stories high and another six-story mid-rise tower. This modern complex was built just last year in 2020.
One of its most attractive features is its close proximity to MBTA’s new Green Line station at Union Station which provides direct access to Downtown Boston. Additionally,the location offers easy access to I-93 as well as major employment hubs like Kendall square and Downtown Boston.
This news article originally appeared on Connect CRE website.
