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 construction loan of $165 million from Madison Realty Capital in 2020 and supports interest and carrying costs during the property’s stabilization period. Since its opening for leasing in December 2022, the property has achieved high residential occupancy at 95% and retail occupancy at 80%.
According to Josh Zegen, managing principal and co-founder of Madison Realty Capital: “Fenway is an esteemed academic and employment hub within Boston with significant demand for affordably designed luxury rental options from a growing population.” He further adds that they are proud to support this well-leased residential-retail offering in such an attractive market.
The property offers furnished studios as well as one- and two-bedroom apartments along with retail spaces hosting popular brands like Immersive Gamebox, Carbon Health, Dave’s Hot Chicken,and Halal Guys. It also boasts amenities such as landscaped terraces,fitness centers,and co-working spaces.
This recent development marks another milestone achievement by Scape through securing substantial funding towards their project without any mention of specific organizations or locations involved.
