Madison Realty Capital has provided a $177.5 million loan to Scape, a multifamily and student housing owner, for a 415-unit multifamily property located in the highly sought-after Fenway neighborhood of Boston. The loan replaces an earlier $165 million construction loan provided by Madison Realty Capital in 2020 and supports interest and carrying costs during the property’s stabilization period.
According to Josh Zegen, managing principal and co-founder of Madison Realty Capital, “Fenway is a premier academic and employment hub within Boston with significant demand for efficiently designed luxury rental options from its growing population.” He further adds that they are proud to support this high-quality residential and retail offering in such an attractive market.
The property features furnished studios, one- and two-bedroom apartments as well as retail spaces occupied by popular brands like Immersive Gamebox, Carbon Health, Dave’s Hot Chicken,and Halal Guys. With amenities such as landscaped terraces,f fitness center,and co-working spaces,the development caters to the needs of modern urban dwellers.
This latest financing news highlights the continued growth potential of Boston’s multifamily market,s showcasing strong demand for quality living options among both studentsand professionals alike.The post also mentions that Connect CRE will be providing updates on this project going forward.
