NEW YORK, Nov. 23, 2020, a New York City based real estate private equity firm focused on debt and equity investment strategies, today announced that it successfully originated a $165 million loan to develop a 451-unit, multifamily project located at 1252-1270 Boylston Street in the Boston neighborhood surrounding Fenway Park. The project will be developed by Boston-based Scape North America, a vertically integrated global owner, developer, and operator of multifamily and academic housing, Suffolk Construction will serve as the general contractor and Gensler as the architect.
Ideally located close to the many educational and medical institutions making up Boston's rapidly growing biotech and life sciences industry, the 291,000-square-foot project will include approximately 20,000 square feet of ground-floor retail space. The state-of-the-art building will offer furnished studio, one- and two-bedroom units well-suited for the growing employment base in the Fenway submarket.
"Boston continues to experience remarkable growth in the areas of life sciences, healthcare, and technology, yet faces an undersupply of residential options for the growing workforce and significant barriers to entry for new residential construction," said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. "This project will ensure that workers in these sectors as well as the top-tier young professionals graduating from Boston's leading universities have access to much needed, reasonably priced housing options in the highly sought-after Fenway neighborhood. This $165 million loan at 70% loan-to-cost is emblematic of Madison Realty Capital's commitment to collaboration and execution amid periods of significant market upheaval. We look forward to working with this best-in-class team, including Scape North America, Suffolk Construction and Gensler, on an important project in the Boston area."
"We are excited to partner with Madison Realty Capital on our flagship project in Boston, which will bring attainably-priced housing to the Fenway neighborhood," said Andrew Flynn, CEO of Scape North America.
This is Madison Reality Capital's second investment in Boston, following $314 million construction financing provided to Raffles Boston Back Bay Hotel & Residences in July 2019.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $13 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer's prestigious "Power 100" list of New York City real estate players and is consistently cited as one of the industry's top construction lenders.
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