Developer Of New Fenway Apartment Building Lands $178M Loan
New York private equity firm Madison Realty Capital has provided a loan for a new multifamily building near Fenway Park.
The firm gave developer Scape a $177.5M loan to refinance its 415-unit property at 1252-1270 Boylston St. near Fenway Park, Madison said in a press release. The loan will be used to pay off a $165M construction loan Madison provided the developer in 2020, Commercial Observer reported.
"Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, value-oriented luxury rental options from a growing population, and we are proud to support a substantially leased high-quality residential and retail offering in an attractive market,” Josh Zegen, managing principal of Madison Realty Capital, said in a statement.
Scape began construction in 2020 on the 15-story, 225K SF property. It began leasing the project in December 2022. The apartments are 95% leased, and the retail space is 80% leased, according to the release.
The property's retailers include Immersive Gamebox, Carbon Health, Dave’s Hot Chicken and Halal Guys.
Scape previously wanted to build a student dorm on the Boylston Street property but opted for rental units, The Boston Sun reported in 2019. The developer ran into a similar problem with another development on Davis Square, which the firm decided to turn into lab space, Banker & Tradesman reported last year.
The developer is working on a proposal for a 30-story, 406-unit tower in the Fenway at 2 Charlesgate West, a six-minute walk from its Boylston development, Banker & Tradesman reported.
Madison has financed other Boston projects. In January 2020, it originated a $345M loan for Cronin Development's 114-unit St. Regis Residences in the Seaport. A year prior, Cain International and Madison helped to finance The Noannet Group's Raffles Boston development.
