Madison Realty Capital Provides $ 165 Million Loan to
NEW YORK, November 23, 2020 (GLOBE NEWSWIRE) – Madison Real Estate Capital, a New York-based real estate private equity firm focused on debt and equity investment strategies, today announced that it has secured a $ 165 million loan to develop a 451-unit multi-family project located in 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 multi-family and university housing, Suffolk Construction will serve as the general contractor and Gensler as the architect.
Conveniently located near the many educational and medical institutions that make up Boston’s rapidly growing biotechnology and life sciences industry, the 291,000 square foot project will include approximately 20,000 square feet of retail space. retail on the ground floor. The state-of-the-art building will offer furnished studios, one and two bedroom units well suited to the growing employment base in Fenway’s submarket.
“Boston continues to experience remarkable growth in life sciences, healthcare and technology, but faces a shortage of residential options for the growing workforce and significant barriers at entry for new residential construction, ”said Josh Zegen, senior director and co-founder of Madison Realty Capital. “This project will ensure that workers in these sectors as well as young, high-level professionals graduating from major Boston universities have access to affordable and much-needed housing options in the highly desirable Fenway neighborhood.” This $ 165 million 70% loan-to-cost ratio loan is emblematic of Madison Realty Capital’s commitment to collaboration and execution amid times of significant market upheaval. We look forward to working with this top-notch team, including Scape North America, Suffolk Construction and Gensler, on a major project in the Boston area.
“We are delighted to partner with Madison Realty Capital on our flagship Boston project, which will bring affordable 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 in construction funding granted to the Raffles Boston Back Bay Hotel & Residences in July 2019.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York-based real estate private equity firm specializing in debt and equity investment strategies, with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has completed approximately $ 13 billion in transactions in the multi-family, commercial, office, industrial and hotel sectors. The company manages investments in the United States on behalf of a global investor base. MRC is a fully integrated company with over 60 employees across all disciplines of real estate investment, development and property management. Among other industry accolades, MRC was 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 leading construction lenders.
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