News December 19, 2023
Madison Realty Capital Refis Boston Apartments Near Fenway Park With $178M Loan
Commercial Observer reported that Scape North America has secured a $177.5 million refinance from Madison Realty Capital for a Boston mixed-use multifamily asset just steps from Fenway Park. The transaction was executed through Madison’s income-oriented debt investment vehicle, will retire a $165 million construction loan provided by Madison Realty Capital in November 2020, and fund interest and carry costs associated with the property’s stabilization. Scape’s Fenway project began leasing in December 2022 and the apartments are now 95 percent leased, while the retail space is 80 percent leased.