Fenway Mixed-Use Development Secures $165M Construction Loan
A British developer has secured a major construction loan for its latest Fenway complex.
Madison Realty Capital announced Friday it provided a $165M loan for UK private dormitory developer Scape’s North America operations to break ground at 1252-1270 Boylston St., where a 226K SF structure is planned. The 70% loan-to-cost financing, according to Madison, implies a project cost of over $235M.
“Boston has experienced significant growth in the areas of life sciences, healthcare, and technology, and this financing will ensure that workers in these sectors have access to much needed, reasonably priced housing options in the highly sought-after Fenway neighborhood,” Madison Managing Principal Josh Zegen said in a statement.
Boston-based Suffolk is serving as contractor for the 451-unit complex in the Fenway, of which 68 homes will be affordable housing in line with the city’s Inclusionary Development Policy requirements. The project also promises a 10K SF, 156-seat theater.
The site doesn’t sit far from Scape’s nearby proposal for a 15-story, 280K SF structure in Audubon Circle pledging 500 housing units, with 53 slated for families of patients at neighboring Boston Children’s Hospital. Criticism arose for 819 Beacon St., as a neighborhood association director derided the plan as student housing disguised as multifamily.
The Boylston Street project is Madison’s second investment in the area after it lent $314M in construction financing to The Noannet Group and Saunders Hotel Group for a 147-room hotel and residential development known as Raffles Boston Back Bay Hotel and Residences.
A representative for Scape was unavailable for comment Friday.