Scape has secured $177.5 million in refinancing for its 451-unit community in Boston’s Fenway neighborhood. Madison Realty Capital originated the loan through its income-oriented debt investment vehicle.
The refinancing loan retires a $165 million construction loan that the firm provided for the project in November 2020.
The Bon officially opened in November 2022. The community offers fully-furnished units in studio, one-, and two-bed floorplans with penthouse options. The units were built with 50-inch smart TVs, hardwood floors, quartz countertops, stainless steel appliances and waterfall showers. The community’s amenities include a landscaped terrace, fitness center, yoga room, coworking space, lounge, library and study.
Located at 1252-1270 Boylston St., The Bon also includes retail space that is home to tenants including a global bank, Dave’s Hot Chicken and Halal Guys. The community’s location puts it less than a mile away from both Boston University and Northeastern University.
The community is 95 percent occupied, while the retail portion is currently 80 percent leased.
More Morro communities on the way
Scape, which specializes in student housing, launched its urban living division called Morro with The Bon and The Guild in the U.K. As a sister brand that focuses on rental communities, the next Morro communities will be coming to San Jose, Calif., several London cities and again to Boston’s Fenway neighborhood.
As for Madison Realty Capital, the New York City-based firm has provided more loans for communities in its home metro. Last year, the firm amended its loan to Manhattan Building Co. by increasing it to a total of $395 million for the 1,089-unit Emerson Lofts project in Jersey City, N.J.
A year prior, Madison Realty Capital provided a $106 million construction loan to Arch Cos. and AB Capstone for a 133-unit residential project in the Ridgewood neighborhood of Queens, N.Y.
