CAMBRIDGE, MA — JLL Capital Markets has arranged $23 million in senior financing for 1008 Massachusetts Ave., a 65-unit luxury multifamily property located in one of Cambridge’s most sought-after residential corridors, steps from both Harvard Square and Central Square.
JLL represented the borrower, with support from Boston Residential Group, LLC, in securing the refinancing through Manulife / John Hancock Life Insurance Co. The transaction underscores continued lender confidence in well-located multifamily assets within Cambridge’s tightly constrained housing market.
The seven-story property, built in 1999, features a mix of studio, one- and two-bedroom apartments, along with ground-floor retail space currently occupied by Gibson Sotheby’s International Realty. Residents have access to 67 covered parking spaces and a suite of premium amenities, including 24-hour concierge service, a fitness center, a seventh-floor sundeck with panoramic city views and laundry facilities on every floor.
Situated at 1008 Massachusetts Ave., the property offers exceptional walkability and connectivity within Cambridge’s academic and innovation hub. The building is within walking distance of Harvard University, MIT, and a wide range of dining, retail and cultural destinations. With a Walk Score of 97, the location allows residents to complete most daily errands without a car.
Cambridge remains one of the nation’s strongest multifamily markets, driven by its highly educated workforce, innovation-based economy and sustained housing demand from leading academic institutions. The Harvard-MIT submarket continues to outperform, with premium rents averaging roughly 31% above broader market levels and strong occupancy fundamentals.
The JLL Capital Markets Debt Advisory team was led by Managing Director Anthony Cutone, Director Madeline Joyce, and Associate Michael Schwarze.
“This transaction demonstrates the continued institutional interest in well-positioned multifamily assets in Cambridge’s dynamic market,” Cutone said. “The property’s prime location, quality construction and strong operational performance made it a compelling refinancing opportunity.”
Boston Residential Group, which supported the borrower, is a Boston-based real estate investment and development firm founded in 2003. The firm has developed and managed more than 2,000 residential units, representing approximately $1 billion in real estate assets, with a focus on urban projects that integrate seamlessly into surrounding neighborhoods.
JLL Capital Markets provides a full spectrum of capital solutions for real estate investors and occupiers worldwide, including debt and equity advisory, investment sales and recapitalizations, supported by more than 3,000 specialists across nearly 50 countries.
