BOSTON – JLL Capital Markets announced that it has secured a refinancing for Prospect Union Square, a newly constructed 450-unit residential property located in the vibrant Union Square neighborhood of Somerville, Massachusetts.
JLL represented the borrower, a joint venture between affiliates of Magellan Development Group, RAS Union Square Development, LLC, Cypress Equity Investments and Affinius Capital, and arranged the loan through Northwestern Mutual.
Prospect Union Square is located at 20-50 Prospect St., in the heart of the Union Square neighborhood. The complex is adjacent to the new MBTA Union Square Station on the Green Line, offering direct and quick access to Downtown Boston. Conveniently situated near the I-93 and in close proximity to key employment hubs such as Kendall Square and Downtown Boston, this is a prime residential location with excellent transit connectivity.
Somerville, located directly northwest of Boston, is a vibrant city famous for its eclectic mix of arts, culture and dining, often referred to as Boston’s Hipster Epicenter. The city has robust demographics, with about 38% of its population aged 20-34 and 67% holding a bachelor’s degree or higher, indicating a highly educated workforce. In 2023, Somerville’s average home value was $1.23 million, showcasing its appeal and proximity to Boston’s employment and educational centers.
Prospect Union Square, built in 2023, spans 1.25 acres and features a two-building multi-family complex. It includes a 25-story high-rise tower and a six-story mid-rise tower, offering studios, one-, two- and three-bedroom units, with 90 designated as affordable. Each unit features modern amenities such as stainless steel appliances, walk-in showers, floor-to-ceiling windows and luxury vinyl woodgrain flooring. The complex provides 18,264 square feet of available retail space, enhancing its appeal with community amenities like an outdoor pool, a courtyard, a fitness center and an indoor dog run.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Danny Kaufman and Brett Paulsrud along with Director Madeline Joyce and Analyst Ali Howard.
