CAMBRIDGE, Mass. — Walker & Dunlop Capital Markets has arranged the $53.6 million sale and financing of 929 MASS, a mixed-use, two-building multifamily property located in Cambridge’s Central Square, the firm announced.
The transaction was completed on behalf of an institutional seller and included both the sale of the asset and the placement of acquisition financing for the buyer, John M. Corcoran & Company (JMC). Walker & Dunlop secured a $37.1 million fixed-rate, interest-only Fannie Mae loan to support the acquisition.
The Walker & Dunlop team handling the sale included Travis D’Amato, Michael Coyne, Brendan Shields, Kevin Gleason, and Maggie McFarland. Financing was arranged by Andrew Gnazzo and Mike Darling.
JMC has partnered with Stars REI, a global privately held real estate investment firm with holdings in the U.S. and U.K., to provide property and asset management services and oversee upgrades to the property.
“Combined with its prime location in one of Greater Boston’s most dynamic and sought-after submarkets, 929 MASS has strong potential to meet local housing demand and enhance the units to appeal to affluent professionals working in the area,” said Travis D’Amato, managing director at Walker & Dunlop. He added that the firm’s integrated platform enabled a “seamless, one-stop solution” for both the sale and financing.
The property consists of an 18-story tower with 96 residential units, 12,451 square feet of commercial space, 71 garage parking spaces, and 40 surface parking spaces, as well as a contiguous five-story building with 31 additional residential units.
JMC plans to invest in physical upgrades to improve the tenant experience. “With JMC’s property management expertise on the ground, we can be assured of a smooth transition for residents and continued successful execution of the capital plan,” said Richard Robinson, vice president of acquisitions at JMC.
Located along Massachusetts Avenue, 929 MASS offers strong transit access and proximity to major employment and academic centers. Residents are an approximately 11-minute train ride from Boston’s Financial District and Seaport and are within walking distance of Harvard University, the Massachusetts Institute of Technology, and the MBTA Red Line. The surrounding concentration of academic and research institutions continues to fuel demand from professionals working in the region’s lab and technology sectors.
Stars REI said the acquisition reflects confidence in Cambridge’s long-term fundamentals. “Cambridge’s office, education, and lab growth continues to far outpace available housing, making it one of the most resilient markets in the country,” said Felipe Lattapiat Johannesen, vice president at Stars REI.
Walker & Dunlop remains one of the most active firms in the U.S. multifamily market, having completed more than $57 billion in property sales since 2021. In 2024, the company originated over $30 billion in debt financing, including more than $25 billion for multifamily properties.
