JLL Capital Markets arranges $23m senior financing for 1008 Mass. Ave.

Cambridge, MA JLL Capital Markets has arranged $23 million senior financing for 1008 Mass Ave., a 65-unit luxury multifamily property. JLL represented the borrower with support from Boston Residential Group, LLC, in securing the loan through Manulife/John Hancock Life Insurance Co.

Located at 1008 Massachusetts Ave., the property is located between Harvard Sq. and Central Sq., offering residents access to amenities within walking distance. The building is steps from Harvard University and MIT, positioning it in the city’s academic and innovation hub. With a Walk Score of 97 out of 100, the property provides a “Walker’s Paradise” where daily errands can be accomplished without a car.

The city continues to be one of the nation’s most desirable multifamily markets due to its highly educated workforce, innovative knowledge-based economy and perpetual demand drivers from leading academic institutions. The Harvard-MIT submarket showcases exceptional strength with premium rents averaging 31% above market average and strong occupancy fundamentals.

The seven-story building features 65 studios, one- and two-bedroom apartments, along with ground-floor retail space occupied by Gibson Sotheby’s International Realty. The property offers 67 parking spaces and amenities including 24-hour concierge services, a fitness center, a sundeck with panoramic views and laundry on every floor. 

JLL Capital Market’s 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,” said Cutone. “1008 Massachusetts Ave’s prime location between Harvard Square and Central Square, combined with its quality construction and strong operational performance, made it an attractive refinancing opportunity.”