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FoxRock Properties Secures $128.2M Loan From Fannie Mae For 465-Unit Quincy Multifamily Project

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FINANCED
$128,200,000

Massachusetts

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MultiFamily
Financed 02/09/2026
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Property Image
FINANCED

FoxRock Properties Secures $128.2M Loan From Fannie Mae For 465-Unit Quincy Multifamily Project

100 Whitwell Street

See Similar Deals
MultiFamily
Financed 02/09/2026

Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan

The Ashlar Park apartments, located at 100 Whitwell Street in Quincy, consist of 465 residential units. The property is part of a multifamily development originally financed with a construction loan. The current loan secured by FoxRock Properties is valued at $128.2 million.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $128,200,000
  • Address: 100 Whitwell Street
  • Market: Quincy
  • Units: 465
  • Lender: Fannie Mae Delegated Underwriting & Servicing
  • Landlord: Jason Ward - FoxRock Properties
  • Original Construction Loan: $128,700,000 from Citizens Bank
  • Construction Start Year: 2021
  • Project Site: Former Quincy Medical Center
  • Number of Buildings: Four residential buildings and a three-story community center
  • Broker Representation: CBRE represents the borrower

Key individuals involved in this transaction include Jason Ward, who serves as the landlord and represents FoxRock Properties. The lender for this deal is Fannie Mae Delegated Underwriting & Servicing, facilitating the financial support required for the Ashlar Park project's completion.

Details

FINANCED
IMAGE: Jason Ward DATE: 02/09/2026 ADDRESS: 100 Whitwell Street MARKET: Quincy ASSET TYPE: MultiFamily ~ UNITS: 465 LENDER: Fannie Mae Delegated Underwriting & Servicing LANDLORD: Jason Ward - FoxRock Properties LOAN AMOUNT: $128,200,000 NOTE: FoxRock Properties secured a $128.2M loan for its 465-unit Ashlar Park apartments in Quincy, originally financed with a $128.7M construction loan from Citizens Bank in 2022. The multifamily project, begun in 2021 on the former Quincy Medical Center site, features four residential buildings and a three-story community center, with CBRE representing the borrower.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$128,200,000.00

Monthly NOI$854,666.67
Monthly Debt Service$810,311.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00