Joint Venture Secures $125M Refinance Loan From Northwestern Mutual For 450-Unit Prospect Union Square

The asset involved is a multifamily residential complex located at 50 Prospect Street in Somerville, MA, comprising 450 units. The transaction engaged a refinance loan amounting to $125,000,000 secured from Northwestern Mutual. This property features the city’s tallest tower as well as 18,000 square feet of retail space.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $125,000,000
• Lender: John E. Schlifske - Northwestern Mutual
• Landlord: David J. Carlins - Magellan Development Group, RAS Union Square Development; Michael Sorochinsky - Cypress Equity Investments; Len O'Donnell - Affinius Capital
• Brokers: Alison Howard, Brett Paulsrud, Danny Kaufman, Madeline Joyce - JLL
• Market: Somerville, MA
• Units: 450
• Loan Type: Refinance

A joint venture facilitated this refinancing deal involving prominent individuals and entities in the real estate sector. The landlords are notably associated with multiple development firms while the brokerage team comprises four distinct representatives from JLL, significantly contributing to the transaction's success.