Financing secured for Massachusetts multi-housing development
JLL Capital Markets completed the construction financing for the 201-unit Center & Stone in Quincy Massachusetts
BOSTON, July 20, 2022 – JLL Capital Markets announced today that it has arranged the construction financing for Center & Stone, a 201-unit, two-building multi-housing project with 9,500 square feet of retail space and 10,500 net square feet of amenity space in Quincy, Massachusetts.
JLL represented the borrower, FoxRock Properties, to secure the construction loan through Citizens Bank.
Upon completion, Center & Stone will include community amenities, such as a roof deck, an outdoor pool, 165 garage parking spaces and a resident lounge. Additionally, 3,000 square feet of the retail space will be leased to Citizens Bank, 6,500 square feet will be dedicated to a restaurant user and a ground-level suite will serve as a leasing and management office.
Located at 1170 and 1200 Hancock St., the property is strategically situated just steps away from the Quincy Center MBTA Red Line. In addition to public transit, the community will be easily accessible from I-93, creating a convenient commute to both downtown Boston and suburban employment. The project’s proximity to Route 3 will allow residents connectivity to the coast, Cape Cod and an array of outdoor recreation options. Walkable attractions in the new and vibrant Quincy Center include restaurants, bars, multiple parks and open spaces and art galleries.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jonathan Schneider.
“The FoxRock team has designed an ultramodern, transit-oriented residential project that will have an immediate positive impact on the evolving Quincy Center,” said Schneider.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About FoxRock Properties
FoxRock is a commercial real estate and investment company that owns and manages more than 4 million square feet of office, life sciences, medical office, industrial, and retail space. Its portfolio comprises existing assets as well as large-scale development projects, and is supported by a team of more than 40 experienced and dedicated professionals. With properties in Massachusetts, Rhode Island, Vermont, and Florida, FoxRock is continuously expanding across multiple asset classes and locations. Learn more at foxrockproperties.com.