Development capitalization secured for large-scale lakefront multi-housing development in Massachusetts
JLL Capital Markets secured development capital for the 440-unit multi-housing project located at 200 Quannapowitt Parkway along Lake Quannapowitt in Wakefield, Massachusetts
BOSTON, April. 30, 2024 – JLL Capital Markets announced today that it has arranged a capitalization for 200 Quannapowitt, a 440-unit, transit-oriented multi-housing community to be built in Wakefield, Massachusetts, on Lake Quannapowitt.
JLL worked on behalf of the developer Cabot, Cabot & Forbes, to secure the joint venture equity with Equity Residential (NYSE: EQR).
Upon completion, the property will feature one-, two- and three-bedroom floorplans with 18% of the units designated as affordable. 200 Quannapowitt will feature market-leading amenity options, including coworking spaces, an outdoor pool, an expansive fitness center, grilling areas on the lake, a skydeck clubhouse, commuter rail shuttle and multiple courtyards. Residents will benefit from the natural lake setting with walking and biking trails, as well as sailing and windsurfing opportunities.
Ideally located along I-95 in Boston’s thriving 128 North corridor, residents will enjoy convenient access to suburban Boston’s leading employers and amenity options while also enjoying tranquil and relaxing outdoor activities right at one’s doorstep.
The JLL Capital Markets Advisory team was led by Senior Managing Director Brett Paulsrud, Managing Director Andrew Gray and Director Mike Shepard.
“Greater Boston multi-housing fundamentals remain strong and leading institutional investors continue to focus on quality investment opportunities in the space,” said Paulsrud. “The Cabot, Cabot & Forbes team worked tirelessly with the community to prepare a project that incorporates the feedback from a wide array of stakeholders and will offer much needed rental housing to Boston’s suburbs.”
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 sales and 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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About Cabot, Cabot and Forbes
Founded in 1904, CC&F is one of the oldest real estate firms in the nation, having developed more than 100 million SF throughout the United States. Today, CC&F is a leader in transit-oriented developments and buildings for Boston’s innovation workforce. In recent years, the company has developed or permitted over 3,000 units of multifamily housing in Boston, Cambridge, Woburn, Quincy, and Needham.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.