SOMERVILLE, MASS. — A joint venture between affiliates of Magellan Development Group, RAS Union Square Development LLC, Cypress Equity Investments and Affinius Capital has secured a loan for the refinancing of Prospect Union Square in Somerville, roughly 5 miles northwest of Boston. Danny Kaufman, Brett Paulsrud, Madeline Joyce and Ali Howard of JLL Capital Markets arranged the loan through Northwestern Mutual.
Located at 20-50 Prospect St. in Somerville’s Union Square neighborhood, Prospect Union Square spans two buildings on a 1.3-acre site. The property consists of a 25-story high-rise tower and a six-story mid-rise building. Prospect Union Square offers 450 apartments, with 90 units set aside as affordable housing. Income restrictions were not disclosed.
Additionally, the complex features 18,264 square feet of available retail space, as well as amenities such as an outdoor pool, courtyard, fitness center and indoor dog run.