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Pandemic or no, Fenway apartment building is ready to go

New Developments Renting Fenway-Kenmore
Scape-Boylston-Rendering
A rendering of Scape Boylston facing southeast. Scape Boylston, LLC

The COVID-19 pandemic is clobbering apartment rents, especially in student-heavy neighborhoods in and around Boston.

One big new apartment building in the Fenway is breaking ground anyway.

Development firm Scape North America closed this week on a $165 million construction loan and plans to start work by the end of November on its 451-unit building on Boylston Street, near Fenway Park. It’s the first large apartment building anywhere in Boston to launch work since the pandemic hit in March.

The $230 million project has been in the works for several years, and is the first of three apartment buildings the developer — which launched here planning student housing but shifted to build more general-purpose apartments — has planned in the Fenway. It won city approvals in January. Scape’s ability to find a lender at a time when financing for apartment buildings has grown scarce speaks to the strength of the neighborhood and Boston’s life science industry, said CEO Andrew Flynn.

Read the complete story at BostonGlobe.com.

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