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.
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