Walker & Dunlop Arranges Sale and Financing for Cambridge Multifamily Asset

BETHESDA, Md.--(BUSINESS WIRE)--Walker & Dunlop Capital Markets announced today that it arranged the sale and financing of 929 MASS, a mixed-use, two-building property located in the heart of Cambridge, in Central Square, Massachusetts.

Travis D’Amato, Michael Coyne, Brendan Shields, Kevin Gleason, and Maggie McFarland, executed the $53.6 million sale of the property on behalf of an institutional seller. Concurrently, Andrew Gnazzo and Mike Darling secured acquisition financing for John M Corcoran & Company (JMC), arranging a $37.1 million fixed-rate, interest-only Fannie Mae loan. JMC has partnered with Stars REI, a global, privately held company with real estate holdings in the U.S. and the U.K., to provide property and asset management services to 929 MASS and complete property upgrades.

“Combined with its prime location in one of Greater Boston’s most dynamic and sought-after submarkets, 929 MASS has strong potential to meet local housing demand and enhance the units to appeal to affluent professionals working in the area,” said D’Amato, managing director at Walker & Dunlop. “We are happy to support this transaction by leveraging Walker & Dunlop’s integrated platform and deep expertise to deliver a seamless, one-stop solution for CMC and Stars REI.”

929 MASS includes an 18-story tower with 96 units, 12,451 square feet of commercial space, 71 garage parking spaces, and 40 surface parking spaces, along with a contiguous 5-story building comprising 31 units.

“We plan to implement physical enhancements to elevate the experience for the tenants at this high-quality, well-located property,” said Richard Robinson, JMC vice president of acquisitions. “With JMC’s property management expertise on ground, we can be assured of a smooth transition for residents and continued successful capital plan moving forward. We appreciate Walker & Dunlop’s expertise in bringing this transaction across the finish line. Their ability to manage both the sale and the financing provided a true one-stop solution and ensured a successful closing.”

Residents of 929 MASS enjoy an eleven-minute train ride to major employers in Boston’s Financial District and Seaport, and immediate proximity to Harvard and Massachusetts Institute of Technology (MIT). This dense concentration of graduate students and research talent fuels the area’s robust lab and tech ecosystem. Located just an eight-minute walk from Harvard and within easy reach of the MBTA Red Line, 929 MASS offers exceptional access across Boston’s urban core.

"We are thrilled to expand our investment footprint in the Cambridge market, this being our second asset here,” said Felipe Lattapiat Johannesen, vice president at Stars REI. “Cambridge’s office, education, and lab growth continues to far outpace available housing, making it one of the most resilient markets in the country. With new multifamily development increasingly constrained by high construction costs, 929 MASS is exceptionally well positioned to capture this unmet demand.”

Walker & Dunlop is a leader in multifamily property sales, having completed over $57 billion in property sales volume since 2021. The firm is also one of the top providers of capital to the U.S. multifamily market. In 2024, Walker & Dunlop originated over $30 billion in debt financing volume, including over $25 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

About Stars REI

Stars REI is a global, privately held company with real estate holdings in the U.S. and the U.K. We invest in real estate opportunities that have the potential to improve the property and the surrounding area, placing an emphasis on the quality of life of individuals in and around the property itself. As of today, Stars REI's real estate portfolio includes holdings in the Bay Area, Denver, Boston, Seattle, Washington D.C., New York City, and in London, and totals more than 1.4 million square feet and over 2,500 units. Further information is available at www.starsrei.com.

About John M. Corcoran

John M. Corcoran & Company (JMC) is one of the country’s leading residential management and development firms, specializing in delivering unmatched customer service and maintaining exceptional quality standards for more than seventy years. The privately-owned company has earned a reputation for integrity and professionalism with residents, owners, vendors and the communities that surround its residences, and for providing services to a sophisticated and diverse group of clients ranging from institutional investors and condominium associations to private entrepreneurs and public housing authorities. JMC focuses on high-quality facilities, superb maintenance, superior service and quality living in properties that are thoughtfully planned, tastefully decorated and finished with luxuriant landscaping. For more information on the company and its properties, visit https://www.jmcandco.com/.