JV Secures Construction Financing for Boston-Area MXU
A joint venture between Dinosaur Capital Partners and Oaktree Development secured $30.1 million in construction financing for 28 Austin Street Apartments, a mixed-use development in Newtown, MA, west of Boston. The project will consist of 68 luxury apartment homes, of which 23 will be affordable, 5,000 square feet of ground floor retail, a new public plaza, and a reconstructed 124-space municipal parking lot.
The project, which is scheduled for completion in Spring 2019, will be built above the city’s Austin Street Municipal Parking Lot.
The sustainable, transit-oriented property will also feature a private 90-car underground garage, and a common roof terrace and garden. It will be built with GreenStaxx modular building technology, and includes solar panels on the roof to power the property with a clean energy source.
HFF’s Frederic Wittmann and Greg LaBine worked on behalf of the borrower to secure funding through Eastern Bank.
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