Dinosaur Capital Partners has landed $48 million of construction financing to build a multifamily property in Lexington, Mass., Commercial Observer reported on September 10, 2026. Affinius Capital and Axonic Capital originated the loan for the 130-unit apartment project at 7 Hartwell Avenue, near Westview Cemetery. The five-story complex will include 110 market-rate apartments and 20 affordable housing units, plus 400 square feet of retail space and amenities such as a fitness center, yoga studio, and coworking lounge.
The financing supports a ground-up Class A development in a supply-constrained suburb roughly 14 miles northwest of Downtown Boston. David Greenburg, co-head of debt originations at Affinius Capital, described Lexington as a high-barrier market where new institutional-quality housing is in short supply. Erik Nygaard, principal and portfolio manager at Axonic Capital, said the Boston metro region continues to see high demand, creating opportunities to pair flexible financing with experienced developers. The loan also extends a strategic partnership between the two lenders focused on mid-market first mortgage financing for new development projects; the source notes this is their sixth transaction since an inaugural deal for a Long Island self-storage campus in September 2015.
The deal signals continued lender appetite for suburban Boston multifamily construction despite broader capital markets uncertainty. The inclusion of 20 affordable units alongside market-rate apartments may reflect local requirements or developer strategy, though the source does not specify the mechanism. The retail component, while small at 400 square feet, suggests a mixed-use orientation intended to serve residents and the surrounding area.
What remains unknown is the loan's term, interest rate, maturity, or any guarantees, as the dossier does not include those terms. Dinosaur Capital Partners did not immediately return a request for comment, leaving the developer's timeline, total project cost, and equity contribution undisclosed. The source also does not state whether the affordable units are required by Lexington zoning or voluntary, nor does it identify the general contractor or expected completion date.