Affinius Capital LLC and Axonic Capital LLC have provided a $45.8 million construction loan to finance the ground-up development of a new 130-unit Class A multifamily property at 7 Hartwell Avenue in Lexington, Massachusetts. The five-story development is being undertaken by Dinosaur Capital Partners, a Boston-based real estate investment and development firm focused on multifamily housing in the Boston metropolitan area. The project will include 130 residential units, approximately 400 square feet of retail space, and a range of resident amenities.
The financing marks the sixth transaction completed through the strategic partnership between Affinius Capital and Axonic, which was established to provide mid-market first-mortgage financing for new development projects. The development will include 110 market-rate apartments, representing 85% of the units, along with 20 affordable apartments, or 15% of the total. Planned community amenities include a fitness center with a yoga studio, a resident lounge, and a co-working lounge. Located at the intersection of Hartwell Avenue and Bedford Street, the property will sit within the Route 128 employment corridor, roughly 12 miles from downtown Boston.
The loan reflects continued demand for housing in the Boston metropolitan area while established suburban communities such as Lexington face constraints on new multifamily supply. David Greenburg, co-head of debt originations at Affinius Capital, said Lexington has long been supply-constrained, making it an ideal market for this type of Class A multifamily development. Erik Nygaard, principal and portfolio manager at Axonic Capital, noted that the Boston metro region continues to see high demand, creating opportunities to pair flexible financing with experienced developers such as Dinosaur Capital Partners.
The source does not specify the loan's interest rate, term, maturity date, or construction timeline. It also does not identify the general contractor, architect, or expected completion date. While the project is described as one of the higher-quality multifamily assets planned for the Lexington market, no comparable property data or projected rents are provided. The article relies on a single secondary source, Boston Real Estate Times, and does not include independent confirmation from the borrowers or municipal records.