Affinius Capital, Axonic Capital Lend $48M for Suburban Boston Apartments Build

A Boston development firm’s plan for a multifamily project in suburban Boston is proving dino-mite.

Dinosaur Capital Partners has landed $48 million of construction financing to build a multifamily property in Lexington, Mass., Commercial Observer has learned.

Affinius Capital and Axonic Capital originated the loan for Dinosaur’s 130-unit apartment project at 7 Hartwell Avenue in Lexington near Westview Cemetery.

“Lexington is a supply-constrained, high-barrier suburb where new institutional-quality housing is in short supply,” David Greenburg, co-head of debt originations at Affinius Capital, said in a statement. “This financing supports the ground-up development of a Class A multifamily property in one of Greater Boston’s more established suburban markets.”

Located 14 miles northwest of Downtown Boston, the five-story multifamily complex will consist of  110 market-rate apartments and 20 units designated as affordable housing. The property will include 400 square feet of retail space along with amenities such as a fitness center,  yoga studio and a coworking lounge.

The loan was closed nearly a year to the date after Affinius and Axonic kicked off a strategic partnership aimed at fostering mid-market first mortgage financing for new development projects. The lenders have now done six transactions since the inaugural deal closed for a Long Island self-storage campus in September 2015.

“The Boston metro region continues to see high demand, creating opportunities to pair flexible financing with experienced developers,” Erik Nygaard, principal and portfolio manager at Axonic Capital, said in a statement. 

Dinosaur Capital Partners did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.