Newton Mixed-Use Project Secures Construction Financing
The $30.167 million construction and permanent loan was provided by Eastern Bank and was arranged by Holliday Fenoglio Fowler, L.P.
NEWTON, MA—The joint venture of Dinosaur Capital Partners and Oaktree Development has secured nearly $30.2 million in construction financing for its mixed-use project at 28 Austin St. in the Village of Newtonville here.
The $30.167 million construction and permanent loan was provided by Eastern Bank and was arranged by Holliday Fenoglio Fowler, L.P.
Scheduled for completion in the spring of 2019, 28 Austin St. Apartments will feature 68 luxury one- and two-bedroom apartment homes of which 23 will be affordable, as well as 5,000 square feet of ground floor retail space, a new public plaza, and a reconstructed 124-space municipal parking lot.
The sustainable, transit-oriented property will also feature a private 90-car underground garage exclusively for the use of residents and monthly daytime parkers, and a common roof terrace and garden, HFF states in the announcement of the financing deal. 28 Austin St. is being built with GreenStaxx modular building technology and will have solar panels on the roof to power the property with a clean energy source.
The HFF debt placement team that represented the borrower included senior managing director Frederic Wittmann and managing director Greg LaBine.