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NEWTON, MA-MassHousing approved a $39.6-million loan commitment for Avalon at Newton Highlands, a 294-unit, mixed-income apartment community. The complex was built under the state’s Chapter 40B affordable housing law.

Avalon at Newton Highlands was built on a nearly eight-acre site formerly occupied by New England Concrete & Pipe Co. The development consists of two four-and-a-half story buildings. The units include six studio apartment units, 90 one-bedrooms, 139 two-bedroom units, and 59 three-bedroom units. In addition, there are 532 parking spaces, of which 131 are outdoor spaces and 401 are underground garage spaces.

The unique financing structure will be in the form of a variable-rate loan with a term of five years, with an option for a five-year extension for a total term of 10 years. Typically, MassHousing finances rental housing for 30 to 40 years with interest rates that are fixed. As required under the affordable housing law, 25% of the units are designated as affordable.

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