Affinius Capital and Axonic Capital provide $45.8 million construction loan for 130-unit multifamily

Lexington, MA Affinius Capital LLC (Affinius Capital), in partnership with Axonic Capital LLC (Axonic), originated a $45.8 million loan to finance the ground-up development of 7 Hartwell Ave., a to-be-built, 130-unit, Class A multifamily property with 400 s/f of retail.

The project is being developed by Dinosaur Capital Partners, a Boston-based real estate investment and development firm specializing in multifamily housing across the greater metropolitan area.

The loan marks the sixth transaction to close as part of the strategic partnership between Affinius and Axonic, which is designed to deliver mid-market first mortgage financing for new development projects.

Affinius Capital co-head of debt originations David Greenburg said, “As one of Boston’s most established suburbs, Lexington has long been supply-constrained, making it an ideal market for this type of Class A multifamily development. Our platform with Axonic continues to deliver the kind of mid-market financing that experienced developers like Dinosaur Capital Partners need to bring projects like 7 Hartwell Ave. to life.”

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 such as Dinosaur Capital Partners. We are excited to see progress on the project as the team builds a top-quality multifamily asset that offers attractive options and convenience to this growing suburban area.”

7 Hartwell Ave. is a to-be-built, five-story, Class A multifamily property comprising 130 residential units split between 110 market rate units (85%) and 20 affordable units (15%).

The property will be among the highest-quality multifamily assets in the Lexington market, offering high-end unit-level finishes and state-of-the-art appliances. Community amenities will include a gym with a yoga studio, a resident lounge, and a co-working lounge. The property’s location at the intersection of Hartwell Ave. and Bedford St., within the Rte. 128 employment corridor, offers convenient access to major suburban employers and to downtown Boston, roughly 12 miles to the southeast.