BXP Breaks Ground on Lexington Residential, Adds Northwestern Mutual as Investor
BXP recently launched construction on 17 Hartwell Ave., a 312-unit residential project in Lexington, MA, and announced Northwestern Mutual as an investor on the project. The 5.25-acre property was acquired by the joint venture from an affiliate of BXP for $21,840,000 on June 27.
The project, in which BXP has a minority interest, obtained a $98.7-million construction loan from Northwestern Mutual, which has a majority interest. BXP will act as development manager.
According to BXP, 17 Hartwell Ave. will kick off the long-term vision for the redevelopment of Hartwell Avenue as a mixed-use corridor.
“We are proud to work with Northwestern Mutual to bring housing to Lexington in a way that aligns with the community’s long-term goals,” said Bryan Koop, EVP, Boston Region at BXP. “As the first major residential project approved under the MBTA Communities Act in Lexington, 17 Hartwell Ave. represents an important step forward in expanding housing access, sustainability and livability in the region.”
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Josh A
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