Affinius Furnishes Construction Loan for Lexington Luxury Rentals
JLL Capital Markets has arranged $45.75 million in construction financing for 7 Hartwell Ave., a 130-unit ground-up luxury multifamily development located in Lexington, MA due for completion in June 2028. Managing director Anthony Cutone and director Madeline Joyce, along with associates Michael Schwarze and Joe Marinaro, worked on behalf of Dinosaur Capital Partners to secure a fully-funded construction loan through Affinius.
“This financing represents a significant milestone for high-quality multifamily development in Lexington,” Cutone said. “7 Hartwell Ave. addresses a critical housing shortage in one of Greater Boston’s most desirable communities, where median home sale prices have reached $2.1 million and demand for luxury rental housing far exceeds supply.”
He continued, “Affinius recognized the strength of this opportunity, a shovel-ready project in an affluent, underserved market with exceptional transportation access and proximity to the thriving Route 128 life sciences and technology corridor. The higher-leverage structure reflects strong lender confidence in both the sponsorship team and the fundamentals of the Lexington market.”
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout