BOSTON– Holliday Fenoglio Fowler, L.P. (HFF) announced $30.167 million in construction financing for 28 Austin Street Apartments, a mixed-use development above the City of Newton’s Austin Street Municipal Parking Lot within the village of Newtonville in Newton, MA.
The HFF team worked on behalf of the borrower, a joint venture between Dinosaur Capital Partners and Oaktree Development, to secure the construction and permanent loan through Eastern Bank.
Scheduled for completion in Spring 2019, 28 Austin Street will consist of 68 luxury one- and two-bedroom apartment homes of which 23 will be affordable, 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.
28 Austin Street 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 property is situated just west of Boston in Newtonville, close to the Massachusetts Turnpike and within walking distance of the MBTA commuter rail as well as an abundance of local retail amenities.
The HFF debt placement team representing the borrower included senior managing director Frederic Wittmann and managing director Greg LaBine.
Dinosaur Capital Partners is a Boston-based real estate investment, development and advisory firm with old-fashioned values that acquires and develops real estate in the Greater Boston area.
Oaktree Development is a Cambridge-based design/build development company specializing in factory-produced, urban multi-family housing utilizing its proprietary GreenStaxx modular building technology.