Dinosaur Capital Lands $48M Construction Loan for Lexington Multifamily Development

Dinosaur Capital Partners has secured a $48 million construction loan to develop a new multifamily residential project at 7 Hartwell Avenue in Lexington, Massachusetts. The financing was jointly originated by Affinius Capital and Axonic Capital under their joint mid-market first-mortgage lending partnership.

The planned five-story Class A development will deliver 130 apartments, comprising 110 market-rate units and 20 designated affordable units. In addition to housing, the asset will include 400 square feet of retail space and a amenity package featuring a coworking lounge, fitness center, and yoga studio. The site is located approximately 14 miles northwest of downtown Boston.

Lenders noted that suburban Boston submarkets like Lexington represent high-barrier, supply-constrained environments facing a shortage of institutional-quality housing options. This transaction marks the sixth deal completed under the Affinius-Axonic lending venture, which focuses on ground-up development financing across select primary and secondary markets.

For multifamily sponsors, the transaction underscores the ongoing availability of private debt capital for suburban infill projects with affordable components in supply-constrained East Coast metros.