JLL Arranges $45.75M Construction Loan for 130-Unit Luxury Multifamily Development in Lexington, Massachusetts

JLL Capital Markets has arranged $45.75 million in construction financing for 7 Hartwell Avenue, a 130-unit ground-up luxury multifamily development in Lexington, Massachusetts, the firm announced Sept. 16, 2026. The fully funded construction loan was placed with Affinius on behalf of the borrower, Dinosaur Capital Partners.

The project is slated for completion in June 2028 and represents one of the first high-end multifamily developments in Lexington in more than 20 years, according to JLL.

Project Details and Amenities

Situated at the intersection of Hartwell Ave. and Westview St., 7 Hartwell Avenue will rise five stories and offer a mix of studio, one-, two-, and three-bedroom apartments. Of the 130 total units, 20 are designated as affordable. The development will include 132 parking spaces — 90 underground and 42 surface — along with a resident courtyard with grilling stations, a 400-square-foot café with outdoor seating, and a fitness center.

Sustainability is a central design priority for the project. Plans call for Passive House certification, rooftop solar panels, advanced stormwater management systems, and an all-electric building design. The project is being developed on a 1.6-acre site that previously contained a one-story commercial building.

Market Context: Supply-Constrained, High-Income Submarket

Lexington is one of Greater Boston's wealthiest suburbs. Median household incomes within one mile of the site exceed $175,000, and median home sale prices in the market have reached $2.1 million, according to JLL. That combination of high incomes and a limited supply of for-sale housing at accessible price points supports demand for upscale rental product — particularly in a town where Class A multifamily supply has been largely absent for two decades.

The site is positioned within the Route 128/Route 2 life sciences corridor, near major employers including Novo Nordisk, Takeda, MIT Lincoln Laboratory, and Boston Children's Hospital's research facility, which is located directly across from the development site. The adjacent Route 128 Office Corridor in Waltham encompasses approximately 16.9 million square feet of office space and is home to global headquarters for Thermo Fisher Scientific and Repligen Corporation, as well as significant regional offices for Fresenius Medical Care, AstraZeneca, and National Grid.

The property also benefits from strong transportation access. Route 2 and Interstate 95/Route 128 are minutes away, and the Alewife MBTA Red Line station — providing direct service to Cambridge and Downtown Boston — is approximately three miles from the site.

JLL Team and Lender Commentary

The JLL Capital Markets Debt Advisory team was led by Managing Director Anthony Cutone and Director Madeline Joyce, with Associates Michael Schwarze and Joe Marinaro also working on the transaction.

"This financing represents a significant milestone for high-quality multifamily development in Lexington," Cutone said. "7 Hartwell Avenue 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. 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."

About the Sponsor and Lender

Dinosaur Capital Partners is a Boston-based real estate investment, development, and advisory firm founded in 2010. The firm specializes in mixed-income multifamily housing across Boston communities, with a focus on sustainable development. Affinius provided the fully funded construction loan for the transaction.

JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. JLL reported annual revenue of $26.1 billion and a global workforce of more than 112,000 as of June 30, 2026.

Sources

JLL Newsroom — JLL arranges financing for 7 Hartwell Avenue in Lexington (Sept. 16, 2026)