| 
courtesy Stantec
A controversial multifamily development on Newton’s city-owned Austin Street parking lot has obtained $30.2 million in construction and permanent financing.
Eastern Bank provided financing to the development team of Cambridge-based Oaktree Development and Boston-based Dinosaur Capital Partners.
Scheduled for completion in spring 2019, the project at 28 Austin St. will include 68 apartments including 23 income-restricted units, a 5,000-square-foot retail space, 90-space private garage and public plaza.
Oaktree is using its GreenStaxx modular building technology for the construction, and will rebuild a 124-space municipal parking lot on the property.
The city issued a request for proposals in 2014 to redevelop the 1.7-acre property, located near the MBTA commuter rail’s Newtonville station, and selected the Oaktree and Dinosaur Capital team, which originally proposed an 80-unit complex.
Newton aldermen approved the development in June 2017 after the developers settled a lawsuit with neighbors who opposed the project.
HFF’s Frederic Wittmann and Greg LaBine sourced the loan on behalf of the developers.
Oaktree developed the $32 million Brookside Square multifamily and retail project in West Concord, in a partnership with FX Investments, and is scheduled to break ground Friday on redevelopment of the St. James Episcopal Church property in Cambridge’s Porter Square. The complex will include 46 condos, a new 11,400-square-foot parish house and 2,000 square feet of retail space.
