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Image courtesy of Hresko Assoc.
A 45-unit luxury apartment project planned for the heart of Boston’s Roxbury neighborhood has acquired construction financing.
The Boston Planning & Development Agency approved plans by developer Klaus Kimel for the 6-story, mixed-use development in Nubian (formerly Dudley) Square in mid-February. The building will feature two retail spaces along with a management office, bicycle storage and 10 parking spaces on the ground floor with 45 residential units above. The apartments will consist of 35 one-bedroom, one-bathroom units and 10 two-bedroom, two-bathroom units.
The Hingham Institution for Savings provided the $11.4 million loan, according to public records. Cornerstone Realty Capital announced Tuesday it had arranged the 24-month, fixed-rate financing.
“In recent years, Lower Roxbury and, more critically, Dudley Square have seen an exponential increase in development along a similar grain to the now formative South End neighborhood,” Cornerstone Vice President Andrew Saccone said in a statement. “This marketability, coupled with the strength of the project due to the borrower’s construction experience and intensive due diligence process, resulted in tailor-made loan terms that will allow this site to inevitably reach its tremendous potential.”
