Image courtesy of Icon Architecture

A Newton developer received nearly $46 million in financing for a 130-unit apartment complex that was catalyzed by Lexington’s MBTA Communities rezoning.

Dinosaur Capital Partners received approval in April 2025 to redevelop 7 Hartwell Ave. with the 5-story complex on a 1.6-acre site at 7 Hartwell Ave.

New York-based Axonic Capital provided the construction loan for the project on Aug. 27, according to a Middlesex County mortgage.

The project includes 90 units of underground parking and 42 surface spaces.

Lexington’s village high-rise overlay district was enacted as part of the town’s compliance with the MBTA Communities act, and has received strong response from developers.

Another Hartwell Avenue commercial property received approval in May for 290 apartments under the rezoning. Dallas-based JLB Partners plans to build 290 apartments in a 5-story building with 420 internal parking garage spaces at 131 Hartwell Ave.

In many suburbs, the MBTA Communities law has prompted housing developers to pursue projects on commercial properties near existing highway corridors, rather than close to public transit, according to a Boston Foundation report released in January.