Image courtesy of CBT Architects

Developers received nearly $81 million in construction financing to kick off a 206-unit apartment building near Packard’s Corner in Allston.

Benenson Capital Partners and Hines are partnering on the project, which replaces a vacant single-story former CVS and parking lot on a 1.3-acre parcel.

JPMorgan Chase Bank provided an $80.6 million construction loan for the project, according to a Suffolk County mortgage filed April 28.

Branded as Arborline Boston, the 6-story, 210,400 square-foot project received approval from the Boston Zoning Board of Appeal in 2023. Developers estimated the project cost at $120 million.

First proposed in 2022, the project includes 2,100 square feet of retail space, and 68 garaged parking spaces.

The project will include 35 income-restricted units reserved for households earning 50, 60 and 70 percent of area median income.

Developers agreed to make a $300,000 contribution to the Boston Parks and Recreation Department for improvements at Ringer Park on Allston Street.

Newmark’s capital markets team sourced the financing.

The loan comes as many investors appear to be pulling back from projects in Massachusetts, concerned about the impact of rent control and a slowing economy.

Image courtesy of Boston Planning Department