Boston’s newest co-living complex opened in January at 525 Lincoln St. in Allston, containing 278 bedrooms in a mixture of shared suites and conventional apartments. Photo courtesy of HDS Architecture

An Allston co-living project that’s 97 percent leased just 10 months after tenants started moving into its shared living spaces obtained $58 million in permanent financing.

The 525 LINK contains 279 bedrooms, most of them located in suites sharing living and dining areas.

Developers said the strong response from validates the business plan, which includes housekeeping services and large shared amenity spaces.

“We aimed to create equitable housing that would help retain our city’s recent graduates and young professionals, because a housing crisis is a workforce crisis,” Arx Urban Founder Benjie Moll said in a statement.

Boylston Properties and Arx Urban developed the project at 525 Lincoln St.

But developers that want to duplicate their business model will have to wait: in 2023, Boston officials paused the compact living pilot that approved projects such as 525 Linc indefinitely, and commissioned a study of its results.

The study, completed this spring by Tufts University’s Department of Urban and Environmental Policy and Planning, concluded that prices per square foot for co-living projects exceed conventional apartments.

Housing advocates and developers say the co-living model reduces displacement pressure on family-sized housing in Boston and aligns with smaller household sizes.

One major compact living project that was proposed prior to the BPDA’s moratorium was approved in July: developer Scape’s 400-unit 2 Charlesgate West.

The 525 LINC property is managed by Newton-based National Development, which owns and manages its own 7INK building in South End.

Newmark sourced the financing for the development team from Aareal Bank.