Developers of a 108-unit apartment complex in Brighton have acquired the 1-acre site and obtained $43.45 million in mortgage financing from Santander Bank.

The project at the corner of Washington Street and Corey Road will replace a service station, small office building and 120-space surface parking lot with a four-story, 131,500-square-foot apartment building designed by Stantec, including 12,500 square feet of ground-floor retail.

In June 2018, Boston Planning and Development Agency directors approved the project, which had an estimated cost of $52.5 million at the time.

The purchase price for 3 and 5 Washington St. and 167 Corey Road was $16.8 million, according to records compiled by The Warren Group, publisher of Banker & Tradesman.

During the community review process, developers reduced the number of units from 115 to 108 while increasing the percentage of income-restricted units from 13 to 16.6 percent, or 18 units, which will be made available to households earning a maximum 70 percent of the area median income. They also committed to setting aside 1,000 square feet of retail space at discounted rent and flexible lease terms to a local business.

The developer, 5 Washington Square Owner LLC of Needham, is led by Justin Krebs, Matthew Faris and Andrew Tibma, according to BPDA documents.

Brighton Developer Gets $43M for Apartment Project

by Steve Adams time to read: 1 min