Image courtesy of Calare Properties

An apartment development site near Interstate 93 in Stoneham was sold to The Hanover Co., which received $81 million in construction financing from U.S. Bank.

The Texas multifamily developer paid $22.6 million to acquire 95 Maple St. from Calare Cos. of Framingham.

Calare submitted plans in 2022 and received approval for a 270-unit apartment complex on the 5.6-acre site. The property, previously used as parking and a storage facility for Beth Israel Lahey Health, was acquired by Calare Properties in 2020 for $12.85 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

“When Calare purchased 95 Maple three years ago, we recognized the incredible opportunity available at this site, which offers a highly desirable location for a range of users and optionality for future development,” Calare Vice President of Acquisitions Tim Collis said in a statement.

The development plans were approved following adoption of a zoning overlay to allow multifamily housing.