Image courtesy of Cube 3

Mill Creek Residential received $95 million in construction financing to replace an Allston office building with a 240-unit apartment complex.

Santander Bank provided the construction loan for the 250 Everett St. project, which was approved by the Boston Planning & Development Agency in January 2025 with an estimated total project cost of $145 million.

The 6-story, 256,250 square-foot building will include a 17 percent income-restricted component, or 41 apartments reserved for households earning a maximum 60 percent of area median income.

The project, including 120 below-grade parking spaces, will replace a 3-story, 20,500 square-foot office building and parking lot.

The site is located within the Western Avenue corridor study area, which was approved by the BPDA board in 2022. The study area allows higher-density development in the Barry’s Corner and Boston Landing areas in exchange for multifamily projects that exceed the city’s previous 13 percent income-restricted minimum. 

Boca Raton, Florida-based Mill Creek Residential is the nation’s sixth most-active multifamily developer, according to the National Multifamily Housing Council.

In September, Mill Creek Residential received a $97.6 million construction loan for a 380-unit apartment complex at 4000 Mystic Valley Parkway in Medford. The company also is seeking approval for a 321-unit apartment complex at 42 Beale St. in Quincy’s Wollaston neighborhood.

Mill Creek has developed more than 4,000 apartments at 15 projects in Massachusetts.