Goldman Sachs Bank provided a $117-million construction loan last month for Dunstan Residences, a 292-unit multifamily development in West Newton/Image courtesy of Elkus Manfredi Architects

The new owner of a 292-unit West Newton apartment development obtained $117 million in construction financing after acquiring the 3-acre site.

Garden Homes is taking over the stalled Dunstan Residences development from Mark Development.

The New Jersey-based housing developer acquired the site this week for $48 million and received the construction loan from Goldman Sachs Bank USA, according to Middlesex County Registry of Deeds records.

Newton-based Mark Development received approval for the project through the Chapter 40B affordable housing law in 2021. It includes redevelopment of a group of residential and commercial properties on Washington Street, Kempton Place and Dunstan Street, including the former Barn Family Shoe store building.

Site work had begun last year but paused, and Mark Development announced that it would sell the project because of high interest rates and construction costs.

The project includes a 73-unit income-restricted component, representing 25 percent of the total.

Short Hills, New Jersey-based Garden Homes has developed more than 50,000 housing units including single-family, senior and multifamily projects, primarily in the Garden State.