Image courtesy of Stantec

A $300 million apartment tower approved for a Charlestown industrial site received $25.8 million in financing as developers prepare for a projected groundbreaking as soon as 2025.

Needham Bank issued the mortgage to One Mystic LLC, the owner of the 1.4-acre development site near Sullivan Square.

The Boston Planning & Development Agency approved the 22-story, 360,434-square-foot tower in September 2023.

Vertical construction could begin in late 2025 or early 2026, said Scott Brown, founder and CEO of One Mystic developer Newton-based Fulcrum Global Investors.

The site includes a cluster of parcels on Mystic Avenue, Sherman Street and Sherman Square that contain a junkyard and industrial buildings.

During permitting, developers touted the project as a model of housing production near transit lines, but agreed to reduce its height from the originally proposed 334 feet to 280 feet in response to neighborhood opposition. 

BPDA officials are reviewing another major housing project in Charlestown after selecting Boston-based Trinity Financial this year to develop city-owned parking lots on New Rutherford Avenue. Trinity Financial proposes 700 apartments and condominiums in a 4-building mixed-income project.