"The development will be a benefit to both the neighborhood and commuters and will be attractive to a variety of quality tenants," says Wrightwood senior director Dan Hartman, adding he believes the location in the vibrant commercial district will attract demand among both office and retail uses. The property is situated just a few blocks from the Brookline border on one side and Commonwealth Avenue on the other, the boulevard that runs from Downtown Boston into Newton. The intersection of Commonwealth and Harvard avenues is populated by a dense mix of retail, office and residential uses.

MJR's project calls for 8,000 sf of retail on the ground floor and first class office space on the upper two levels for a total footprint just under 30,000 sf. MJR first received BRA approval for the venture more than a year ago and had indicated plans to be under way by last summer. Company officials did not offer any reasons for the delay. An MJR affiliate purchased the site this autumn for $2.5 million from Cumberland Farms Inc., which had used the property for a gasoline station, convenience store and automobile rental office.

The 30-month loan represents the first transaction between Wrightwood and MJR, a company whose principals have more than 20 years of commercial real estate experience in the Greater Boston area. The development team is led by Joseph Beyda.