WALTHAM, MA—Northland Investment Corp. of Newtown, MA has closed on a $98-million construction financing package for its Moody & Main On the Common transit oriented development project.

Moody & Main On the Common will consist of three five-story buildings on a 4.5-acre site in downtown Waltham. The development, to be completed in the summer of 2016, will feature 269 apartments, 27 of which are affordable, 27,595 square feet of retail space, a 300-car parking garage and 92 surface parking spaces. The first phase of apartments will be ready for occupancy in the summer of 2015, company officials say.

“This is a very exciting project for us and for the city of Waltham. Moody & Main will create a new and vibrant neighborhood in the center of downtown, with first class amenities and high end finishes throughout,” says Steven P. Rosenthal, president and CEO of Northland. “Moody & Main is a true transit-oriented development that will offer residents a 25-minute public transit commute to downtown Boston from their front door, while providing convenient walking access to restaurants, retail and grocery stores.”

PCCP, LLC provided the loan for the project, and Colliers International acted as the mortgage broker. ADD Inc. is the architect, and the general contractor is Erland Construction. CBRE is the exclusive leasing agent for the available retail space.