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.”