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BURLINGTON, MA-National Development will construct a 331-unit apartment complex that will be part of a 425-unit residential development here. Named Arborpoint at Seven Springs, it is being developed on 70 acres of land near Interstates 93 and 128. It will also include a 94-unit condominium complex developed by Northland Residential that will be known as the Village at Arbor Springs.

The developer secured a $69-million financing package that will cover the construction of 18 multi-story buildings as well as a residential amenity center with a great room, fitness center and pool. The first units are due to be completed by the middle of next year with completion of the entire project slated by March 2008.

The Boston office of Holliday Fenoglio Fowler arranged the financing. Frederick E. Wittmann senior managing director with HFF, tells GlobeSt.com that the project is one of several being built in the Bay State by the Newton, MA-based development company. Wittmann, along with senior real estate analyst Tony Soldi, worked on behalf of National Development and Wakefield Investments to secure the eight-year, fixed-rate loan through CIGNA Investments and Wachovia.

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