A Texas multifamily developer has paid $25.7 million for a Medford property recently approved for a 350-unit apartment complex.

The Hanover Co. acquired 61 Locust St., the site of a former Shaw’s supermarket that closed in 2014, from Equity One.

Wells Fargo provided a $78.7 million construction loan.

The Medford zoning board of appeals approved a scaled-back proposal for 350 apartments, including 10 percent with affordability restrictions, in June. The new plan calls for a single 5-story building with 5,850 square feet of ground-floor retail.

Equity One submitted plans in 2016 for a 490-unit apartment complex including three buildings totaling 562,508 square feet.

Although the plans were approved in June 2016, the Medford city council and abutters challenged the ZBA approval in state Land Court. The lawsuit was dismissed in January.

New York-based Equity One paid $19.9 million for the 6.8-acre property in 2004.