Photo by Andy Ryan | Courtesy of Capstone Communities

A newly-completed development in Cambridge’s Porter Square received more than 900 applications for its 40 affordable housing units.

Newton-based Capstone Communities and Hope Real Estate Enterprises of Cambridge developed the four-building Frost Terrace project at 1791 Massachusetts Ave.

Designed by Bruner/Cott Architects, Frost Terrace includes the restoration of three buildings containing four apartments apiece, and construction of a new building that contains 28 apartments.

The apartments are reserved for households earning between 30 and 60 percent of area median income. Nearly two-thirds of the apartments contain two or three bedrooms, which addresses the local need for more family-sized affordable housing units, developers said.

The project was designed with electric heat pumps and energy recovery units to recycle outdoor air, and a solar array will be installed in 2024.

Rockland Trust provided $17.7 million in financing for the development, including an $8.7 million construction loan and $9 million in low-income housing tax credit equity syndicated by Stratford Capital Group. The Massachusetts Executive Office of Housing and Livable Communities (EOHLC) awarded the low-income tax credits and additional subsidies.

The Cambridge Affordable Housing Trust provided over $10 million in funding, and the Massachusetts Housing Partnership provided a $5.2 million permanent loan.