Cambridge developer Joshua Katzen has begun construction of Landing 53, a 172-unit transit-oriented development near the MBTA’s Weymouth Landing-East Braintree commuter rail station.

The $50 million redevelopment on a 2-acre site received $5 million in equity gap financing from the Healthy Neighborhoods Equity Fund, a $30-million pool sponsored by the Massachusetts Housing Investment Corp. and Conservation Law Foundation. The fund supports projects that meet criteria including proximity to public transportation, job generation, environmental benefits and potential to improve public health.

The town of Braintree and state invested $2 million to install underground utilities and new street lighting.

Located at the intersection of Quincy Avenue and Commercial Street, the new building will include 93 one-bedroom apartments and 79 two-bedroom units. All apartments will be market-rate, with rents targeted to workforce housing. The project will include 12,000 square feet of retail space divided into up to four spaces.

“From good jobs, to new pedestrian walkways, to better access to public transit and more, this development will electrify the neighborhood and provide a perceptible spark to Braintree’s economy and community,” CLF President Bradley Campbell said in a statement.

PNC Bank is the permanent lender. Dellbrook Construction is the contractor and Hugh Russell of Russell Scott Steedle & Associates is the architect.

The town of Braintree has realized $1 million from the sale of a municipal parking lot and building permit fees related to the project.