21 East Street in North Attleborough. Rendering courtesy of Jones Street Investment Partners

Cambridge Savings Bank has provided financing for the first development in a designated opportunity zone in Massachusetts.

The bank provided a five-year, $30.9 million construction loan to Boston Realty Advisors for the ground up redevelopment of 21 East St. in North Attleborough.

Boston Realty Advisors worked on behalf of the sponsor Jones Street Investment Partners.

Plans for the property consist of 193 market-rate apartment units and approximately 11,500 square feet of retail. The redevelopment is replacing the dilapidated L.G. Balfour Building, located in the heart of downtown North Attleborough.

“The loan from Cambridge Savings Bank speaks volumes about the future success of suburban development,” Nicholas Herz, managing director and partner of Boston Realty Advisors, said in a statement. “Jones Street Investment Partners demonstrated an indomitable ability to navigate this opportunity zone investment, creating a true win-win for all stakeholders.”

The site is situated within one of the two designated North Attleborough opportunity zones, unanimously supported by the local municipality and the first opportunity zone development to be this far along in the commonwealth.

The transit-oriented development sits on 4.3 acres and will include a fitness facility, a new restaurant, outdoor parking and shuttle service to multiple MBTA stations. With 193 units throughout four individual buildings, phased delivery will begin in the first quarter of 2020.