Cornerstone Realty Capital arranged $8.42 million in financing for its client, Waterstone Retail.

The financing will allow for the construction of a 54,200-square-foot neighborhood retail center in Methuen. The completed project will be anchored by a 10,000-square-foot Family Dollar, and will include a strategic mix of national, regional and local tenants including restaurants, an auto parts retailer and a grocer. The development will consist of a single strip of retail spaces, as well as two outparcels.

The developer has designed the structures to blend with the neighborhood by incorporating architectural features common to the area such as brick construction, a tower at the midpoint of the main building and vertical piers in front of the window openings.

"We enjoyed working closely with Cornerstone again. This was a six-year project and we look forward to bringing much-needed services, shopping and dining to an extremely underserved and dense market," Neal Shalom, principal of Waterstone Retail, said in a statement.