The Dolben Co. in Woburn and North Andover-based MINCO Development Corp. will develop a 196-unit apartment project with a $31.9 million construction loan granted to its joint venture by Citizens Bank.

Berry Farms Apartments at 10 Berry St. in North Andover will feature 196 luxury apartment homes on a 26-acre site. The project was permitted under Massachusetts Chapter 40B and, consequently, 25 percent of the apartments will be offered at affordable rates to qualified residents. The community will consist of four residential apartment buildings and a freestanding clubhouse.

“The Dolben Co. is a great client with a proven track record and a wealth of experience,” Gary Magnuson, Citizens Bank’s executive vice president and head of commercial real estate finance, said in a statement. “We’re very happy to work with them and be able to help them achieve their strategic and financial goals.”

The Dolben Co. is a fifth-generation development and management company founded in 1929. Dolben currently manages approximately 15,000 units with a value of over $2.5 billion and has developed more than 7,000 units. Citizens loaned the money to North Andover Holdings LLC, a joint venture it created with MINCO Development.

“Citizens Bank’s commercial real estate finance team has been an excellent partner on this project,” Deane Dolben, principal of The Dolben Co., said in a statement. “This is our second deal with Citizens and Citizens’ bankers always have great ideas and the ability to execute transactions quickly and seamlessly.”