First Niagara Financial Group recently arranged $34 million in financing for a new multi-family development in Quincy.

The Zero Penn Street development is a joint venture between the Boston-based developer Cabot, Cabot & Forbes and Boston Andes Capital, a multi-national investment firm.

"We’re pleased First Niagara shares our vision for this project, which is to create a community which will bring added energy to the city of Quincy while responding to the growing need for housing within a convenient commuting distance to downtown Boston," Jay Doherty, CEO of Cabot, Cabot & Forbes, said in a statement.

Zero Penn Street is being constructed opposite the Quincy Adams MBTA station on Burgin Parkway. It will eventually be a six-story structure with 180 units: 34 studio apartments, 96 one-bedroom units and 50 two-bedroom units.

"Since First Niagara established a presence in the Boston area in late 2011, we have seen significant growth in the demand for commercial real estate financing in Boston and its suburban markets," Doug MacLean, First Niagara’s senior vice president of commercial real estate lending for the Greater Boston Area, said in a statement. "First Niagara is responding to this need with customized financing solutions and competitive rates for both construction and term financing across all product types."