A joint venture of Braintree-based Campanelli and Thorndike Development of Hudson has received $41.8 million toward development of a multi-family housing development south of Boston.

First Niagara Bank granted a $25-million construction loan and Cornerstone Real Estate Advisors provided a $16.8-million mezzanine loan from an institutional client for 275 East Main St. in Norton. Slated for completion in 2016, the 188-unit multifamily development will contain a clubhouse, pool, fitness center, game room and public spaces.

In late 2014, First Niagara Bank and Cornerstone granted $60 million in financing to Campanelli and Thorndike Development for One Upland, a 262-unit luxury apartment complex scheduled to open next month in Norwood.

HFF’s debt placement team led by Greg LaBine and real estate analyst Patrick McAneny represented the borrower in both transactions.

“In these two transactions, HFF was able to raise 85 percent and 90 percent combined non-recourse construction financing for our client by combining first mortgage and mezzanine sources for the capitalization. Given this structure, the borrower was able to keep 100 percent of the upside of the deal, while having the comfort that, once stabilized, there would be a way to pay off all of the construction debt with a permanent first mortgage,” LaBine said in a statement.