Image courtesy of RISE

Boston-based developer RISE will break ground in the third quarter on a 46-unit apartment complex in Everett after securing $23 million in financing.

Needham Bank provided the construction loan for the 52 School St. project, in which RISE is partnering with developer btcRE.

The project, located in a federal Opportunity Zone, will be funded with a $15 million construction loan and $8 million in joint venture equity, Colliers announced.

Colliers’ Tom Welch, Adam Coppola and Patrick Boyle represented RISE in sourcing the construction loan from Needham Bank and limited partner equity.

“We at btcRE have long sought the right opportunity to invest in the diverse and dynamic community of Everett, and we are thrilled to have found precisely the right project, parcel and partner,” Co-Founder M. Ryan Gorman said in a statement.

The project will include seven income-restricted units reserved for households earning a maximum 80 percent of area median income.

Amenities include a club room and lounge, fitness center and outdoor terrace.