MassDevelopment has issued a $10 million tax-exempt bond as part of the Infrastructure Investment Incentive Program (I-Cubed).

The bond will go toward Westwood’s University Station. The project’s developer, New England Development, will use the proceeds to build infrastructure and support development. The project aims to transform an industrial park into a vibrant mixed-use neighborhood. The 130-acre site will have approximately 560,000 square feet of retail and restaurant spaces, 350 residential units ­– of which between 10 percent and 25 percent are affordable housing – and parking to accommodate over 3,000 cars.

“I-Cubed is an innovative way to establish public-private partnerships, promote accountability, and ultimately support important projects like University Station,” Kristen Lepore, secretary of the executive office for administration and finance, said in a statement. “I want to thank everyone involved for their hard work on this deal which will spur economic development and create jobs.”