A 162,296 square foot East Boston development received financing from Needham Bank.

The $53.88 million loan will progress the 355 Bennington St. project, approved in 2022, one step closer to construction.

Designed by architecture firm Arrowstreet and to be developed by Redgate, the project will transform an industrial lot in the Day Square neighborhood into a mixed-use development featuring retail and amenity spaces, 81 one-bedroom units, 48 two-bedroom units, 32 studio units and eight three-bedroom units.

In a Boston Planning & Development Agency presentation, developers expressed intent to set the building back from the street in order to extend the Mary Ellen Welch Greenway and improve community access to transportation through improvements like shared bike paths.

Filings for the project noted that construction and completion of the development will create full- and part-time retail jobs and approximately 300 to 400 construction jobs.

Information about when construction might begin has not been released.