Quincy-based real estate developer LBC Boston has secured a $50 million financing package led by Rockland Trust for the construction of an apartment complex in downtown Quincy.

Called Nova Hancock, the complex will have 220,000 square feet and 215 market rate units, according to a statement from Rockland Trust.

Located at the intersection of Hancock Street and Revere Road, the building will have seven stories, and the ground floor will have retail space.

“LBC Boston’s mission to create modern and functional complexes at an affordable rate is one that Rockland Trust proudly supports,” John McGregor, senior vice president and commercial lending center manager at Rockland Trust. “I’m grateful for the relationship we’ve built with Alex and the team at LBC Boston. NOVA Hancock provides a thoughtful solution for addressing the need for additional housing and we look forward to seeing their vision come to life.”

Construction has begun, and the building is expected to open for leasing by early 2025, the statement said. Nova Hancock, LBC Boston’s second project in Quincy, is within walking distance of the Quincy Center MBTA train station, restaurants, shops and parks.

“LBC Boston is very happy to continue our long and highly valued relationship with Rockland Trust with the new Quincy project underway,” Alex Matov, LBC Boston principal, said in the statement. “As we continue to be part of the residential transformation of downtown Quincy, we recognize that without our strong public and private partnerships with our lender, the City and Mayor, and our excellent construction partners, this would not be possible.”