People’s United Bank has provided $19 million in construction financing for Ten Essex Street, a 46-unit multifamily development in Cambridge’s Central Square.

Construction recently began on the project. NAI Hunneman Executive Vice President Andrew Kaeyer and Associate Nick Biondo placed the financing on behalf of property owner 3MJ Realty.

“We are excited to be able to arrange this financing that will help create a first-class multifamily project in the dynamic Central Square Neighborhood,” Kaeyer said in a statement. “Ten Essex Street is the culmination of more than three years’ worth of planning and permitting and will become the centerpiece of 3MJ Realty’s Portfolio.

In 2014, the Cambridge planning board approved the transit-oriented project located on a parking lot next to the MBTA’s Central Square station.