Construction of a 192-unit apartment complex has begun at 100 Elm St. in Walpole following the completion of a financing package.

John M. Corcoran & Co. of Braintree is developing the six-story complex with 5,400 square feet of retail space located across from the MBTA commuter rail’s Walpole station.

CBRE/New England arranged a joint equity partner and a $43.55 million construction loan from East Boston Savings Bank.

The rental vacancy rate in the Walpole area is currently 4.4 percent, according to CBRE.