Image courtesy of Monte French Design Studio

Construction of 132 apartments overlooking Nantasket Beach is beginning following completion of a financing package.

The Procopio Companies is redeveloping the former Paragon Boardwalk arcade site at the corner of Nantasket Avenue and George Washington Boulevard in Hull.

Red Cove Capital and Boston Andes Capital provided financing for the project, Procopio Companies announced. Known as Paragon, the complex includes 9,300 square feet of retail and restaurant space.

Salem Five Cents Savings Bank provided $40.4 million in construction financing, according to a Plymouth County mortgage filed Sept. 29.

Dellbrook JKS is the construction manager for the 146,000 square-foot project.

“We are proud to break ground on a project that will not only provide new housing options but also activate the waterfront with exciting retail and dining experiences,” Procopio Companies Vice President Bryan Vitale said in a statement.

Image courtesy of Monte French Design Studio