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Procopio Companies Lands Construction Financing on Marlborough Project
Colliers secured $41.4 million in construction financing for 57 Main, a multifamily development in Marlborough, MA. The developer, The Procopio Companies, was represented by a Colliers capital markets team led by EVP Jeff Black, VPs Sean Burke and Bryan Koop and financial analyst Matt Lombardi.
The financing consisted of joint venture equity provided by TwinFocus Real Estate Partners and a construction loan from a lending syndicate led by HarborOne Bank in partnership with Westfield Bank.
Located in a Qualified Opportunity Zone in downtown Marlborough, the planned 92,000-square-foot development will include 92 upscale apartments, nearly 3,500 square feet of ground-floor restaurant and retail space and an 8,600-square-foot amenity and mezzanine space.
“This project will bring much-needed housing to one of the strongest employment nodes in Massachusetts,” said Burke. “With a walkable downtown location and the most amenity space per unit in the market, we have no doubt 57 Main will be a success.”
- ◦Financing
