Lynnfield, MA – The Procopio Companies (Procopio), a full-service construction, development, and advisory company, announced it has secured a $14 million construction loan from Salem Five bank, and has broken ground at 635 Main Street in Wilmington. The transaction closed in late December 2020.
Lume will include a new three-story, 74,000sf multifamily housing development with 39 apartment units, and an additional 10 townhomes. As a $20 million project, Lume is positioned to take advantage of Boston’s expanding life science cluster, just a short walk from the Wilmington MBTA train station, located on the Haverhill Line.
The development was designed by architecture firm DMS Design, and Procopio will serve as the construction management company for the project. Lume had a complex entitlement process that took over three years to complete, given its location directly abutting the active MBTA Haverhill Line railroad tracks. The Procopio Companies estimates Lume’s completion date to be fall 2022.
Procopio also recently broken ground at The Somerset, a new luxury mixed-use development in the coastal city of Winthrop, just north of Boston. The development received a $7.7 million loan from North Shore Bank, secured in September 2020.
The Somerset is a 22,000rsf boutique multifamily property with 29 residential units and 1,119sf of retail space on the ground level. The project was challenged by an extremely tight site, requiring zero-lot-line construction in a busy central business district. Procopio will be the construction management team on the project, with Khalsa Design serving as the architect. The estimated completion date for The Somerset is July 2022.
Procopio also announced the recent groundbreaking and financing of Mosaic, a mixed-use development at 37 Buffam Street in Lynn. The project received a $32 million construction loan from Berkshire Bank with the total cost of the property at $47 million. The transaction, involving the Boston-headquartered bank, closed in late January 2021.
Mosaic is a six-story, 147,000sf mixed-use development with 146 units and a 3,500sf ground floor designated for retail and restaurant space. The project involved in-depth planning and coordination across multiple teams including construction management company Dellbrook|JKS and architecture firm DMS Design. Mosaic was a zero-lot-line urban site, and required The Procopio Companies to coordinate with three separate ownership groups to assemble the development parcel.
Rooted in one of Massachusetts’ few arts and cultural districts, Mosaic’s iconic design elements speak to the geometry and creativity of old-world mosaics. Procopio estimates Mosaic’s completion date to be July 2022.