HarborOne, Westfield Bank Provide $41M Construction Financing in Massachusetts
The Procopio Companies will build 57 Main, a 92-unit, mixed-use development near Boston
By Brian Pascus August 16, 2024 11:56 am
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The Procopio Companies has secured $41.4 million in construction financing to build 57 Main, a 92,000-square-foot, mixed-use development in downtown Marlborough, Mass., Commercial Observer has learned.
HarborOne Bank and Westfield Bank provided the senior construction financing, while TwinFocus Real Estate Partners provided the equity component of the deal. The Colliers (CIGI) team of Jeff Black, Sean Burke, Bryan Koop and Matt Lombardi negotiated the financing.
“This project will bring much-needed housing to one of the strongest employment nodes in Massachusetts,” said Burke in a statement. “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.”
Located at 57 Main Street in Marlborough — a suburb of 41,000 people between Boston and Worcester in eastern Massachusetts — the five-story development is expected to feature 92 luxury apartment units, 3,500 square feet of ground-floor retail, and 8,600 square feet of amenity space. The building will also include 84 on-site parking spaces for residents.
The Procopio Companies did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
