Procopio Companies secures $ 14 million home loan and lays the foundation stone for an apartment building

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LYNNFIELD, MA – The Procopio Companies, a full-service construction, development, and consulting firm, announced that they had secured a $ 14 million home loan from Salem Five Bank and broke ground in the Main 635 Street in Wilmington, MA.

Lume will comprise a new three-story, 74,000-square-meter multi-family housing estate with 39 residential units and a further 10 terraced houses. As a $ 20 million project, Lume is able to capitalize on Boston’s expanding life science cluster just a short walk from Wilmington MBTA station on the Haverhill Line. Additionally, the property is located at the intersection of I-93 and I-95 with easy access to I-90, Rt 38 and I-495.

The development in the heart of Wilmington was designed by architects DMS Design and Procopio will act as construction management company for the project. Lume had a complex claims process that lasted over three years as it was directly adjacent to the active railroad tracks on the MBTA Haverhill Line.

“After several years in the pre-construction phase, it is worthwhile for us to lay the foundation stone at Lume and start developing the property with financial support from Salem Five,” said Greg Procopio, Vice President of Construction at Procopio. “As a company dedicated to creating distinctive living spaces, we believe this traffic-centric development will further activate this growth corridor in Wilmington.”

The Procopio Companies estimates that Lume will be completed in the fall of 2022. The company’s current development pipeline through 2023 includes more than 1,480 units for sale and leased across New England with projects in Lynn, MA, Haverhill, MA, Winthrop, MA and Portland, MICH . Procopio also recently completed Sedna, a waterfront condominium in Beverly, MA, and will be completing Caldwell, a municipal high-rise in Lynn, MA, in the coming weeks, with both properties currently rented.

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