MARLBOROUGH, MA– Colliers announced that its Capital Markets team has secured $41.4 million in construction financing for a multifamily development in Marlborough, MA.
The developer, The Procopio Companies, was represented by a Colliers team led by Executive Vice President Jeff Black, Vice President Sean Burke, Vice President Bryan Koop and Financial Analyst Matt Lombardi.
Prominently located in downtown Marlborough, the planned 92,000 square-foot development will consist of 92 upscale apartments, nearly 3,500 square-feet of ground floor restaurant and retail space, and an expansive 8,600 square-foot amenity and mezzanine space. The building will feature luxury amenities including a high-performance fitness center, a lap pool, a sundeck with lounge seating, and an 84-space parking garage for residents. Located in a Qualified Opportunity Zone, the project is structured to capitalize on the tax benefits associated with the site’s designation following the planned long-term hold.
“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. We would like to thank Procopio for their perseverance throughout the process along with TwinFocus and HarborOne for a smooth closing.”
Positioned in Marlborough’s walkable downtown, 57 Main offers immediate access to a plethora of restaurants, bars, and coffee shops. Future residents will benefit from convenient access to surrounding employment centers and retail amenities given the Site’s immediate proximity to I-495, Route 9, I-290 and I-90.
The $41,400,000 financing was comprised of joint venture equity provided by TwinFocus Real Estate Partners, and a construction loan provided by a lending syndicate led by HarborOne Bank in partnership with Westfield Bank.
