Procopio Companies Secures $14 Million Construction Loan, Breaks Ground for a Multifamily Development

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LYNNFIELD, MA– The Procopio Companies, a full-service construction, development, and advisory company, announced they have secured a $14 million construction loan from Salem Five bank, and have broken ground at 635 Main Street in Wilmington, MA.

Lume will include a new three-story, 74,000 square-foot 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. Additionally, the property sits at the junction 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 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.

“After several years in the pre-construction phase, it’s rewarding for us to break ground at Lume and get to work developing the property with financial backing from Salem Five,” said Greg Procopio, Procopio’s Vice President of Construction. “As a company dedicated to creating distinctive places to live, we believe this transit-oriented development will further activate this growth corridor in Wilmington.”

The Procopio Companies estimates Lume’s completion date to be Fall 2022. The company’s current development pipeline through 2023 includes more than 1,480 for-sale and rental housing units throughout New England with projects in Lynn, MA, Haverhill, MA, Winthrop, MA, and Portland, ME. Procopio also recently completed Sedna, a waterfront community in Beverly, MA, and is set to complete Caldwell, an urban high-rise in Lynn, MA, in the coming weeks, with leasing at both properties currently available.

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