This Week's Boston Deal Sheet
The Procopio Cos. landed financing for a new residential project in Marlborough.
The residential developer secured $41M in construction financing for its 57 Main St. project consisting of 92 apartment units. The project is expected to open in the first quarter of 2026.
Procopio obtained a loan from HarborOne Bank and opportunity zone equity from TwinFocus Real Estate Partners, the developer said in a release. The Architectural Team is designing the project and Angus Construction LLC is the construction manager.
The development is opening in Marlborough's downtown and will have amenities including a fitness center, pool, pet spa, a grab-and-go market and lounge spaces.
The company has another project underway at 339 Boston Post Road East, a 140-unit apartment building. The project is called the Walcott Heritage Farms. Procopio bought the property in May for $4M, according to Patch.
“We are excited to expand our footprint in Marlborough with a second acquisition in these past months and are focused on bringing more quality urban lifestyle housing options to the downtown.” The Procopio Cos. CEO Mike Procopio said in a statement.
SALES
An undisclosed buyer acquired a 33-building residential portfolio in Worcester and Southbridge for $18.9M. The Southbridge portfolio consists of 157 units across 26 properties, and the Worcester portfolio includes 37 apartments and two retail units across seven properties. Marcus & Milichap's Matthew Pierce oversaw the transaction and represented both parties.
LEASES
The owner of an industrial property at 118 Lumber Lane in Tewksbury secured two leases totaling 18K SF to bring the property to 100% occupancy. Cable Plus and J & M Floor Coverings Inc. each agreed to occupy 9K SF. R.W. Holmes' David Gilkie represented the landlord, 118 Lumber Lane LLC, and he represented J&M Floor Coverings. Lee & Associates' Mitchell Jacoby represented Cable Plus.
PERSONNEL
Morgan Pierson was named senior vice president of real estate and development at Lupoli Cos. Pierson will be responsible for overseeing the company's real estate portfolio and future development projects. Prior to joining Lupoli, Pierson worked for Berkeley Investments as senior vice president of development and at Greystar as director of development.
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Jonathan Schneider was named managing director of Boston Realty Advisors' capital markets group. Schneider will lead and expand the debt and equity placement business for the firm. Schneider worked as senior director of JLL's capital markets team for the last 12 years. He previously was managing director of Ackman-Ziff Real Estate Group and general partner at Otis & Ahearn Co-Investment Fund.
CONSTRUCTION & DEVELOPMENT
The MBTA met with potential development partners for the redevelopment of the parking garage at Alewife station in Cambridge, the Boston Business Journal reported. The proposal brought in 250 attendees to an informal session about the project, for which details have not yet been finalized. The transit agency plans to send out a formal request for proposals later this summer with responses due in the fall, and it plans to select a partner in the winter.
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John M. Corcoran & Co. filed plans to build a 466-unit apartment building in Beverly, the Banker & Tradesman reported. The firm proposed a development called The Commons at Trask Lane on a 12-acre section of the Beverly Golf and Tennis Club. The 501K SF project would be divided into two sections that would consist of four residential buildings containing between 73 to 83 units.
The project will set aside 45 units for households earning up to 80% of the area median income. The company needs to seek approval from the Massachusetts Environmental Policy Act Office and a site plan review from the Beverly Planning Board.
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The Boston Parks and Recreation Commission approved the $100M redevelopment of White Stadium in Franklin Park, the Boston Globe reported. The demolition project is planned to begin in September and October and will pave the way for a new 11,000-seat stadium for a National Women's Soccer League franchise run by Boston Unity Soccer Partners.
The stadium would also be used by Boston Public School students for games and practices. Boston's Planning Department approved part of the plan, known as the "Grove" and west grandstand areas in July.
