Downtown Marlborough 92-apartment project receives $41.4M in private financing
Image | Courtesy of City of Marlborough / The Procopio Companies, rendering by The Architectural Team, Inc.
A rendering of Exchange Place, a five-story building proposed for 57 Main St. in Marlborough
A development firm, which purchased the future site of a 92-unit, mixed-use apartment building in downtown Marlborough, has received $41.4 million in financing for the project.
The Procopio Companies, a vertically-integrated development, construction, and property management firm based in Middleton, received the funding to support construction of the upscale apartment building that is planned for 57 Main St., according to the Boston Real Estate Times.
The 92,000-square-foot building named Exchange Place is planned for the site of the closed Rowe Funeral Home, adjacent to Marlborough’s Union Common.
Planned amenities at the site include a fitness center, pool, sundeck, and an in-building parking garage for residents. The ground floor will include space for potential restaurant or retail uses.
The financing was provided by Boston-based Twin Focus Real Estate Partners, a construction lending syndicate helmed by Brockton-based HarborOne Bank and Westfield Bank.
Colliers International, a Canadian investment management firm, represented Procopio during the financing process.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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