Michael Procopio Of Procopio Companies Secures $40.4M Loan From Salem Five For Development Site

The property asset involved in the transaction is a development site located at 197 Nantasket Avenue, Hull, MA. This construction project encompasses a four-story mixed-use building with a gross square footage of 180,375. The project aims to deliver 132 market-rate housing units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $40,446,270
• Lender: Salem Five Cents Savings Bank
• Landlord: Michael Procopio - Procopio Companies
• Loan Type: Construction

Key individuals involved in this deal include Michael Procopio, who represents the Procopio Companies, and Salem Five Cents Savings Bank, the lender facilitating the construction financing for this project. The financing secured specifically supports the development on Nantasket Beach.