Updated Oct 3, 2025
Michael Procopio Of Procopio Companies Secures $40.4M Loan From Salem Five For Development Site
197 Nantasket Avenue
$40,446,270
Building Size
—
Asset Type
Development Site
Closing
Oct 1, 2025
About this deal
AI
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.
On the Map
$40,446,270
Development Site
View full map
Players
Hull Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93