New Apartments Open in Life Science Cluster

Wilmington, MA – The Procopio Companies recently celebrated the grand opening of Lume, the frm’s newest addition to its multifamily portfolio, located in Wilmington.

Lume is a 3-story, podium style apartment building with 39 garden style units and 10 additional luxury townhomes. The development includes community amenities such as a ftness center with a dedicated yoga room, a club room, pet spa, outdoor patio area, a secure parking garage, and private

Zoom rooms, specifcally designed for virtual meetings with specialty acoustic treatments.

The 74,000sf development is located less than a mile from the Wilmington MBTA stop, with easy access to I-93, I-95, I-90, Route 38, and I-495. The property is also minutes away from numerous local restaurants, parks, and schools.

Wilmington has become one of the life science clusters that has sprung up outside of Cambridge and Boston, due to the lack of vacancy and rising rental rates.

“Lume brings much needed multifamily housing to Wilmington, a transit-oriented community conveniently located near Boston’s life sciences industry,” said Angelo Antidormi, director of acquisitions at Procopio.

Project partners for the $20 million development include DMS Design as the project architect and Conant Design Group for interior design. Equity for Lume was syndicated and SalemFive served as the lender, while Charlesgate is handling property management and leasing.

Bond Issued for Worcester

Worcester, MA – MassDevelopment has issued a $19,640,000 tax-exempt bond on behalf of 120 Washington 4 LLC, an affliate of Boston Capital Development, LLC, which will use proceeds to construct 59 units of mixed-income affordable rental housing at the site of the former headquarters of Table Talk Pies at 120 Washington St. in Worcester.

The project is part of the larger mixeduse redevelopment of the four-acre site that will include a total of 400-plus residential housing units and 20,000sf of commercial space. Construction is underway and is expected to be complete in February 2024. Eastern Bank and Rockland Trust purchased the bond, which helped Boston Capital Development, LLC achieve a lower cost of capital.

At 120 Washington St., Boston Capital Development, LLC will construct a unit mix of six studios, 28 one-bedroom, 44 two-bedroom and fve three-bedroom apartments. In addition to the 59 units supported by MassDevelopment bond fnancing, 24 additional units will be fnanced with an allocation of Low