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Procopio Begins Haverhill Riverfront Development

By Steve Adams | Banker & Tradesman Staff | Jun 29, 2023 | Reprints | Print

Image courtesy of Cube 3

With construction financing from Needham Bank, Procopio Cos. has broken ground on redevelopment of a Haverhill property as 290 apartments.

The Beck complex will be built on the former Ornsteen Heel factory property at 31-35 Railroad Ave., overlooking the Merrimack River next to the MBTA’s Bradford commuter rail station.

Boston Andes Capital provided equity for the project, Middleton-based Procopio Cos. announced this week. Needham Bank granted an $88.5 million construction loan, according to mortgage information compiled by The Warren Group, publisher of Banker & Tradesman.

The project includes a new 1,700-square-foot riverwalk which will be donated to the city of Haverhill.

The project received a nearly $2 million in MassWorks infrastructure grant which will be used for road improvements and underground utility relocation.

Completion is scheduled for April 2025.

B&T Daily