Carlyle, Procopio to Develop 259-Unit Multifamily High-Rise Project in Metro Boston

LYNN, MASS. — A joint venture between affiliates of global investment firm The Carlyle Group and local developer The Procopio Cos. will develop The Caldwell, a 259-unit multifamily high-rise project in the northern Boston suburb of Lynn. The 10-story, transit-served property will offer amenities such as a rooftop deck, pool, fitness center and a gaming lounge. Square Mile Capital Management LLC provided a $63.9 million construction loan for the project that was placed by CIT Group Inc. Jeff Black and Sean Burke of Colliers International also worked on behalf of Procopio to place the construction debt and arrange the equity partnership, resulting in an $84 million capital stack. The development team broke ground on The Caldwell in March 2019 and expects to complete construction by fall 2020.