Property Details
Ground-Up Development 
Asset Profile
Opportunistic

The Somerset - Winthrop, MA

Winthrop, MA

Multi-Family Property

This deal is oversubscribed

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The Procopio Companies Lynnfield, MA
The Procopio Companies
  • IRR 26.3%
  • Equity Multiple 2.16x
  • Hold Period 42M
  • Minimum Investment $25K
  • Year 1 Cash on Cash 0%
  • Stabilized Cash on Cash 13.3% Y2
  • First Distribution Jan 2022
  • Distribution Frequency Quarterly
  • Asset Profile Opportunistic
  • Loan-to-Value 75%
  • Current Occupancy 0%

About this Property

Michael Procopio, Procopio Companies: "The Somerset is a 30-unit mixed-use new construction project in one of Boston's closest and most affluent beach communities."

Address 10-26 Somerset Ave
Square Footage 39,429 sq. ft.
# of Units 29 & 1 Commercial
Average Market Rent $2,381
Total Project Cost $10,390,000
Stabilized Loan to Value 65%

Top Questions

All answers are provided by the sponsor, Procopio Companies, or its representatives.

 

Why are you buying this property?

Michael Procopio, Procopio Companies: "Attractive returns in an affluent yet underserved multifamily market, with high barriers to entry for other developers."

 

What are the most important aspects of this investment opportunity for the investors?

Michael Procopio, Procopio Companies:

  • "Superior risk-adjusted returns for limited partners."
  • "Class A product in an affluent beach community."
  • "Underserved and development-restrictive community with high barriers of entry for competitive developments."
  • "Rapid access to mass-transit including bus, subway and ferry combine for the ultimate commuter location."

 

What is your investment strategy/business plan for the Property?

Michael Procopio, Procopio Companies: "The Sponsor anticipates breaking ground in the fall of 2020. This 4-story apartment building will be well received in this market, and best in class, and begin leasing in Q1 2022. The sponsor anticipates an exit within 42-months."

 

How has COVID-19 impacted your business plan?

Michael Procopio, Procopio Companies: "Assumed $250,000 in hard costs for COVID-19 related logistical and safety costs."

"See deal memo for more risk analysis relative to COVID-19."

NOTE: All answers provided by the sponsor, Procopio Companies, or its representatives.

About this Property

Michael Procopio, Procopio Companies: "The Somerset is a 30-unit mixed-use new construction project in one of Boston's closest and most affluent beach communities."

Address 10-26 Somerset Ave
Square Footage 39,429 sq. ft.
# of Units 29 & 1 Commercial
Average Market Rent $2,381
Total Project Cost $10,390,000
Stabilized Loan to Value 65%

Top Questions

All answers are provided by the sponsor, Procopio Companies, or its representatives.

 

Why are you buying this property?

Michael Procopio, Procopio Companies: "Attractive returns in an affluent yet underserved multifamily market, with high barriers to entry for other developers."

 

What are the most important aspects of this investment opportunity for the investors?

Michael Procopio, Procopio Companies:

  • "Superior risk-adjusted returns for limited partners."
  • "Class A product in an affluent beach community."
  • "Underserved and development-restrictive community with high barriers of entry for competitive developments."
  • "Rapid access to mass-transit including bus, subway and ferry combine for the ultimate commuter location."

 

What is your investment strategy/business plan for the Property?

Michael Procopio, Procopio Companies: "The Sponsor anticipates breaking ground in the fall of 2020. This 4-story apartment building will be well received in this market, and best in class, and begin leasing in Q1 2022. The sponsor anticipates an exit within 42-months."

 

How has COVID-19 impacted your business plan?

Michael Procopio, Procopio Companies: "Assumed $250,000 in hard costs for COVID-19 related logistical and safety costs."

"See deal memo for more risk analysis relative to COVID-19."

NOTE: All answers provided by the sponsor, Procopio Companies, or its representatives.

Offered By

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Assets Under
Management

Currently
$205MM less than 10 assets
Exited
$32.48MM less than 10 assets
Portfolio LTV
70%  
Historical
Realized Returns

Total IRR
26.6%  
Equity Multiple
2.16x  
Annual Cash
N/R  
Years Of
Experience

As Principals
30+ years  
In Business
70 years  
Size
28 Staff * Dedicated investor relations
* All information is reported by The Procopio Companies as of 4/13/2020.
Assets Under
Management

Currently
$205MM less than 10 assets
Exited
$32.48MM less than 10 assets
Portfolio LTV
70%  
Historical
Returns

Total IRR
26.6%  
Equity Multiple
2.16x  
Annual Cash
N/R  
Years Of
Experience

As Principals
30+ years  
In Business
70 years  
Size
28 Staff * Dedicated investor relations
* All information is reported by The Procopio Companies as of 4/13/2020.

Financials

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Offering Financial

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Diligence Preview

Location Details

Winthrop, MA

Michael Procopio, The Procopio Companies: "Winthrop is an affluent Boston community, with both subway and ferry access into Boston, to Logan airport, and throughout the region. Historically resistant to development, this is a rare fully-entitled project and will see higher than typical rents because of the lack of competitive product. This site is located in the heart of the downtown, within walking distance from transit, restaurants, shops, retail and the beach!"

Documents

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Offering Agreement Documents

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