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The development, open for occupancy as of September, will bring much-needed new housing stock and available commercial spaces to the growing city of Lynn, MA
(Boston, MA) - October 19, 2022 GromaCorp, Inc. (“Groma”), an innovative real estate and technology startup and real estate sponsor, today announced the successful completion and opening of Mosaic, a 146-unit residential development in Lynn. The $67.25 million development represents the largest single-asset within the Groma ecosystem to date. The first tenants of Mosaic have already moved in and the commercial spaces will become available later this fall, with plans to feature a local restaurant and smaller commercial spaces in the adjacent structure. If you are a local business owner interested in leasing marquee space at Mosaic, reach out to Groma at leasing@groma.com.
A project like this takes a large and well-coordinated team to bring to successful completion. Mosaic was built and developed in partnership with The Procopio Companies (Procopio), a well-known developer with deep experience in the region and Delbrook, an expert general contractor. The transaction is being financed with the support of HarborOne and BDC Capital, as lenders, and Colliers acting as advisor. Groma is serving as the operational partner alongside Greystar.
“We are so excited to be bringing this wonderful asset to market within the Groma portfolio and providing 146 high-quality new residential units in Lynn,” said Michael Rosenstein, Senior Commercial Real Estate Acquisitions Lead. “Groma looks forward to continuing to invest in Lynn and other cities in the Greater Boston Area to provide more high-quality housing and boost the local economy.”
Mosaic comes with 39 on-site parking spaces and up to 75 additional ones nearby, as well as indoor secure storage for up to 50 bicycles. Mosaic leverages environmentally friendly public transportation, located just a three-minute walk from the Lynn Commuter Rail Station.
Procopio, the developer behind the project has been active in Lynn for many years having previously delivered other successful developments nearby. “It is gratifying to see this great property come to fruition and we know that the Groma team will provide a top-quality level of service to the hundreds of tenants getting ready to live there,” said Michael Procopio, President and CEO of Procopio. “We are also excited to continue to develop transit-oriented projects in Gateway Cities across the region in an effort to deliver more housing in a region with significant supply constraints.”
HarborOne provided a $41.5 million permanent financing facility for the development. “The Mosaic is an exciting project, and HarborOne is proud to be providing financial support for important developments in our region like this,” said Ted Lyons, Vice President of Commercial Real Estate and Finance, HarborOne Bank. “We look forward to continuing to support Groma, Procopio and other innovative real estate leaders in our region.”
Additional financing support was provided by BDC Capital, a longtime partner of Groma. HarborOne is one of the member banks of BDC Capital. “BDC Capital prides itself on being fast, flexible partners to local businesses,” said Paul Flynn, CEO and President. “So, when Groma reached out to us looking for a quick solution for some financing needs around this transaction, we jumped into action and were able to successfully bring this deal across the line together.”
Mosaic comes fully featured with wonderful amenities for its tenants including:
Mosaic is a pet-friendly development and lobby also features a glass-walled pet washing station for residents’ canine and feline companions. Tock, a local dog, commented “Bork!” when testing out the new facilities and then proceeded to chase her tail in a circle.
If you are interested in living at the Mosaic, or taking a tour, please check out www.MosaicLynn.com for unit availability, rates and other important information.
For questions or inquiries, please email press@groma.com
Groma is a vertically integrated real estate and technology firm. Our property technology is purpose-built to enhance the efficiency of sourcing, acquiring, renovating and managing small-unit-count multifamily assets. Our investor technology brings new levels of transparency and access to our growing investor community. We believe the world works better when everyone owns a part of it, and we’re hard at work to make that happen. Groma was founded in early 2020 and is headquartered in Boston, MA. For more information, please visit https://www.groma.com.
The Procopio Companies is a fourth-generation real estate development and construction management firm based in Middleton, Massachusetts. Founded in 1950, Procopio has developed luxury single-family developments, multifamily apartments and condominiums, mixed-use, and commercial-industrial projects throughout New England. In 2017, The Procopio Companies was recognized for their tremendous growth and quality of product earning the honor of being named the Massachusetts Family Business of the Year by Northeastern University. For more information, please visit procopiocompanies.com.
HarborOne Bank is headquartered in Massachusetts, with $4.7 billion in assets. HarborOne Bank serves the financial needs of consumers, businesses, and municipalities throughout Massachusetts and Rhode Island through a network of 31 full-service branches, and two commercial loan offices in Boston and Providence. The Bank also provides a range of educational services through “HarborOne U,” with content and classes available on personal finance and small business delivered virtually as well as at community locations throughout Massachusetts and Rhode Island. HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, is a full-service mortgage lender with offices throughout Massachusetts, Rhode Island, and New Hampshire and is licensed in seven additional states.
The oldest business development corporation in the United States, BDC Capital has been recognized locally and nationally as a leader and innovator in business lending and capital investment. Many of New England’s leading financial institutions invest in BDC to help promising companies expand. For financing needs from $500,000 or $10 million, BDC Capital offers lines of credit, senior debt, junior secured debt, mezzanine investments, SBA loans, and private equity options, all customized to suit the needs of each individual business.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 63 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.5 billion and $81 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
