Updated Sep 2, 2026
Navjeet Bal Of MassDevelopment & The Washington Trust Company Funds $51.17M Loan For Synergy's Development In Worcester
10 Chestnut Street
$51,170,000
Building Size
—
Asset Type
Development Site
Closing
Mar 16, 2026
About this deal
AI
The property asset involved in the context is a development site located at 10 Chestnut Street in Worcester, MA. The loan amount associated with this transaction is $51,170,000, which is earmarked for transforming the former Fallon Community Health Plan headquarters into 198 market-rate apartments. This project marks the largest office-to-residential conversion in the state to date.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $51,170,000
- Lender: Navjeet Bal - MassDevelopment & The Washington Trust Company
- Landlord: Synergy
Key individuals involved in the deal include Navjeet Bal, representing MassDevelopment and The Washington Trust Company, who are providing the financing package for the conversion project led by Synergy.
On the Map
$51,170,000
Development Site
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Players
Worcester Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93