Stephen M. Chapman Of SMC Management Secures $57.5M Construction Loan From Berkshire Bank For Worcester Development

This transaction involves a development site located at 40 Milton Street in Worcester, MA. SMC Management is securing a construction loan amounting to $57.5 million for the Hemans Street Apartments project, which is currently under construction and will feature 210 units along with amenities such as a fitness center, yoga room, roof deck, and courtyard.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $57,500,000
• Lender: Berkshire Bank
• Landlord: Stephen M. Chapman - SMC Management
• Loan Type: Construction

Stephen M. Chapman is representing SMC Management in this construction loan transaction with Berkshire Bank, facilitating the financing for the upcoming residential development aimed at enhancing the housing landscape in Worcester.