Developer Secures $22.6M Construction Loan From Bar Harbor Bank & Trust For Worcester Project

A developer secured a $22.6 million construction loan from Bar Harbor Bank & Trust for a 6-story multifamily project at 5 Madison Street in Worcester, MA. The project will comprise 102 units, including 1–2 bedroom apartments, along with ground-floor retail, a leasing office, fitness center, and community rooms.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $22,600,000
• Address: 5 Madison Street
• Market: Worcester, MA
• Units: 102
• Lender: Bar Harbor Bank & Trust
• Loan Type: Construction

This deal showcases the involvement of key parties associated with the project, centering around the financing provided by Bar Harbor Bank & Trust, which is pivotal for the development of the multifamily project at this location, highlighted by its array of amenities and residential offerings.