Washington Trust Provides $47.6 Million Loan For Apartment Development At 10 Chestnut Street In Worcester

The property involved in this transaction is a development site located at 10 Chestnut Street in Worcester, MA. Washington Trust is the lender that provided financing for the project, which entails the conversion of the former Fallon Community Health Plan headquarters into a residential apartment building comprising 198 market-rate units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $47,600,000
• Loan Type: Construction
• Lender: Washington Trust
• Location: 10 Chestnut Street, Worcester, MA
• Additional Support: $3.6 million from MassDevelopment

This financing arrangement highlights the collaborative effort between Washington Trust and MassDevelopment to revitalize the site and address housing needs in the local market. The project aims to enhance the community by providing additional residential options to potential tenants in Worcester.