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10 Chestnut Street

Updated Jun 3, 2026

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

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

10 Chestnut Street

$47,600,000

Units

198

Asset Type

Development Site

Closing

Jun 2, 2026

About this deal

AI

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.

On the Map

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$47,600,000

Development Site

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Players

Washington Trust
Washington TrustLender

Chestnut Hill Development Site Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.33%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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