Navjeet Bal Of MassDevelopment & The Washington Trust Company Funds $51.17M Loan For Synergy's Development In Worcester

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.