MUFG Union Bank Provides $63 Million Loan For Property At 145 Front St Worcester

145 Front St is a 365-unit multi-family property located in Worcester, MA, as part of a 12-acre master-planned, mixed-use development. The property recently underwent a $63 million refinancing transaction, facilitated by MUFG Union Bank on behalf of Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation.

Summary of transaction details:

• Property Type: Multi-family
• Transaction Amount: $63,000,000.00
• Address: 145 Front St, Worcester, MA, 01608
• Market: Worcester
• Borrower's Representative: Michael Sherman, Irene Lu - CBRE
• Lender: MUFG Union Bank

CBRE's team, led by Michael Sherman and Irene Lu, successfully arranged the construction loan takeout in just 20 days to meet the specific requirements of the borrower. The financing provided by Union Bank included terms that were notably appealing for the client's needs, particularly as the property had recently finished lease-up but was not yet economically stabilized.