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Mark Morgan Of The Michaels Organization Secures $53M Construction Loan From Trust Bank In Worcester MA

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FINANCED
$53,000,000

Massachusetts

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MultiFamily
Financed 05/28/2025
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Property Image
FINANCED

Mark Morgan Of The Michaels Organization Secures $53M Construction Loan From Trust Bank In Worcester MA

274 Franklin Street

See Similar Deals
MultiFamily
Financed 05/28/2025
the dealplayerscompscontact
Contact now

Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan

The multifamily asset located at 274 Franklin Street in Worcester, MA, consists of 364 units and is involved in a construction loan transaction. The property is set to feature 36 affordable units as part of the development plan.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $53,000,000
  • Lender: Trust Bank
  • Landlord: Mark Morgan - The Michaels Organization
  • Loan Type: Construction
  • Tax Break: 15-year, $11.3 million approved by the Worcester City Council

Mark Morgan, representing The Michaels Organization, is the landlord in this transaction. Trust Bank is providing the construction financing to facilitate the development project at the specified address.

Players

TB
Trust Bank
LENDER
TO
The Michaels Organization
LANDLORD

Details

FINANCED
IMAGE: Mark Morgan DATE: 05/28/2025 ADDRESS: 274 Franklin Street MARKET: Worcester, MA ASSET TYPE: Multifamily ~ UNITS: 364 LENDER: Trust Bank LANDLORD: Mark Morgan - The Michaels Organization (@TheMichaelsOrg) LOAN AMOUNT: $53,000,000 LOAN TYPE: Construction NOTE: Trust Bank provided a $53 million construction loan, and the project includes 36 affordable units and a 15-year, $11.3 million tax break approved by the Worcester City Council.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$53,000,000.00

Monthly NOI$353,333.33
Monthly Debt Service$334,996.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00