Updated Jun 3, 2025
Mark Morgan Of The Michaels Organization Secures $53M Construction Loan From Trust Bank In Worcester MA
274 Franklin Street
$53,000,000
Units
364
Asset Type
MultiFamily
Closing
May 28, 2025
About this deal
AI
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.
On the Map
$53,000,000
MultiFamily
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Players
Worcester MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93