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

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.