Worcester, MA NorthMarq Capital arranged $15.6 million in construction financing for a mixed-use development in the Canal District of the city. The project, called Harding Green, will include 48 market-rate apartment units, a restaurant and 16,000 s/f of space for a public market. Construction commenced in late May with completion anticipated for early summer 2019.
The NorthMarq team was led by Doug Nickerson, vice president and Katie Pontes, vice president, who together arranged the financing with a regional bank.
“We were pleased to be involved with this important and beneficial project for Worcester’s Canal District,” said Nickerson. “Support from the city and state in the form of RE tax abatements and HDIP credits helped to support the projects feasibility. Our client’s investment in the neighborhood will be a significant contribution to the revitalization of this historic area of Worcester.”
NorthMarq Capital, one of the largest privately held commercial real estate financial intermediaries in the U.S., provides debt, equity and commercial loan servicing through its 37 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion.