Worcester, MA Citizens Bank has provided a $41.5 million construction loan to Roseland, a wholly owned subsidiary of Mack-Cali Realty L.P., to build a 237-unit apartment complex as the first phase of its development plans for a 4-acre site on Front St. at the intersection of Foster St. This first phase of the project will include 237 residential apartments. There will be 12,000 s/f of indoor amenity space as well as a courtyard with a swimming pool, fire pit, BBQ grills and dog run.
Rendering of apartment complex, Front Street - Worcester, MA“The Citizens Commercial Real Estate Finance team has been a great partner on this deal,” said Marshall Tycher, president of Roseland. “They bring great ideas and a wealth of experience in the Massachusetts market and are able to execute quickly.”
“We like this project and believe it helps meet a need for multifamily housing in Worcester,” said Gary Magnuson, head of commercial real estate finance for Citizens Commercial Banking. “Roseland is an extremely important client. We highly value their relationship, and we look forward to working with them on this project and in the future.”
At full build-out, the entire proposed Roseland project is expected to include 2 four and five-story residential buildings with a total of 365 units, 402 parking spaces and 11,200 s/f of street-level retail.
The project is part of a 12-acre master plan that will include a 150-room hotel (currently under construction), a recently completed 65,000 s/f St Vincent Hospital medical facility, a recently completed 214,000 s/f office tower occupied by Unum Insurance, as well as future parking garages, office space and street-level retail.
Citizens’ Commercial Real Estate Finance team provides individual loans of more than $15 million focusing on deals and sponsors in the bank’s 11-state footprint from Mass. to Michigan. The bank also funds deals outside the bank’s footprint with existing clients. Citizens makes loans for multifamily, office, retail and industrial properties and selectively considers hospitality properties.