Sullivan of Cushman & Wakefield represents MG2 Group in $38 million financing

 

 

Worcester, MA Cushman & Wakefield’s Boston Capital Markets team has represented MG2 Group in placing a $38 million floating-rate loan for Bancroft on the Grid and Portland on the Grid, two adjacent multifamily properties with commercial space along the Common. Tom Sullivan, executive director of Cushman & Wakefield’s Boston debt practice, represented MG2 in the transaction with Ladder Capital of New York. 

The loan will facilitate the assets’ transition to luxury apartments amid Worcester’s revitalization and provide necessary capital to build out two high-end restaurant spaces at ground level. The city is in the midst of a renaissance spurred by over $2.4 billion of public and private investment that has turned downtown into a true live, work, play destination. 

“John McGrail and MG2 have been pioneers in Worcester dating back more than a decade, and Ladder Capital took the time to understand just how much is going on in the local market,” Sullivan said. “This loan will allow MG2 to fulfill the vision it has had for these assets and turn them into two of Worcester’s premier housing and entertainment destinations.”

Joe Donovan, MG2 vice president, said, “Tom Sullivan and the Cushman & Wakefield team did a great job to line up our financing objectives with potential lenders. Ultimately, Ladder Capital was the right lender for the deal, and we were very pleased with their execution.” 

Bancroft and Portland combine to total 335 residential units and 27,000 s/f of ground-floor commercial space. They are part of a larger contiguous assemblage of 540 units and 60,000 s/f of commercial space that MG2 rebranded as The Grid District in 2016.