 (1).png)
News:
Owners Developers & Managers
Posted: February 7, 2025
Worcester Business Development Corp. funds SBA 504 Loan for Orchard Hills Athletic Club
Lancaster, MA The Worcester Business Development Corp. (WBDC) has added a new SBA 504 Loan to its portfolio for the purchase of commercial real estate in Lancaster. This will be the 7th loan that the WBDC has added to its portfolio in 2024.
Christina Escobar, director of SBA and lending at the WBDC is excited to add this athletic club to its SBA loan portfolio. “The SBA 504 Loan Program continues to have below-market, long-term fixed-rate financing that we continue to recommend to businesses. The Accredited Lender Program (ALP) status that we received from the U.S. Small Business Administration assisted in the streamlined process of getting this loan approved quickly.”
New club owner, Raj Motwane is thankful for the partnership with the WBDC and participating lender Webster Five. “The WBDC was extremely helpful in assisting with this purchase. I am excited to build upon the reputation of the club, expand programs/offerings and drive new membership.”
“Webster Five is always ready to support local businesses,” said Patrick Royce, VP business lending officer III, Webster Five. “We’re pleased to have worked with the WBDC in financing the acquisition of The Orchard Hills Athletic Club.”
The project property has been home to the original Orchard Hills Athletic Club for over 40 years.
Motwane assumed all business assets and operations and has intentions of growing their existing membership of over 2,000 members. The facility currently includes indoor and outdoor pools, fitness center, day care, pro-shop, yoga studio, tennis and pickleball courts, among many other amenities across 18.38 acres.
MORE FROM Owners Developers & Managers
Atlantic Property Management expands facilities maintenance platform: Assigned two new facility management contracts in RI
Boston, MA Atlantic Property Management (APM) has expanded its internal facilities maintenance and operations platform and has been assigned two new facility management contracts in Rhode Island. The properties will undergo redevelopment and repositioning
Quick Hits
 (1).png)
Columns and Thought Leadership
Connecticut’s Transfer Act will expire in 2026. What should property owners do now? - by Samuel Haydock
A major shift in Connecticut’s environmental law is on the horizon: the state’s Transfer Act will expire next year, ushering in a new cleanup program with broader applicability and new triggers.
Unlocking value for commercial real estate: Solar solutions for a changing market - by Claire Broido Johnson
As the commercial real estate market continues to navigate the disruptive forces of rising vacancy rates and increasing operating costs, landlords are under pressure to find new levers to protect income and strengthen asset performance. Amid these challenges, onsite solar and battery storage – particularly when financed through third-party ownership models – are emerging not just as environmental upgrades, but as powerful financial strategies.
Tenant Estoppel certificates: Navigating risks, responses and leverage - by Laura Kaplan
When it comes to the sale or financing of real property, tenant estoppel certificates are not just formalities – they are crucial documents that confirm the status of existing leases. Tenant estoppel certificates offer prospective buyers and lenders necessary assurance regarding the property’s financials and any
New Quonset pier supports small businesses and economic growth - by Steven J. King
Quonset recently celebrated a milestone nearly 70 years in the making when federal, state, and local leaders joined us for the ribbon cutting of the new Terminal 5 Pier and Blue Economy Support Docks at the Port of Davisville.