C&W Arranges $38M for Mg2 in Worcester Mixed-Use; Gets Exclusive Assignment From KS in TewksburySeptember 06, 2017 - By The Real Reporter
BOSTON – Cushman & Wakefield’s Boston Capital Markets team 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 in Worcester, MA. 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 the 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 square feet of ground-floor commercial space. They are part of a larger contiguous assemblage of 540 units and 60,000 square feet of commercial space that MG2 rebranded as The Grid District in 2016.
In a separate transaction and due North East, C&W has been appointed as the exclusive leasing agent by KS Partners for Highwood Office Park, located at 1-3 Highwood Drive in Tewksbury, MA. Cushman & Wakefield’s leasing team includes Executive Director Michael Dalton and Senior Associates Blake Baldwin and Kurtis Gibbs.
Highwood Office Park recently underwent $2.7 million in capital campaign renovations, which included updates to the lobbies, restrooms, base building and common areas.
“The premier campus setting, location, and amenities are ideal for budding start-ups and tech companies. We believe Tewksbury, and the Highwood Office Park specifically, is an attractive option for companies looking for an alternative to Boston,” said Bob Holmes, Senior Vice President & Director of Leasing for KS Partners. “We are thrilled to work with the Cushman & Wakefield team on this endeavor.”