WESTERLY – The Washington Trust Co. is leading a $51.17 million financing package for what officials describe as the largest office-to-residential conversion in Massachusetts to date, a project that will bring 198 apartment units to downtown Worcester.
The deal, announced March 16, includes $47.57 million in loan financing from Washington Trust to OCP Worcester Owner LLC, an affiliate of Synergy Investments.
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MassDevelopment is contributing a $3.6 million Housing Development Incentive Program tax credit bridge loan to support the project.
The redevelopment will convert the 11-story, 197,122 square-foot office building at 10 Chestnut St. into a Class A residential community – generally newer properties built within the last 15 years or recently renovated to a high standard with top amenities, high-income earning tenants and low vacancy rates.
Plans call for a mix of apartments with amenities, including a fitness center, heated pool and roof deck, along with proximity to downtown employers, transit and retail.
“Washington Trust is proud to lead the financing for one of the most significant conversion projects in Massachusetts,” said James C. Brown, senior executive vice president and chief commercial banking officer. “This investment reflects our belief in the importance of strengthening communities and driving economic growth.”
Washington Trust closed the loan in October 2025. Construction began in April 2025 and is expected to be completed in August 2026.
Washington Trust’s Commercial Real Estate Group finances construction, refinancing and acquisition projects across New England, with loans ranging from several hundred thousand dollars to multimillion-dollar deals.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
