The Washington Trust Company leads $51 million financing deal for office-to-residential conversion
March 16, 2026
WESTERLY, R.I. – The Washington Trust Company (“Washington Trust”) is leading the $51.17 million financing package behind the largest office-to residential conversion in Massachusetts to date. The bank provided $47.57 million in loan financing to OCP Worcester Owner, LLC, an affiliate of real estate development company and property owner Synergy, to convert One Chestnut Place in downtown Worcester into 198 apartment units. MassDevelopment provided a $3.6 million Housing Development Incentive Program (HDIP) tax credit bridge loan to support the project.
Synergy will transform the 11-story, 197,122-square-foot office building at 10 Chestnut Street into a Class A residential community in the heart of Worcester. The property will offer convenient access to major employers, transportation hubs, local restaurants and shops in the downtown area. It will also have a best-in-class amenity package with features such as a state-of-the-art fitness center, a heated swimming pool, and a roof deck with skyline views.
“Washington Trust is proud to lead the financing for one of the most significant conversion projects in Massachusetts,” said Washington Trust Senior Executive Vice President and Chief Commercial Banking Officer James C. Brown. “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 provides financing for the construction, refinancing, or acquisition of investment real estate projects throughout New England. Loans range from several hundred thousand dollars to multimillion-dollar transactions.