Madison Properties, the Boston-based company building a mixed-use development next to Polar Park in Worcester, has received $57 million in financing for its 228-unit residential building, according to a Thursday press release from the Rockland-based bank, Rockland Trust Company.
Rockland Trust is leading the financing package, which was arranged by executives at Colliers’ Boston office in collaboration with UniBank and PeoplesBank.
Located at 115 Madison St./1 Green Island Blvd., the residential complex is known as South of Madison Apartments (SOMA). It will include 228 units and 18,000 square feet of retail and is expected to be completed by the summer of 2023, according to Rockland’s press release.
The residential building is the first of several buildings planned by Madison Properties, including lab space, a hotel, and offices. The SOMA building was originally slated to open in mid-2020, but was delayed considerably, largely due to the pandemic.
Madison Properties’ development is located across from Worcester’s Polar Park baseball stadium and was the first project to break ground within the 22-acre ballpark district. Tax revenue from the development will go toward paying off the $160-million ballpark debt.
Other developments in the ballpark district include mixed-use projects The Cove and Table Talk Lofts, which has broken ground at the former Table Talk Pies headquarters bought by the developer last week.
