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MG2 Group secures $38M for Grid properties
The MG2 Group, owners of the Grid District, have secured a $38 million floating-rate loan for Bancroft on the Grid and Portland on the Grid, two adjacent multifamily properties with commercial space along Worcester Common.
The loan will facilitate the assets’ transition to luxury apartments amid Worcester’s revitalization and provide necessary capital to build out two high-end restaurant spaces at ground level.
“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,” Tom Sullivan, executive director of Cushman & Wakefield’s Boston debt practice, 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.”