Telegram and Gazette Building

Worcester, MA (2014)

New Garden Park is now home to Quinsigamond Community College.

COMMUNITY IMPACT
  • 58 FTE jobs
  • 107 construction jobs
FINANCING SOURCES
  • NMTC Amount: $13,760,000
  • Total Project Cost: $37,198,094
  • CDE(s): Massachusetts Housing Investment Corporation, MassDevelopment, USBCDE
PROJECT LOCATION

20 Franklin Street

Worcester, MA 1608

District:

Project Description

The Telegram & Gazette building hosted Worcester’s only daily newspaper for more than a century. Financing was needed to make the building usable and complete an ambitious downtown redevelopment plan led by New Garden Park, Inc., the real estate affiliate of the Worcester Business Development Corporation. MassDevelopment worked with Fidelity Bank and other partners to provide more than $17.5 million to New Garden Park, including a leveraged loan, mortgage insurance guaranty, HUD 108 bridge loan, and New Markets Tax Credit financing. Our financing expertise succeeded in keeping this complex, time-sensitive project moving. Now home to Quinsigamond Community College, the new space will help 30,000 students prepare for the future and spur economic development in the heart of downtown Worcester.

  • Adult Education| College or Vocational Training| Community| Historic Rehabilitation| Mixed-use

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