Banker & Tradesman
November 2025
Worcester’s former police and fire headquarters and a district court building received $14.35 million in financing for a mixed-use conversion by a New Bedford developer.
Founded by Gerry and Colleen Kavanaugh, CMK Development Partners has experience with restoration projects in Weymouth and New Bedford and the recently completed Union Place in Natick, an age-restricted rental community being developed in a partnership with Behrend Construction.
The One Exchange Place financing package in Worcester includes a $9.85 million construction loan and $4.5 million bridge loan, both from Westfield Bank, along with a $3.5 million acquisition loan. Permanent take-out financing was provided by PGIM.
Construction on the 44-unit building is expected to span 18 months, including construction of a fitness center, business center and outdoor courtyard. The project includes nine income-restricted units and ground-floor retail space.
The three-building complex includes the former police headquarters, a courthouse completed in 1918 and a fire station that was built around 1900.
Kelleher & Sadowsky Associates’ Meghan Liddy and Chris Naff sourced the financing package for the 57 Exchange St. property.
By Steve Adams
