“The Menkiti Group, a Washington D.C.-based developer which has been acquiring and redeveloping several underused properties throughout downtown Worcester, has officially acquired 526 Main St., a two-story commercial building, once home to a pawn shop and check-cashing business.
The Menkiti Group won a 2017 request for proposals by MassDevelopment, aimed at developing the building. The property was conveyed to the developer for $10 in a MassDevelopment transaction recorded on July 7 by the Worcester District Registry of Deeds. MassDevelopment acquired the property for $800,000 in 2017, through its Transformative Development Initiative (TDI) Equity Investment Program.
MassDevelopment also provided Menkiti, through two affiliates, with three loans totalling $6.9 million for redevelopment of the property. One of the loans, in the amount of $1.1 million is a bridge loan in anticipation of monetizing state tax credits.”