Kelleher & Sadowsky Arrange $14.35M in Financing for CMK Development for Worcester Transformation

The Real Reporter

November 07, 2025

57 Exchange Street, Worcester MA

WORCESTER — Kelleher & Sadowsky Associates Capital Markets team of Meghan Liddy and Chris Naff has arranged $14.35 million in total financing on behalf ofCMK Development Partners, LLCfor the acquisition and redevelopment of 57 Exchange Street—also known as One Exchange Place—in downtown Worcester.

The project will transform a historic three-building complex — including the former Worcester Police Headquarters, the Worcester District Court building (circa 1918), and the Commercial Street Fire Station (circa 1900) — into a mixed-use development featuring 44 apartments and ground-floor retail space. The two primary structures are connected by a central courtyard, which will be reimagined as part of the revitalization effort.

The property will include nine affordable housing units, with four studio apartments reserved for residents earning up to 60% of area median income (AMI), and four additional units (three studios and one two-bedroom) reserved for residents earning up to 80% of AMI. Planned amenities include a fitness center, business center, and outdoor courtyard designed from the site’s historic courtroom space. Construction will begin immediately and is expected to be completed within 18 months.

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