Image courtesy of Maugel DeStefano Architects

A New Jersey multifamily developer completed a deal that will enable it to begin construction of a 364-unit apartment complex called The Benjamin.

The Michaels Organization closed on a ground lease with Safehold Inc., a publicly traded company that specializes in multifamily transactions, the companies announced. The 274 Franklin St. site in Worcester includes a dozen parcels which were acquired by Safehold in April for $16.55 million.

Atlanta-based Trust Bank issued a $53 million construction loan, according to a Worcester County mortgage.

Comprising five buildings, the project was originally proposed by Worcester-based GoVenture Capital Group, which is joint venture partner with The Michaels Organization on the development.

In March 2023, the Worcester City Council approved an $11.3 million tax break for the project which will be spread over 15 years.

Developers agreed to include 36 affordable units reserved for households earning 60 percent or less of area median income.

Designed by Maugel Architects, the property is located a block from Worcester’s Union Station and is occupied by vacant warehouses. The latest redevelopment plans were submitted in 2022.

According to its 2024 annual report, Safehold has a portfolio of $6.8 billion. The publicly-traded REIT issued 10 ground leases worth $193 million in 2024.