Reimagining Worcester: A commercial real estate developer’s journey with Webster First
Published September 2, 2025 by Angela Talbot | Reading Time: 3 minutes
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Categories:
- Business
- Webster First
When it comes to transforming vision into reality, having the right financial partner can make all the difference. For the ambitious adaptive reuse project at 70 Webster Street, Webster First Federal Credit Union played a pivotal role in turning a neglected industrial property into vibrant residential apartments through our commercial real estate loans. In this Q&A, we hear from a Webster First Commercial member and developer, Tony Nguyen, who shares how the credit union’s personalized approach, local expertise, and tailored financing solutions have supported not only this project but also the growth of his company, Gold Star Builders Inc. From navigating challenges to fostering new opportunities, Webster First has been a steadfast partner every step of the way.
1. What inspired you to take on this adaptive reuse project, and how has Webster First supported your vision?
I originally acquired 70 Webster Street and a number of the surrounding properties in 2014. The seller of the property was a partial owner-occupant, and the properties were in a state of disrepair. The location of the property is such that I always envisioned a conversion to residential units – either as for-sale condominiums or apartments for rent. 70 Webster Street was originally built circa 1920 so there was extensive due diligence required. Although this was my largest project to date, I had managed several successful projects with Webster First as lender and my loan officer – Bryan Regele – invited CLO Talat Mufti out to both the site and a few of my other projects to better understand my vision and process. Both Bryan and Talat are local which provided what I believe to be a willingness to participate in a project which would bring market rate units to South Worcester.
2. How did Webster First’s first mortgage development financing help you convert the industrial building into residential apartments?
Webster First structured the loan in a way that works very well for how a construction project transpires. I had equity in the site that allowed for Webster First’s loan budget to provide sufficient working capital and reserves to carry through with minimal if any delays. Bryan is involved in all construction inspections which is important to me so he and I remain on good stead even when road bumps arise as should be expected on this type of project.
3. What role has Webster First played in supporting your company, Gold Star Builders Inc., as the general contractor for this project?
Gold Star Builders Inc had primarily worked as a residential for-sale builder up until this project. I believe that by allowing us to serve as the primary contractor on this site that opportunities will arise to perform more work not only my other buildings on Webster Street but likely for other real estate developers in the Worcester area.
4. What challenges did you face during this development, and how did Webster First help you navigate them?
All projects have their challenges. To date though there has been nothing we have encountered at 70 Webster Street that has not easily been resolved. Bryan remains in close contact with me which is gives me confidence that Webster First supports both me and the project.
5. Why did you choose Webster First for your financing needs, and how has their support impacted your real estate projects?
Webster First values the community and its people. My relationship with them has always felt personal which makes me feel both valued and supported. They seem to approach each of my financing needs with solutions instead of problems. That is important for developers like myself.