Worcester Business Journal

wbjournal.com | June 16, 2025 | Worcester Business Journal 9 who are consid- ering the use of metal-based mod- ular construction to build projects in Downtown Worcester, which are too tall for wood-based con- struction. One longtime property developer who is considering utilizing modular construction for an upcoming project is Michael Ermani, who has been growing his Greater Worcester portfolio. "You can get a lot more done inside a factory that's 70 degrees all year long, versus working in December, January, February when it's freezing cold," Erma- ni said. "e work goes so much faster. And then there's the savings, because you can do it a lot quicker, you spend less and save money on interest." Permitting and financing Despite perceptions, municipal build- ing regulations typically are not an issue for modular construction, said Bourque. "We actually have a third party that is an agent of the state that we work with, who ensures that we're doing everything that we're obligated to do," he said. "at ensures that the quality of these units is much more robust. We overbuild a little bit so that we're able to completely finish them. When they leave the factory and they're placed on the unit, the only thing le to do is to bring in the appliances and do some finished painting." Financing these projects has been the biggest hurdle for modular construction to overcome. ere's no collateral for the bank until the units are physically on the foundation, creating issues involving federal banking rules. "It's just that they can't collateralize the loan because of federal regulations," Bourque said. "So they've been hesi- tant, but they do see modular as a viable solution, especially with where we are with construction costs and labor shortages and everything else that's going to happen in the future." Integrated Modular has been in conver- sations with local financial institutions like Whitinsville-based UniBank to find ways to float a line of credit to bridge that gap. Tackling homelessness While Integrated Modular is mostly focused on residential construction, modular methods have been used across the country to build everything from cannabis dispen- saries to fire stations. e firm sees poten- tial for modular units to be utilized as accessory dwelling units, said Bourque, which are now permitted by-right in Massachusetts thanks to a new law passed in February. Modular units can navigate the tight streets of places like Worcester and help avoid weeks of construction noise that might irritate neighbors. While increasing modular construc- tion in the state may have the knock- on effect of tackling the homelessness issue in Worcester County and beyond, Integrated Modular is exploring a more direct approach. e company has been in talks with Mattie Castiel, commissioner for Health In today's economic climate, being financially fit is more important than ever. Knowing where to start can be the hardest part. That's where St. Mary's Credit Union comes in. We offer the people, tools, and resources to help you navigate uncertain times and build a stronger financial future. At St. Mary's, we put people over profits. Our mission is to improve the lives of the families and businesses we serve. Whether it's through establishing financial literacy partnerships, hosting educational programs and events, developing personalized savings plans, providing affordable access to credit, or helping map a path to "yes", we're committed to your financial well-being. Strong members create strong communities. As we move into the second half of 2025, let St. Mary's Credit Union help you set and achieve your financial goals. Together, we can turn your financial dreams into reality. Building Financial Strength in 2025 James F. Petkewich President & Chief Executive Officer St. Mary's Credit Union stmaryscu.org (508) 490 8000 Worcester property developer Michael Ermani Construction on modular units can begin in the factory while foundations are being laid, allowing for the units to quickly be stacked upon one another to complete the build out. and Human services at City of Worces- ter, and former state Senate president Harriette Chandler to explore having the company construct modular homes for homeless veterans. Bourque is interested in finding ways for Habitat for Humani- ty to be able to utilize modular construc- tion and his firm's resources. W Construction of modular units happens indoors, away from the difficult weather conditions delaying traditional builds.

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