Hunneman closed financing for Isobel Lofts, a 26-unit multifamily redevelopment currently under construction at 78 Middlesex St. in downtown Lowell, MA. The firm worked to facilitate financing on behalf of the project’s developer, Nine Zero Two Development.
The project’s financing was supported by both public and private investments from sources such as Massachusetts’ Housing Development Incentive Program (HDIP). The HDIP tax credits were arranged by Tax Incentive Finance. The project was also supported by Cahoon Capital and Lowell Development and Financial Corporation, which acted as the tax credit lenders, and Lowell Five Bank, which provided a senior construction loan.
“This was an incredibly complex financing package, requiring the involvement of a number of organizations and active participation by our client, Nine Zero Two Development,” said Andrew Kaeyer, an EVP at Hunneman who represented Nine Zero Two.
Isobel Lofts is revitalizing a long-vacant former Odd Fellows building into 26 apartments.
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