**Hunneman Arranges Financing for Lowell Multifamily Redevelopment**
Hunneman has successfully closed financing for Isobel Lofts, a 26-unit multifamily redevelopment project currently under construction at 78 Middlesex Street in downtown Lowell, Massachusetts. The firm arranged the financing on behalf of the project developer, Nine Zero Two Development.
This adaptive reuse project, which involves the transformation of a long-vacant historic building formerly occupied by the Odd Fellows, is backed by a combination of public and private funding sources. Key financial support includes tax credits from the Massachusetts Housing Development Incentive Program (HDIP), which were facilitated through Tax Incentive Finance. Additional contributions came from Cahoon Capital and the Lowell Development and Financial Corporation, both of which served as tax credit lenders. Senior construction financing was provided by Lowell Five Bank.
“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, Executive Vice President at Hunneman, who represented the developer in arranging the financing.
Isobel Lofts marks a significant revitalization effort for downtown Lowell, turning a historic, underutilized structure into much-needed residential housing.
