**Hunneman Arranges Financing for Lowell Multifamily Redevelopment**
Hunneman has successfully closed financing for Isobel Lofts, a 26-unit multifamily redevelopment currently under construction at 78 Middlesex Street in downtown Lowell, Massachusetts. The firm arranged the financing on behalf of the project’s developer, Nine Zero Two Development.
The financing structure for the project includes a combination of public and private investments. Notably, it received support from the Massachusetts Housing Development Incentive Program (HDIP), with tax credits secured through Tax Incentive Finance. Additional backing came from Cahoon Capital and the Lowell Development and Financial Corporation, both serving as tax credit lenders. Lowell Five Bank provided the 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, executive vice president at Hunneman.
The Isobel Lofts project will transform the long-vacant former Odd Fellows building into 26 modern apartments, breathing new life into the area’s historic downtown.
