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Historic Lowell Properties Get Financing for Upgrades

Jan 18, 2021 | Reprints | Unlock Link

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Photo courtesy of The Caleb Group

A nearly $7.9 million loan from Rockland Trust Co. will preserve and rehabilitate a pair of affordable housing properties in Lowell.

The Chestnut Square Apartments span 14 buildings in the Lower Belvidere neighborhood. The Sirk Building, which contains 48 apartments, originally was built in 1841 as housing for young women who worked in the city’s mills during the Industrial Revolution, and is included on the National Register of Historic Places.

Rockland Trust provided financing to The Caleb Group of Swampscott, which owns five affordable housing communities in Massachusetts.

“The substantial physical updates including the creation of a new 2-bedroom unit at Chestnut Square as well as energy efficiency upgrades at both properties will improve the homes of 160 people within our community,” said Debbie Nutter, CEO and co-founder of The Caleb Group, in a statement.

B&T Daily