MassDevelopment has provided three loans totaling $5.5 million to build 114 market-rate and affordable apartments in Amesbury, Lynn and Lowell.

In Amesbury, MassDevelopment worked with Georgetown Bank to provide $2.5 million in a participation loan to 20 Cedar Street LLC, a Chinburg Properties project. The developer will use the funds to buy and convert a largely vacant mill building on Cedar Street into 48 apartments, several of which will be affordable. Georgetown Bank was the lead lender for the 20 Cedar St. project, and the financing was enhanced by a MassDevelopment guarantee.

In partnership with Saugusbank, MassDevelopment provided $2.1 million as part of a participation loan to 133 Eastern Realty Trust, which will use loan proceeds to build a five-story, 45-unit market-rate apartment building on Eastern Avenue in Lynn. This financing was also enhanced by a MassDevelopment guarantee.

MassDevelopment also provided $877,500 through a participation loan with Washington Savings Bank to Underwood Property, Management and Development LLC in Lowell. Underwood bought the former Varnum School on Sixth Street and will use loan proceeds to rehabilitate the building into 20 units of market-rate housing with one affordable housing unit. This financing was also enhanced by a MassDevelopment guarantee.