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NE Moves Mortgage Arranges $5.9M Loan For Rehab, Construction For Mixed-Use Lowell Property

Feb 5, 2014 | Reprints | Unlock Link | Print

NE Moves Mortgage’s commercial division has arranged a $5.9 million construction loan for 24 Merrimac St. in Lowell.

The loan will finance the construction of 47 residential units and three commercial units at the building originally known as the J.L. Chalifoux building. Sidney Spiegel, vice president of NE Moves Mortgage’s commercial division, arranged the loan.

NE Moves Mortgage also worked with a Boston/Providence-based tax credit syndicator to secure approximately $2 million in federal and state historic tax credit equity as part of the project’s capital stack.

The Merrimac Street building was the largest clothing, hat, boot and shoe store in New England when it was constructed in 1906. It was converted to a mixed-use building by the 1940s.

Commercial & Industrial