| Transaction: |
Boott Cotton Mills, Lowell, MA |
| Property Type: |
Condominium Conversion and Historic Rehabilitation (106 units) |
| Structure: |
Bridge Loan |
| MF Loan: |
$3,080,000 |
| Date: |
Apr 2005 |
| Borker: |
N/A – Repeat Borrower |
| Senior Loan: |
N/A – Whole Loan Issued by MF |
| Description: |
The advanced funds were used to pay off a maturing senior loan, which provided the project’s sponsors the time to finalize the project’s approvals, design and to secure a construction facility. MF was attracted to the well-conceived redevelopment plan offered by the development partners, which will offer gracious living with outstanding water views and amenities in a market that is starved for new product.
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