Lowell, MA Fantini & Gorga has placed $14 million for a 71-unit redevelopment of a former corduroy mill, known as Waterhead Mill. The loan represents a traditional construction loan underwriting coupled with a bridge to tax credit equity loan.
“We were pleased with how well received this project was by the lending community and how competitive the environment got. The financing secured really allows our client to commence construction right away while continuing to pursue additional tax credits that will be utilized to make this development economically feasible,” said Derek Coulombe, senior managing director. Coulombe and Lindsay Feig, senior analyst, arranged the financing with a regional bank. “This historically significant mill conversion attracted attention from a wide range of lenders because of the excellent sponsorship, the location, the uniqueness of the asset and the creative structure of the deal.”
Waterhead Mill will be a four-story, 80,000 s/f, market-rate residential community located at 850 Lawrence St. It’s on two acres and is bordered by the Concord River and Wamesit Canal. This site is of particular interest to the city as it is located on the newly-constructed Concord River Greenway. The unit mix includes four studio units and 67 one-bedroom units and will feature 12 unique unit layouts. Community amenities will include a fitness center, movie theater, co-working space, dog washing station, resident lounge, bike storage, outdoor patio, management office and a package receiving area. Established in 1900, Waterhead Mill was most recently the home of Ramalho’s West End Gym and received some big screen acclaim when it was featured in the 2010 film “The Fighter”.