I
sobel Lofts, a 26-unit multifamily redevelopment at 78 Middlesex Street in Lowell's urban core, has secured financing through Hunneman. Led by Nine Zero Two Development, the project involves transforming a long-vacant historic Odd Fellows building into a vibrant residential community with studio, one-, and two-bedroom apartments.

    The redevelopment combines public and private funding sources, including tax credits from the state's Housing Development Incentive Program (HDIP) and a senior construction loan from Lowell Five Bank. Hunneman's Andrew Kaeyer notes that the financing package was complex, requiring multiple organizations and active participation from the client.

    Isobel Lofts will feature 13-foot-high ceilings, modern finishes, and amenities like a fitness center, swimming pool, and private courtyard. Strategically located near public transportation options, the development aims to bring much-needed housing to Lowell in a challenging economic climate.

    The project represents another step in Lowell's strategy to revitalize downtown, increase housing inventory, and attract new residents. Nine Zero Two Development Principal Justin MacFarlane credits the City of Lowell for its proactive efforts in repurposing underutilized properties, citing their enthusiasm for supporting redevelopment projects like Isobel Lofts.

    Hunneman's Investment Sales and Capital Markets team represented Nine Zero Two Development in arranging the financing, which is slated for completion in Fall 2025 with leasing expected to begin in September.