Cherrytree Group Arranges Bridge Loan for Preservation of Historic Hotel in Massachusetts

by David Cohen

LOWELL, MASS. — Cherrytree Group has arranged an $825,000 bridge loan for the preservation of the Lowell Legacy Hotel, a registered historic landmark in Lowell. The five-story building, built between 1896 and 1905, was recently declared eligible to receive Federal tax credits for historic preservation. Warren Kirshenbaum of Cherrytree arranged the pre-development funding on behalf of the borrower, Madison Security Group. Hampton Financial Partners provided the loan, which will serve as a bridge leading to long-term financing by the Small Business Administration. The new Lowell Legacy Hotel will contain 52 guest rooms as well as banquet facilities.

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