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Fantini & Gorga Places $14M Construction Loan for Redevelopment Project in Lowell, Massachusetts

Waterhead-Mill-Lowell-Massachusetts

The redevelopment of Waterhead Mill in Lowell, Massachusetts, is expected to last 15 months.

LOWELL, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $14 million construction loan for a redevelopment project involving a former corduroy mill in Lowell, Massachusetts, about 30 miles north of Boston. The project will convert the 80,000-square-foot facility, known as Waterhead Mill, into a 71-unit residential building that will offer studio and one-bedroom units. The new property will also feature amenities such as a fitness center, a movie theater, coworking office space, resident lounge and a package receiving area. The borrower was not disclosed. Construction is underway and expected to last about 15 months.

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