Lowell, MA Rockport Mortgage Corp. completed the closing of an FHA Section 223(f) refinancing loan totaling $9 million for the Lowell Belvidere Apartments. The property is managed by Peabody Properties.
Situated on 1.28 acres in the Belvidere neighborhood of the city, the property consists of 70 family apartments (1-4 bedrooms) contained in 12 buildings that were built between 1850 and 1920.
Since 2014, the owners have put over $1 million in repairs into the property that included the replacement of all windows and siding in each of the 12 buildings. In addition, new kitchen cabinets, countertops and appliances were updated in 56 of the units and 45 of the units received new bathrooms. Current loan proceeds will be used to complete repairs not covered
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