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Image courtesy of NorthMarq.
A downtown Lynn apartment project has received a $3.7 million construction loan, arranged by NorthMarq.
The Andrew Street Apartments is a 32-unit class A- multifamily property located at 38-44 Andrew St. near the city’s train station, being developed by Swampscott developer Zachary Andrews. Andrews purchased the land for $260,000 last year from a local recycling company, American By Products, which relocated elsewhere in the city, the Lynn Daily Item reported.
The building is a block away from The Caldwell, a 259-unit, 180,000-square-foot, market-rate apartment tower which has attracted significant attention. Saugus-based Procopio Cos. and The Carlyle Group are joint venture partners on that project.
NorthMarq arranged the financing for the Andrews Street project with a local bank. The name of the bank was not disclosed. The transaction was structured with a 25-year term on a 25-year amortization schedule with interest-only payments throughout the construction period. No Opportunity Zone funds were involved in the financing, NorthMarq said.
“It is important to finance projects that will add supply to Boston’s housing market and its surrounding neighborhoods. Having strong relationships with borrowers and lenders whose businesses help to solve the lack-of-housing problem is essential for progress,” NorthMarq Vice President Jeffrey Munoz said in a statement. “Gov. Baker set a goal to add 135,000 housing units to the commonwealth by 2025. Lynn is well-situated to take advantage of these growth opportunities.”
