Lowell, MA – MassDevelopment has participated with Washington Savings Bank to provide a $3,062,700 loan to Residence at Mill Square LLC, an affiliate of Degmar Development Corp. Degmar used proceeds to buy a parcel at 27 West Third St. in Lowell, on which it is building a 21-unit affordable rental housing facility to be called Residence at Mill Square.
MassDevelopment also enhanced the bank portion of the loan with a mortgage insurance guarantee.
Degmar Development Corp. is a Lowell-based development company owned by David Degan and Peter Marlowe. A separate company also managed by Degan and Marlowe, Marlowe Building & Design, is completing construction of Residence at Mill Square. Degan’s brother, Dennis Degan, is overseeing the day-to-day operations of the project, including supervising plumbers, electricians, HVAC and drywall installation, etc.
The developers are utilizing Structural Insulated Panels (SIPs) at Residence at Mill Square, a type of building material insulated with R40 spray foam insulation and framed with electrical junction boxes, conduit, piping, and exterior sheathing preinstalled.
“David Degan and I are excited to have partnered with MassDevelopment and Washington Savings Bank to bring modern affordable housing to the Merrimack Valley in an area where it is greatly needed,” said Peter Marlowe, co-owner of Degmar Development Corp.