Lynn, MA – MassDevelopment has partnered with Newburyport Bank to provide ARC Realty Management LLC, owner of the vacant former Daily Item building at 38-54 Exchange Street in Lynn, with $6,650,000 in loan financing to support conversion of the property into a mixed-use development. BuildAR Group, Inc. is the general contractor for the project.
“ARC Realty Management will provide 31 unique apartments and additional retail space as part of the ongoing revitalization of the downtown area. This project aligns perfectly with our mission of financing projects which continue to improve the communities in which we do business,” said Mitch Marcus, senior VP of commercial lending at Newburyport Bank.
The building was formerly owned by the Daily Item newspaper, and featured a first-floor printing press and upper-floor newsroom and management offices. It has been vacant since 2014.