Lowell, MA – MassDevelopment has issued a $7,695,000 tax-exempt bond on behalf of Sirk Chestnut Apartments Limited Partnership, an affiliate of The Caleb Group, Inc., which will use bond proceeds to refinance and renovate two affordable multifamily rental housing facilities in Lowell: the 46 unit Chestnut Square Apartments and 42 units in The Sirk Building.
The Caleb Group will replace the roofs, windows, and plumbing and heating systems, and repair or replace all of the siding.
Both affordable housing facilities have long been staples in the Lowell community. Most buildings at Chestnut Square were built between the 1830s and 1870s, with the most recent rehab completed in 2000. The Sirk Building was built in 1840, renovated in 1904, and renovated again by The Caleb Group in 2001. All 88 units will continue to be rented to households earning no more than 60% of the area median income. The Rockland Trust Company purchased the bond.
In addition to the tax-exempt bonds, MassDevelopment assisted the Mass. Department of Housing and Community Development with the approval of low-income housing tax credits that will provide approximately $3 million in equity for the project.