LAWRENCE, MASS. — The Jowamar Cos. has secured a $6.6 million loan to convert two vacant buildings in Lawrence, approximately 30 miles north of Boston, into a 24-unit affordable housing community. The buildings previously offered a mix of office and retail space. The retail space will be repurposed as a food hall for the community. Details on income restrictions were not disclosed. MassDevelopment and Reading Cooperative Bank provided the financing. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. Construction will begin in July and conclude in 2024.
MassDevelopment and Reading Cooperative Bank provided financing for the redevelopment of two buildings in Lawrence into an affordable community. The Jowamar Cos. was the borrower. Construction is set in July and conclude in 2024.