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Mixed Use Project Secures Funding

LOWELL, MA-Developers nail down a $3 million bridge loan for the fourth and final phase of the renovation of Boott Cotton Mills, located in the city's Downtown. The West Mill property will consist of 106 luxury condominium homes and 82,000 sf of office space.

By Naomi Grossman | Updated on April 14, 2004

LOWELL, MA-A $3 million bridge loan was secured for the Boott Cotton Mills project, a renovation of the historic mill located on the Merrimack River in the city’s Downtown. Mountain Funding LLC provided the advanced funding which was utilized to pay off a maturing senior loan, providing the project’s developers, Ed Barry and Caleb Clapp, with the time to finalize the project’s approvals, design and to secure a senior construction facility. The West Mill property will consist of 106 luxury condominium homes and 82,000 sf of office space.

The West Mill is the fourth and final phase of the rehabilitation of the Boott Cotton Mills, a 19th century brick structure. Other phases of the property, listed in the National Registry of Historic Places, consist of: the National Park Service’s Boott Cotton Mills Museum; the Tsongas Industrial History Museum; a 90,000 sf multi-tenanted office building; and, a building which is being converted into 154 residential units.

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