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Lowell trust approves conditional $500,000 loan to Bridge Club to buy 267 Pawtucket St. for veteran housing
Summary
The Lowell Affordable Housing Trust Fund voted Dec. 17 to provide a conditional $500,000 loan to the Bridge Club of Greater Lowell to help acquire 267 Pawtucket Street and convert it into 29 permanent, single-room-occupancy units for veterans, subject to legal and ARPA-related contingencies.
The Lowell Affordable Housing Trust Fund voted Dec. 17 to proceed with a conditional $500,000 loan to the Bridge Club of Greater Lowell to support the acquisition and operation of 267 Pawtucket Street as 29 permanent affordable single-room-occupancy units for veterans.
Bob Cox, executive director of the Bridge Club of Greater Lowell, told the Trust the organization needs a bridge infusion to close on the property. "This is a very rare and exciting opportunity," Cox said, describing recent growth through VA contracts and multiple grants that expanded the group's reentry and veteran services. Cox said the purchase price is $2,200,000 and that Rockland Trust required about $440,000 as the down payment; the $500,000 request to…
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