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Tremont Yard

Tremont Yard

Lowell, MA

Overlook Associates was retained by the developer, Soucy Industries of Pelham, New Hampshire, to arrange financing for the construction of a new $11,000,000 five story office building on the site of the ruined Tremont Mill in Lowell. The building is the new headquarters of the Jeanne d’Arc Credit Union of Lowell. The building has allowed Jeanne d’Arc to consolidate all administrative activities in one location while also adding staff at the new building. Overlook was successful in arranging a financing commitment at a preferred lending rate from MassDevelopment, the state economic development agency. In participation with Jeanne d’Arc and Enterprise Bank, MassDevelopment was able to provide the full amount of financing necessary for the project. Additionally, Overlook secured an agreement from the Massachusetts Department of Conservation and Management, which holds the ground lease on the site, to the financing terms. Moreover, Overlook arranged for economic incentives, such as a tax abatement agreement, Massachusetts Abandoned Buildings Deduction, Massachusetts Investment Tax Credit, and HUD Renewal Community Benefits.

Tremont Mill (before)

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