
Cherrytree Group Funds Renovation of Landmark Massachusetts Building
Preservation of a registered historic landmark in Lowell, MA has begun, following completion of pre-development funding for the Lowell Legacy Hotel. The funding was arranged by Newton, MA-based Cherrytree Group, which allows construction to begin this winter.
The five-story building, built between 1896 and 1905, was recently declared eligible to receive Federal tax credits for historic preservation. Syndication of the tax credits is being managed by Cherrytree Group through a fund created for development in economically-distressed cities, known as “ Opportunity Zones.”
For roughly 42 years the Panagiotopoulos family’s Athenian Corner Restaurant has served as a landmark dining destination in Lowell at 207 Market St. In partnership with Madison Security Group, and $825,000 in pre-development capital from Cherrytree’s affiliate Hampton Financial Partners, rehabilitation of the restaurant commenced. A boutique hotel is also being added with 52 guest rooms as well as banquet facilities.
For comments, questions or concerns, please contact Dennis Kaiser