Friday, September 28, 2012

Boott Mills sold

With today being the last business day of the month and the last Friday of the month, we expected an increase in activity here at the registry of deeds and that was the case.  With a few minutes remaining, we've recorded well over 600 documents which would have been a slow day back in 2003 but is quite a lot for any single day since the 2007 financial collapse.  That's a positive sign in itself.  On Monday, I'll report the exact statistics.

A big transaction that went through today was the sale of a chunk of the Boott Mills.  Earlier this month, a lender known as Boott Properties LLC had foreclosed on two mortgages from the previous developer.  Today, Boott Properties LLC sold all the unsold condominium units at the "Waterfront Lofts at Boott Mill Condominiums" to Boott Mill Developer LLC.  The sales price was $3,050,000.  The deal was financed with about $29 million from Development Ventures LLC, a Georgia Limited Liability Company; $500,000 from the Lowell Development and Finance Corporation; and $400,000 from the city of Lowell.  The city also took an additional mortgage for an unspecified amount; perhaps that is for previously unpaid real estate taxes (liens on the various units were all released by the city at the time of the sale).

While the Boott Cotton Mill Museum has thrived as part of the Lowell National Historical Park, the rest of the complex has had some difficulty being developed successfully.  Hopefully the slowly improving economy and real estate market and the new owner will find success where previous owners have not.

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