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July 9, 2025 5 mins
In this episode, Sandy MacKay introduces the Isobel Lofts project, providing an overview of its financing and design aspects. The discussion expands to the strategy for revitalizing downtown Lowell, highlighting the project's role in this initiative. Sandy covers the acquisition of Affordable Housing Finance and Multifamily Executive by Questex, examining the implications for the affordable housing market. The conversation delves into growth opportunities within this sector and Questex's plans for integration and future development. Sandy concludes with closing remarks and expressions of gratitude, summarizing the episode's key points and insights into the evolving landscape of affordable housing.
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(00:00):
Have you ever wondered how historic buildingsare transformed into vibrant multifamily

(00:04):
communities?
Today, we explore a fascinating redevelopmentproject that exemplifies this transformation.
Welcome to the Multifamily Real Estate InsightsPodcast.
I'm your host, Sandy MacKay.
Let's get right to it.
In a significant step towards revitalizing theurban core of Lowell, Massachusetts, Hunneman

(00:25):
has successfully secured financing for IsobelLofts, a 26-unit multifamily redevelopment at
78 Middlesex Street.
This project is led by Nine Zero TwoDevelopment, a boutique firm renowned for its
commitment to historically sensitiverestorations and strategic investments in
emerging markets.
The redevelopment aims to breathe new life intothe long-vacant historic Odd Fellows building,

(00:49):
transforming it into a dynamic residentialcommunity featuring studio, one-, and
two-bedroom apartments.
According to Boston Real Estate Times, theproperty is slated for completion in the fall
of 2025, with leasing expected to begin inSeptember.
The financing package for this redevelopment isa blend of public and private funding sources,

(01:11):
demonstrating a collaborative approach toredevelopment in Massachusetts' Gateway Cities.
The state's Housing Development IncentiveProgram, or HDIP, played a crucial role by
providing tax credits to stimulate market-ratehousing in cities like Lowell.
Tax Incentive Finance arranged these HDIPcredits, while Cahoon Capital and Lowell

(01:33):
Development and Financial Corporation served astax credit lenders.
Additionally, Lowell Five Bank provided thesenior construction loan.
Andrew Kaeyer, Executive Vice President atHunneman, remarked on the complexity of the
financing package, emphasizing the importanceof the HDIP funds in bringing much-needed

(01:54):
housing to Lowell amidst a challenging economicenvironment.
The design of Isobel Lofts is intended tocomplement Lowell's historic brick
architecture, featuring 13-foot-high ceilings,modern finishes, and a suite of amenities
including a fitness center, swimming pool, bikestorage, and a private open-air courtyard.
Strategically located near three LowellRegional Transit Authority bus lines and the

(02:16):
Lowell MBTA Commuter Rail station, thedevelopment offers convenient transit options
for future residents.
Justin MacFarlane, Principal of Nine Zero TwoDevelopment, praised the City of Lowell for its
support throughout the process, highlightingthe significance of such projects in addressing
the state's housing shortage.
This redevelopment is part of a broaderstrategy to revitalize downtown Lowell,

(02:40):
increase housing inventory, and attract newresidents to the city's growing cultural and
economic center.
The surrounding area boasts abundant retail anddining options, enhancing its appeal to future
tenants seeking both convenience and community.
Hunneman’s Investment Sales and Capital Marketsteam, led by Andrew Kaeyer, represented Nine

(03:03):
Zero Two Development in arranging thefinancing, as reported by Boston Real Estate
Times.
In an exciting development for the real estatemedia landscape, Questex, a New York-based
media and events company, has acquiredAffordable Housing Finance and Multifamily
Executive.
These are two prominent publications and eventplatforms that cover housing investment and

(03:25):
development.
This acquisition marks a significant expansionof Questex's operational real estate portfolio
and represents a strategic move into theburgeoning United States affordable and
multifamily housing markets.
According to William Harris' report, thisacquisition allows Questex to extend its reach
beyond its hospitality real estate holdings andinto sectors that are projected for growth due

(03:48):
to population shifts, supply constraints, andgovernment-backed investments.
The expansion is timely, given the nationwidehousing shortage and rising home prices, which
U.S.
News & World Report projects will increase by17 percent through 2029.
Paul Miller, the Chief Executive Officer ofQuestex, highlighted the rapid growth in the

(04:09):
affordable housing and multifamily markets,driven by increasing urbanization and a global
demand for accessible housing.
He emphasized that this acquisition will enableQuestex to leverage its expertise in
high-impact events and data-driven platforms tobenefit a crucial segment of the real estate
ecosystem.
The financial terms of the deal were notdisclosed, but it fits into Questex's broader

(04:34):
strategy of expanding its platform throughtargeted acquisitions in high-growth areas.
The newly acquired brands will integrate intoQuestex's operational real estate group,
overseen by Alexi Khajavi, the Group Presidentof Hospitality and Operational Real Estate.
Khajavi stated that this acquisition reinforcesQuestex's leadership in real estate and aligns

(04:57):
with their strategy to serve scaled sectorsreshaping the built environment and the
experience economy.
Questex plans to launch additional events andproducts tailored to underserved segments of
the housing market, aiming to create platformsthat connect developers, investors, and
policymakers.
This aligns with their goal to provide insightsand partnerships essential for navigating the

(05:20):
dynamic real estate landscape.
With this acquisition, Questex is poised todeepen its presence in areas where content,
community, and capital intersect, ensuring aresilient demand for their offerings.
Thank you for listening to the Multifamily RealEstate Insights Podcast.
I'm your host, Sandy MacKay.

(05:41):
See you on the next one.
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