A rendering of the remodeled Item building, set to be completed in October 2021.

Financing secured for former Daily Item building redevelopment in Lynn

LYNN — The development team seeking to turn the former Daily Item building into retail space and market-rate apartments has secured financing for the project. 

ARC Realty Management, LLC, a Lynn-based real estate company owned by local brothers Hourmat Abdul Rauf and Hashmat Rauf, have secured $6.65 million in loan financing to transform the 38-54 Exchange St. building into a mixed-use development. 

Provided through a partnership between MassDevelopment and Newburyport Bank, the financing will enable the development team to convert the former newspaper building into 31 market-rate rental housing units and comme…

More Stories From Lynn