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.