The BLVD Group has announced the acquisition and planned renovation of a 300-unit affordable housing community in Concord, New Hampshire.
The $97 million project is being financed through low-income housing tax credits and tax-exempt bonds from New Hampshire Housing, marking the largest single bond-financed housing transaction in state history, according to officials.
Boston Financial is the equity partner, with the Department of Housing and Urban Development providing a grant and Citizens Bank providing a construction loan.
Concord Royal Gardens is one of the city’s largest affordable housing communities. Built in 1970, it will undergo an extensive redevelopment. The planned improvements will not only revitalize the community but preserve the property’s affordability for residents earning up to 60% of the area median income for the next 30 years, reported The BLVD Group, a leading developer and owner of affordable housing.
With total construction costs exceeding $27 million, the redevelopment will focus on comprehensive upgrades to building systems, a renovation of all unit interiors, and the addition of new on-site amenities.
“This marks a significant step toward our goal of providing high-quality and sustainable affordable housing in Concord and an investment in the people who call this community home,” said Rob Budman, managing principal at BLVD. “This project not only extends affordability but also adds desperately needed new units to the affordable housing supply.”
An expanded community building will feature a fitness center, a community room, and computer stations for resident use. Additional outdoor amenities will include a barbecue area, a dog park, a playground, and a bocce ball court. The project will also involve significant upgrades to the property’s mechanical and electrical systems, including solar roofs and new energy-efficient windows. Each apartment will be renovated with new appliances, flooring, cabinets, tub surrounds, and energy-efficient fixtures.
“This project revitalizes a key community asset and significantly contributes to our ongoing efforts to ensure every resident has access to quality, affordable housing,” said Rob Dapice, CEO and executive director of New Hampshire Housing. “We commend BLVD for their commitment to making a meaningful difference in the lives of Concord residents."
Other partners include Warrenstreet Architects and general contractor ETC Cos.
