Dakota Partners has secured all financing and approvals to close on phase one of The Rail Yard, a new apartment community that will feature housing for residents earning between 30% and 60% of the area median income in Concord, New Hampshire.
The $26.8 million development is being financed with a combination of soft debt and a permanent debt construction loan from New Hampshire Housing and federal low-income housing tax credit (LIHTC) equity from Stratford Capital, announced company officials.
"The Rail Yard apartments will provide much-needed homes for our state's workforce at a time when there is a very low inventory of apartments and increasing rents in Concord and elsewhere in the state," said Ignatius MacLellan, managing director of New Hampshire Housing's multifamily housing division. The agency allocated the LIHTCs and issued the tax-exempt bonds for the project.
Planned in three phases, The Rail Yard will feature 199 total units in four newly constructed, three-story wood-frame buildings. In addition to the affordable homes, phase one will feature a 2,500-square-foot clubhouse.
The 34-acre site was previously the site of the Boston & Main Railroad, dating back to 1842. More recently, the blighted site had fallen into disrepair, and The Rail Yard will help revitalize the area.
Dakota Partners develops affordable, workforce, and market-rate housing communities across New England, New York, and the Mid-Atlantic.