Boston Capital is investing in the development of Robert L. Harnois Apartments, a 61-unit development for seniors in Westbrook, Maine.
The firm announced it is providing $4.6 million in low-income housing tax credit (LIHTC) equity to assist Westbrook Development Corp., a local nonprofit, in the development of a property for residents 62 years and older and earning 60% or less of the area median income.
"We're excited to partner for the first time with Chris LaRoche and the team at Westbrook Development Corp. in the development of Robert L. Harnois Apartments," said Jack Manning, president and CEO of Boston Capital. "Given the market's incredible demand for affordable housing for seniors, we're thrilled to be involved in the creation of this much-needed community, located near public transportation, a retail center, and supportive services."
Located five miles west of downtown Portland, Robert L. Harnois Apartments will feature 61 one-bedroom units in a five-story building. Thirteen units will be set aside for persons who have special needs or were homeless. Development amenities will include a community room, a fitness center, and a laundry facility. A resident services coordinator will be available to assist residents with services on an as-needed basis, will provide educational material, and will organize social and enrichment activities to residents.
Robert L. Harnois Apartments is phase two of the adjacent Larabee Village, a 150-unit senior development also developed by Westbrook Housing. An additional 30-unit building for seniors is scheduled for completion in 2022. The properties are located in a quiet area near 2.5 acres of woodlands with trails and benches.
To date, Boston Capital, a leading national LIHTC syndicator and real estate investment and advisory firm, has invested in nearly 3,300 affordable apartments in Maine.
