Boston Capital is investing in the preservation and redevelopment of Deering Place, a 75-unit mixed-income development for families and individuals in Portland, Maine.
The latest project by Portland-based nonprofit Avesta Housing, Deering Place will serve families earning 50% or less of the area median income.
“Deering Place represents our 14th investment with our partner Dana Totman and our friends at Avesta Housing," said Jack Manning, president and CEO of Boston Capital. "Given the market's incredible demand for affordable housing, we're excited to be involved in the preservation, redevelopment, and expansion of housing in the historic Parkside neighborhood in downtown Portland."
Boston Capital is providing $7.2 million in low-income housing tax credit (LIHTC) equity to the project.
Deering Place will include the rehabilitation and redevelopment of an existing building as well as the construction of two new residential buildings on adjacent lots. Upon completion, 45 affordable units and 30 market-rate units will be available for families and individuals. Twenty percent of the units will be set aside for persons who are homeless or displaced, have disabilities, are victims of domestic violence, or have other special housing needs. An on-site resident service coordinator will provide social services to all residents.
The development will feature 16 studio, 37 one-, 10 two-, and 12 three-bedroom units. Development amenities will include a 1,300-square-foot community room with a kitchenette, a common area laundry facility in each building, and on-site parking for 52 cars. Residents will benefit from the property's convenient location in downtown Portland and close proximity to public transportation. The apartment community will also offer storage for bicycles.
Boston Capital, a LIHTC syndicator and real estate investment and advisory firm, has invested in nearly 1,500 affordable apartments in Maine.