Boston Capital is investing in the development of Baker Brook Apartments, a 70-unit development for seniors in Lunenburg, Mass. The general partner is Great Bridge Properties, based in Portsmouth, N.H.
The development will serve seniors 55 and older earning 80% or less of the area median income (AMI), including 48 units reserved for seniors earning 60% or less of the AMI and eight units for seniors earning 30% of less of the AMI. Ten percent of the units will feature a preference toward residents who were formerly homeless.
Baker Brook Apartments is the final phase of Great Bridge Properties' Tri-Town Landing development, which includes three completed apartment communities for families, two of which Boston Capital syndicated.
The new development will include a gathering room, featuring a kitchenette, a media room, a fitness area, sitting rooms, and common laundry on each floor. Unit amenities will include air conditioning, patios or balconies, and fully equipped kitchens with Energy Star appliances, including dishwashers. Residents will benefit from a part-time resident services coordinator through Montachusett Home Care Corp.
Boston Capital is providing nearly $9.5 million in low-income housing tax credit equity to the development. To date, the company has invested in more than 5,000 affordable apartments in Massachusetts.
"The continued creation and preservation of affordable housing is critical as we address an affordable housing crisis in the midst of the COVID-19 pandemic," said Jack Manning, president and CEO of Boston Capital. "Through the creation of these 70 affordable homes, we can positively impact seniors' lives by providing them with well-located affordable housing as well as extensive supportive services."