June 2, 2020 — Boston Capital is investing in the development of Baker Brook Apartments, a 70-unit development for seniors in Lunenburg, Massachusetts. The general partner is Great Bridge Properties, based in Portsmouth, NH.
Baker Brook Properties will serve seniors ages 55 and older earning 80 percent or less of the Area Median Income (AMI). Forty-eight units are reserved for seniors earning 60 percent or less of the AMI and eight units are for seniors earning 30% of less of the AMI. Ten percent of the units will feature a preference toward homeless populations.
Located on nearly four acres, the development will feature 62 one-bedroom and eight two-bedroom units. 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.
“Baker Brook Apartments marks our 13th investment with our partners Chris Davies and Bill Caselden and the folks at Great Bridge Properties,” said Jack Manning, president and CEO of Boston Capital. “All of us at Boston Capital enjoy working with Chris and Bill and look forward to continuing our partnership in creating high-quality affordable homes in the years to come.”
The development will include a gathering room featuring a kitchenette, media room, fitness area, sitting rooms and common laundry on each floor. Unit amenities will include air conditioning, patios or balconies and fully-equipped kitchens with EnergyStar appliances, including dishwashers. Residents will benefit from a part-time Resident Services Coordinator (RSC) through Montachusett Home Care Corporation, a well-respected home care services agency. The RSC will help residents with access to local supportive services and will coordinate on-site services and activities.
The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital 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,” added Mr. Manning. “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.”
About Great Bridge Properties:
Principals Chris Davies and Bill Caselden created Great Bridge Properties, LLC in 2000 to help increase the supply of affordable and market rate housing. Great Bridge Properties serves as property developer and controlling general partner of the projects, with a long-term ownership role ensuring a level of commitment that provides comfort and stability for residents.