The BLVD Group Breaks Ground on 300 Unit Affordable Housing Redevelopment in Concord, New Hampshire with Largest Bond Financed Transaction in the State

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Oct 29, 2024, 11:15 ET

CONCORD, N.H., Oct. 29, 2024 /PRNewswire/ -- The BLVD Group ("BLVD"), a leading developer and owner of affordable housing, is pleased to announce the $97 million acquisition and planned renovation of Concord Royal Gardens, a 300-unit affordable housing community in Concord, New Hampshire. In collaboration with New Hampshire Housing, the U.S. Department of Housing and Urban Development (HUD), Boston Financial, and Citizens Bank, BLVD is revitalizing the property and expanding access to affordable housing in this high-demand market. Upon completion, all units will be available to families earning up to 60% of the Area Median Income (AMI), supporting greater housing affordability in the region.

The acquisition and renovation are being financed through Low Income Housing Tax Credits (LIHTC) and tax-exempt bond financing from New Hampshire Housing, marking the largest single bond-financed housing transaction in the state's history. Additional funding includes tax credit equity from Boston Financial, a HUD grant, and a construction loan from Citizens Bank.

Originally built in 1970, Concord Royal Gardens is one of the city's largest affordable housing communities and will undergo an extensive redevelopment. The planned improvements will not only revitalize the community, but also preserve the property's affordability for the next 30 years. With total construction costs exceeding $27 million, the redevelopment will focus on comprehensive upgrades to building systems, a renovation of all unit interiors, and the addition of new on-site amenities.

"This marks a significant step towards our goal of providing high quality and sustainable affordable housing in Concord and an investment in the people who call this community home," said Rob Budman, Managing Principal at BLVD. "This project not only extends affordability, but also adds desperately needed new units to the affordable housing supply."

Enhancing the living experience for residents, an expanded community building will feature a fitness center, community room, and computer stations for resident use. Additional outdoor amenities will include a BBQ area, dog park, playground, and bocce ball court. The project will also involve significant upgrades to the property's mechanical and electrical systems, including solar roofs and new energy-efficient windows. Each apartment will be renovated with new appliances, flooring, cabinets, tub surrounds, and energy-efficient fixtures throughout.

"Concord and Royal Gardens' transformation is a testament to the power of persistence and collaboration in addressing affordable housing challenges," said Rob Dapice, CEO and Executive Director of New Hampshire Housing. "This project revitalizes a key community asset and significantly contributes to our ongoing efforts to ensure every resident has access to quality, affordable housing. We commend BLVD for their commitment to making a meaningful difference in the lives of Concord residents."

The redevelopment of Concord Royal Gardens will create a lasting positive impact on the community by preserving affordable housing for individuals and families earning 60% or less of AMI through 2054.

Project Team:
•      Developer: The BLVD Group
•      Equity Partner: Boston Financial
•      General Contractor: ETC Companies
•      Construction Lender: Citizens Bank
•      Architect: Warrenstreet Architects
Total Development Costs: $97,005,100

About The BLVD Group:
The BLVD Group is a leading multifamily investment and development firm providing innovative solutions across the income spectrum through investments in market-rate, middle-income, and affordable housing. BLVD and its principals have successfully executed over $3 billion in investments across multiple strategies and currently own and operate a nationwide portfolio exceeding $1 billion in assets. Leveraging a strategic approach and deep industry expertise, BLVD delivers superior returns for investors while positively impacting communities nationwide.

SOURCE The BLVD Group