DEAL OF THE DAY: Boston Capital Invests over $8M in To-Be-Built Seniors Housing Development
- Jun 20, 2008
By Anuradha Kher, Online News EditorLawrence, N.J.–Boston Capital recently invested $8,229,843 in equity financing for Heritage Village at Lawrence Apartments, a to-be-built, 64-unit seniors housing development in Lawrence, N.J.The general partner is Community Investment Strategies Inc. “Heritage Village at Lawrence Apartments provides us with a great opportunity to serve a demand for multifamily housing for seniors in an area experiencing strong population growth,” says Jeff Goldstein, CEO and director of Real Estate at Boston Capital. “We are extremely pleased to once again be in partnership with Community Investment Strategies and offer seniors high-quality, multifamily housing.”Heritage Village at Lawrence Apartments will include 52 one-bedroom and 12 two-bedroom units targeting seniors 55 years or older with incomes at 50 percent or less of the Area Median Income (AMI).Amenities will include a 1,600-sq.-ft. community room with kitchen, library, computer room and social service offices.Community Investment Strategies will provide senior-oriented social services such as case management and nutrition programs as well as bus transportation between the community and local amenities. The 2.6-acre site is located between the Philadelphia and New York metro areas. The property will also feature a Solar Electric power system, which will furnish electricity to the common areas of the development.