Boston Capital made an investment in a 32 unit multifamily development for seniors in Lewiston, ME.
The development will feature a four-story substantial rehabilitation of an historic landmark building, the Healey Asylum, an orphanage for boys built in 1893. The building has been listed on the National Register of Historic Places since 1979.
“Boston Capital’s investment in 81 Ash Street Senior Housing will create 32 units of senior housing while preserving a landmark historic building in downtown Lewiston,” said Jeff Goldstein, Chief Operating Officer and Director of Real Estate at Boston Capital. “Seniors will benefit from the development’s close proximity to senior-oriented services and facilities,including the Lewiston Community Center and Oak Street bus station.”
The development will feature 26 one-bedroom and six two-bedroom units designed for seniors. Amenities will include two community rooms, central laundry and wireless Internet access. Renovations will include a new patio and seating area adjacent to the community room, a new parking lot and enhanced landscaping, including a small park with views of the nearby Basilica of Saints Peter & Paul.
81 Ash Street Senior Housing will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) and Historic Tax Credit (HTC) programs. The proposed rehabilitation will total nearly $195,766 per unit in construction costs. 81 Ash Street Senior Housing will be available to residents at 60% or less of the area median income (AMI).
