Dakota Secures Financing for Phase1 of The Rail Yard in Concord, NH
CONCORD, NEW HAMPSHIRE – Dakota Partners has secured all financing and approvals to close on Phase 1 of The Rail Yard, a new affordable housing apartment community that will feature housing for local residents earning between 30% and 60% of the Area Median Income (AMI). Financing for this project has been secured through a combination of soft debt financing and a permanent debt construction loan from New Hampshire Housing and federal tax credit equity from Stratford Capital. Construction is scheduled to begin this summer.
“The Rail Yard apartments will provide much-needed homes for our state’s workforce at a time when there is a very low inventory of apartments and increasing rents in Concord and elsewhere in the state,” noted Ignatius MacLellan, Managing Director of New Hampshire Housing’s Multifamily Housing Division. “Key financing for these 96 one- and two-bedroom units comes from the allocation of federal Low-Income Housing Tax Credits (LIHTC) by New Hampshire Housing, as well as tax-exempt bonds issued by NH Housing. The LIHTC program is an important public/private financing tool that encourages developers and investors to create affordable multifamily housing for low- and moderate-income families by using tax credits to leverage private equity investment in these properties.”
With waitlists for affordable and subsidized housing stretching from six months to several years, the demand for safe and affordable housing in Concord in strong. Planned in three phases, The Rail Yard will feature 199 total units in four newly constructed, three-story wood-frame buildings. Phase 1 will be comprised of 96 affordable units and a 2,500 square foot clubhouse. The one- and two-bedroom units will be eligible for residents making 30-60% AMI.
The 34-acre site was previously the site of the Boston & Main Railroad, dating back to 1842. More recently, the blighted site had fallen into disrepair. This new affordable housing community will provide safe, vibrant, and affordable housing to the community while also revitalizing the area.
As a real estate developer and builder, Dakota Partners develops affordable, workforce and market-rate housing communities across New England, New York, and the mid-Atlantic states. At the core of every project is Dakota’s mission to create housing that matters – to residents, the community, and the environment.