NeighborWorks Capital is pleased to extend a $673,000 construction-to-permanent loan to Lakes Region Community Developers for Bay Street Apartments.
The funds will be used to cover construction costs and then convert to a permanent loan for a 12-unit LEED-certified permanent supportive housing property for individuals at risk of homelessness in Laconia, New Hampshire. Lakes Region Mental Health Center will also provide on-site services to residents. The apartments will be built on the site of two fire-damaged homes and provide safe housing and supportive services to the community.
The property is located in Laconia, in the heart of the Lakes Region of New Hampshire. Over the last four years, the area has grown significantly, given the massive inflow of people from outside New Hampshire moving into an area that in the beginning was more affordable and had inventory. Over the last four years, the situation has changed, and vacancies have remained at or close to zero in the area and in the state. Demand for the project is expected to be high, as the units will be for those at 30% AMI or below with additional supportive services provided on site.
Lakes Region Community Developers is an experienced affordable housing developer, established in 1988, and has been building high quality multifamily housing since 1993.
NeighborWorks Capital has previously extended two other loans to Lakes Region Community Developers, and we are pleased to continue to partner with them in their mission to create opportunities for the Lakes Region to thrive by developing healthy homes, creating vibrant community assets, and engaging residents.
