LUNENBURG, Mass. — Boston Capital has invested in the development of Baker Brook Apartments, a 70-unit development for seniors in Lunenburg, a small town north of Worcester.
The developer is Great Bridge Properties. Residents must be age 55 or older and earn 80 percent or less of the area median income (AMI). Forty-eight units are reserved for seniors earning 60 percent or less of AMI and eight units are for seniors earning 30 percent of less of AMI. Ten percent of the units are reserved for those currently homeless.
Located on nearly four acres, Baker Brook Apartments is the final phase of Great Bridge Properties’ Tri-Town Landing development. The overall development includes three completed apartment communities for families, two of which Boston Capital syndicated.
“Baker Brook Apartments marks our 13th investment with our partners Chris Davies and Bill Caselden and the folks at Great Bridge Properties,” said Jack Manning, president and CEO of Boston Capital.
The property will feature a part-time resident services coordinator through Montachusett Home Care Corp., helping residents access local supportive services and coordinating on-site services and activities.
The apartment community will be built with tax credit equity from the Low-Income Housing Tax Credit (LIHTC) program.
“The continued creation and preservation of affordable housing is critical as we address an affordable housing crisis in the midst of the COVID-19 pandemic,” says Manning.