Seniors Affordable Rising In Northwest
Boston Capital has gone in for $14M to help Comprehensive Housing Assistance build 90 seniors affordable units in Northwest Baltimore's Upper Park Heights.
The investment firm's Rich Mazzocchi told us this morning the $17.6M project, known as Manor South and going up at 3617 Fords Ln, is his firm's first JV with CHAI. He says there's been limited new seniors construction in the neighborhood, though CHAI also owns 294 units at the adjacent Manor East and Manor West, also with LIHTCs. Bnos Yisroel school sold a portion of its parking lot to the JV, which is building a new one between the school and Manor South. (Parking lots are the new baseball cards.) Boston Capital is a partner in 6,000 units in Maryland and 1,000 units across 11 Baltimore properties, and Rich tells us it's underwriting other potential Baltimore projects.
