BLVD Group Invests $97 Million to Revitalize Concord Royal Gardens, Creating the Largest Bond-Financed Housing Transaction in New Hampshire

BLVD Group Revitalizes Concord Royal Gardens with $97 Million Investment, Creating the Largest Bond-Financed Housing Transaction in New Hampshire

The BLVD Group, a leading developer and owner of affordable housing, has announced a significant investment in Concord, New Hampshire. The company has acquired and is planning a comprehensive renovation of Concord Royal Gardens, a 300-unit affordable housing community. This $97 million project represents the largest single bond-financed housing transaction in the state’s history, showcasing BLVD’s commitment to expanding access to affordable housing in high-demand markets.

In collaboration with key partners including New Hampshire Housing, the U.S. Department of Housing and Urban Development (HUD), Boston Financial, and Citizens Bank, BLVD is transforming Concord Royal Gardens into a revitalized community. Upon completion, all 300 units will be available to families earning up to 60% of the Area Median Income (AMI), providing much-needed support for housing affordability in the region.

A Comprehensive Redevelopment for a Sustainable Future

Originally constructed in 1970, Concord Royal Gardens is one of the city’s largest affordable housing communities. The planned redevelopment will not only revitalize the property but also preserve its affordability for the next 30 years. The extensive renovation will include:

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Building System Upgrades:

Modernizing the building systems to ensure long-term efficiency and sustainability.
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Unit Interior Renovations:

Transforming all unit interiors with new appliances, flooring, cabinets, tub surrounds, and energy-efficient fixtures.
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Enhanced On-Site Amenities:

Creating an expanded community building with a fitness center, community room, and computer stations. The outdoor spaces will also be upgraded to include a BBQ area, dog park, playground, and bocce ball court.
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Sustainability Features:

Implementing solar roofs and new energy-efficient windows to reduce environmental impact and operating costs.

A Collaborative Effort to Address Housing Needs

The acquisition and renovation are financed through a combination of funding sources, including:

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Low Income Housing Tax Credits (LIHTC) and tax-exempt bond financing:

Provided by New Hampshire Housing.
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Tax credit equity:

From Boston Financial.
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HUD grant:

Supporting the project’s goals.
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Construction loan:

From Citizens Bank.

Rob Budman, Managing Principal at BLVD, stated, “This marks a significant step towards our goal of providing high-quality and sustainable affordable housing in Concord and an investment in the people who call this community home. This project not only extends affordability, but also adds desperately needed new units to the affordable housing supply.”

Rob Dapice, CEO and Executive Director of New Hampshire Housing, echoed the importance of the project, saying, “Concord and Royal Gardens’ transformation is a testament to the power of persistence and collaboration in addressing affordable housing challenges. This project revitalizes a key community asset and significantly contributes to our ongoing efforts to ensure every resident has access to quality, affordable housing. We commend BLVD for their commitment to making a meaningful difference in the lives of Concord residents.”

A Positive Impact on the Community

The redevelopment of Concord Royal Gardens will create a lasting positive impact on the community by preserving affordable housing for individuals and families earning 60% or less of AMI through 2054. This project is a testament to the power of collaboration and commitment in addressing the critical need for affordable housing, ensuring that residents have access to safe, comfortable, and sustainable living environments.

Project Team:

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Developer:

The BLVD Group
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Equity Partner:

Boston Financial
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General Contractor:

ETC Companies
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Construction Lender:

Citizens Bank
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Architect:

Warrenstreet Architects

Total Development Costs:

$97,005,100

About The BLVD Group:

The BLVD Group is a leading multifamily investment and development firm committed to providing innovative solutions across the income spectrum. BLVD and its principals have a strong track record of successful investments in market-rate, middle-income, and affordable housing, exceeding $3 billion in investments and owning and operating a nationwide portfolio exceeding $1 billion in assets. BLVD’s strategic approach and deep industry expertise enable them to deliver superior returns for investors while positively impacting communities nationwide.