People and Property: Real Estate and Construction News From Around NH
Evernorth closes fourth multi-investor fund, Eames named Seacoast Realtor of Year … and more
Evernorth closes fourth multi-investor fund
Fourteen investors committed a total of over $54 million to Evernorth’s Housing New England Fund IV, its fourth multi-investor fund, which closed June 15.
The fund is aimed at providing equity to finance affordable housing in Maine, New Hampshire and Vermont. HNE Fund IV’s investors include community, regional and national banks as well as one of the nation’s largest mortgage banking organizations.
“We raised capital from a wide-range of investors and new partners enabling us to expand our reach to preserve and create much-needed affordable housing in these unprecedented times,” said Nancy Owens, co-president of Evernorth.
Evernorth raises equity by syndicating federal Low Income Housing and Historic tax credits as well as various state, historic, and affordable housing credits.
All of the projects receiving funding from the newest fund have been identified, and nine are under construction. In all, the fund will invest in 10 developments, with five in Maine, two in New Hampshire and three in Vermont, creating 419 affordable apartments.
Eames honored as Seacoast Realtor of the Year
Rachel Eames has been named the 2023 Realtor of the Year by the Seacoast Board of Realtors.
Eames, Realtor with RE/MAX Capital Realty & Coastal Living, was presented with the award by Kevin Kneeland, 2022 Seacoast Realtor of the Year, on June 14 at Flag Hill Distiller and Winery in Lee.
In addition, the Seacoast board recognized Paula Frenette of Embrace Home Loans, Portsmouth, as 2023 Affiliate of the Year, and Laura Pouliot of The Gove Group, Stratham, was presented with the board’s annual Good Neighbor Award
Portsmouth manufactured home park adds five new homes
Residents of the Woodbury Cooperative manufactured home park in Portsmouth were recently joined by officials of the NH Community Loan Fund and city of Portsmouth to celebrate addition of five new homes at the community.
A recent project included installing the five new homes where abandoned buildings had stood, replacing the park’s aging water and sewer systems and upgrading its electrical system. It also expanded its access road to accommodate emergency vehicles and has resulted in lowering residents’ lot rents.
The residents of Woodbury Cooperative purchased their 12-home park in 2017, permanently protecting their homes from being sold or demolished. Since then, the residents have worked with the Community Loan Fund to assess their community’s property needs, plan improvements and gain city approvals.
The five new homes are priced at $150,000 to $160,000, with combined mortgage and lot rent payments well below the cost for similarly sized apartments. A vacant lot in the cooperative is ready to accommodate a sixth new home, the loan fund said.
55+ project proposed on Concord Heights
A Massachusetts-based construction company is looking to build nearly 150 units of 55-plus housing in Concord off Old Loudon Road, the Concord Monitor reported.
The firm, Construction, Planning and Management, Inc., wants to build three identical multi-family buildings with 144 units, a clubhouse, a pool and two pickleball courts for residential use. Some units will feature housing specific to those with hearing impairments, and other ailments.
The plans for the 16-acre parcel call for green space and landscaping, connectivity between buildings and access to garage and unit-specific parking for vehicles.
Construction, Planning and Management, Inc. has developed and built over 3,000 multi-family and single-family units and is the “premier developer and manager” of 55+ rental communities in New England.
ReArch hires senior estimator
ReArch Company has hired Jim Gardner as a senior estimator. Gardner, who will work out of the company’s office in Lebanon, has 40 years of estimating and construction expertise with throughout New England.
Merrimack College picks Procon for hockey rink renovation
The Lawler Rink at Merrimack College in North Andover, Mass., is undergoing a major renovation to support its Division 1 hockey team.. Hooksett-based design and construction firm Procon is overseeing the project, which includes a new luxury pavilion with premium seating, new luxury suites and new designated areas for media, broadcasts and the Merrimack Marching Band.
FedPoint signs 7-year lease renewal at Pease space
FedPoint, a federal benefits administrator, has signed a seven-year lease renewal for its 53,664 square feet of space at 100 Arboretum Drive in the Pease Tradeport in Newington.
David Choate and Abigail Bachman of Colliers’ Portsmouth office, represented FedPoint in the renewal and Steve Horan of Farley White Interests represented the landlord.
Warner man indicted in asbestos abatement scheme
Jordon M. Dunne of Warner has been indicted in both Sullivan and Grafton counties for felony counts related to falsely representing that he was a licensed asbestos abatement professional.
The attorney general’s office said Dunne, 27, was indicted June 16 in Grafton County for two class A felony charges of attempted theft by deception. On June 20, a Sullivan County grand jury returned indictments Against him for two class A felony charges of theft by deception.
The AG said, that in all cases Dunne obtained over $1,500 funds by falsely representing that he was a New Hampshire licensed asbestos abatement professional, In addition the building samples obtained from a Claremont residence were sent to a lab and tested positive for asbestos.
Dunne was also charged in Sullivan County with two Class A misdemeanor charges for unfair and deceptive business practices in violation of the state’s Consumer Protection Act and one class A misdemeanor charge of theft by deception related to the same transactions, the AG said.
If convicted, he faces 7½ to 15 years in prison and a $4,000 fine on each felony charge as well as 12 months in the county jail a $2,000 fine on each misdemeanor charge.