People and Property: Real Estate and Construction News From Around NH

Ground broken for $26 million Peabody Home expansion … and more
Building On Hope

Building on Hope, the a volunteer organization that brings together designers, architects, builders, subcontractors, and suppliers to renovate a nonprofit organization’s facilities, recently completed a $2.27 million community-funded renovation of the Nashua PAL Youth Safe Haven. Nearly 400 businesses and volunteers worked together to completely transform the building. It was Building on Hope’s sixth renovation project and was the largest undertaken so far by the organization.Boston-based real estate advisory and investment firm Senne has acquired 577 Mast Rd., in Goffstown, a standalone 14,673-square-foot retail property currently occupied by Rite Aid under a long-term lease. The $8.65 million purchase was completed with a combination of syndicated private equity from multiple investors and long-term bank financing from Newburyport Bank, Newland Development Associates LLC, Horvath & Tremblay and First American Title, Senne said.

Jeff Bush has stepped in as president of Lowell, Mass.-based Heritage Properties, succeeding his father, Brian Bush, who has headed the real estate management for the past twenty years. The senior Bush will remain at the firm in a partner capacity. The company has apartments in Massachusetts, New Hampshire and Rhode Island,

Associated General Contractors of New Hampshire has named two new members to its board: Adam Towne of DBU Construction and Tim Reid of Hutter Construction. The 2021 board also includes: President Natasha Michelson of Hutter Construction; Senior Vice President Arthur Rose of A.W. Rose Construction; Vice President Ryan Audley of Audley Construction; Treasurer Matthew Connors of Gemini Electric; Vice President of Associates Matthew Blaisdellof The Rowley Agency; Andrew Martino of Harvey Construction; Karen Prince of R.M. Piper; Michael Ferrariof Evroks Corp.; Amy Charbonneau of Continental Paving; Ryan Hazeltonof Anderson Equipment and Seth Pasakarnis of Hinckley Allen.

Mike Reed, president of Stebbins Commercial Properties has announced the sale of a 9,000-square-foot retail building at 719 S. Willow St., Manchester. Reed represented the seller, 717 South Willow Street Realty Trust of Melvin Village, and Randy Parke rand Mohammad Mobeen assisted the buyer, Global Business LLC in the transaction. According to the Hillsborough County Registry of Deeds, the sale price was $989,000.

A virtual groundbreaking was recently held for expansion of the Peabody Home in downtown Franklin. The larger, 63,632-square-foot facility will provide more capacity for assisted living and memory care and add in new high quality independent living options for a full continuum of care. Funding totaling $26 million was approved through USDA Rural Development’s Community Facilities Direct Loan & Grant Program. The building was designed by EGA P.C. Engelberth Construction is building the facility and the engineering work is being conducted by Nobis Engineering. Advisory work is being provided by RS Consulting and the Northern Community Investment Corp.

Homeowners at the Rancourt Mobile Home Park recently purchased their 38-unit manufactured-home park, making it New Hampshire’s 134th resident-owned community, or ROC. Using training and technical assistance from the New Hampshire Community Loan Fund’s ROC-NH team, homeowners organized and formed Granite Estates Cooperative Inc. and then negotiated with the park’s owner, Claude Rancourt, a $1.85 million purchase price. The deal was finalized on Dec. 31 with a mortgage from the Community Loan Fund.

Categories: News, Real Estate & Construction