People and Property: Real Estate and Construction News From Around NH
CDFA reports on impact, Nashua warehouse/distribution facility sold for $24 million … and more
The Community Development Finance Authority reports it made 145 investments in community-based initiatives and organizations, infusing more than $20 million into community development, economic development and clean energy projects throughout the state the 2021 fiscal year. The investments were made in 53 different communities. According to the CDFA, the awards rehabbed, preserved or created 152 housing units; created or retained 1,076 jobs; supported 440 micro businesses; and resulted in an estimated annual energy savings of 330,272 kilowatt-hours.
Evernorth Rural Ventures, the northern New England nonprofit that makes affordable housing and community investments in Maine, New Hampshire and Vermont, was recently awarded a $60 million allocation of New Markets Tax Credits. Under the NMTC program, investors receive federal tax credits in exchange for making investments in eligible economic development projects. These business and real estate investments provide more favorable terms and conditions than the market typically offers. With its new award of NMTC allocation, Evernorth looks to invest in job-generating regional manufacturing and essential community goods and service providers to create living wage jobs, increase access to healthcare, address food insecurity, and revitalize low income communities, said Co-President Nancy Owens. Prospective NMTC projects generally need to be located in qualified census tracts.
Another high=bay warehouse distribution building has been sold. Prolman Realty Inc. announced the sale of One Bon Terrain Drive, Nashua, to EIP Manager Corp. Mark Prolman represented the buyer and Rich Ruggiero of Newmark Knight represented the Seller, FW Webb Company. The 400,000=-square-foot facility will be repositioned by EIP Manager Corp. to Lease out to one or two tenants. According the Hillsborough County Registry of Deeds, the selling price was $24.0 million.
Some $3.4 million has been awarded through the U.S. Department of Housing and Urban Development’s Youth Homelessness Demonstration Program to two the New Hampshire Balance of State Continuum of Care, which will receive $2.2 million, and the Manchester Continuum of Care, which will receive $1.2 million. Recipients can use the funding to support rapid rehousing, permanent supportive housing and transitional housing, and to fund such programs as host homes.
A 6,460-square-foot mixed-use building at 105-107 Market St. in downtown Portsmouth has been sold.
David Choate and Andrew Ward of Colliers’ Portsmouth office represented the seller, 105-107 Market Street LLC, in the transaction. Tony Jalbert, of Tate & Foss Sotheby’s International, represented the buyer, 409 Franklin Pierce Highway LLC. According to the Rockingham County Registry of Deeds, the sale price was $2.5 million. The six-story, waterfront, mixed-use building is made up of retail spaces on Ceres and Market streets, office space and three apartments.
The sale of the 52-room, seven-apartment SureStay Hotel in Presque Isle, Maine, by Best Western to Sucha Dillon Estates LLC has been announced by Wason Associates Hospitality Real Estate Brokerage Group, Portsmouth. Jim Doucette and Earle Wason were the brokers.
Janet Nickerson, who recently earned her associate broker license, has been named managing broker of Badger Realty’sBerlin office.
President Biden has appointed Michael Swack, a professor at the University of New Hampshire, as a member of the Community Development Advisory Board. At UNH, Swack has appointments at the Carsey School of Public Policy and at the Peter T. Paul College of Business and Economics. He also directs the Center for Impact Finance and the Master’s Program in Community Development, a program designed for adult practitioners. At Carsey, he is working on building scale in the community development finance sector, innovations in community development finance, microfinance, and sustainable energy financing. He also directs the Financial Innovations Roundtable a collaboration with the Board of Governors of the Federal Reserve.
Meredith Village Savings Bank recently purchased $10,000 in tax credits from Lakes Region Community Developers through the New Hampshire Community Development Finance Authority to support the Gale School Redevelopment Project at 60 Concord St. in Belmont.