BLVD Communities Starts $25M Rehab of Providence Affordable Housing Complex
BLVD Communities has undertaken a $25.3-million redevelopment of Braeburn and Chatham apartments, a 91-unit affordable housing community located in Providence, RI. Additional project team members include:
Equity Partner: Boston Financial Investment Management
General Contractor: STAND Corporation
Construction Lender: Citi Community Capital
Architect: David Presbrey Architects
The redevelopment of Braeburn and Chatham apartments will preserve affordability for individuals and families who fall in an income range between 30% and 60% of the area’s median income. All units are covered by a Section 8 Housing Assistance Program (HAP) contract and the Low-Income Housing Tax Credit (LIHTC) requirements will keep the property available for income eligible residents through 2061.
Braeburn and Chatham apartments consist of four locations within a 1.5-mile radius: a 21-unit two-story building, 24 townhomes, a 6-unit three-story building and a 40-unit three-story building. The townhomes were originally constructed circa 1863-1864 by the Wanskuck Company and are considered historic properties.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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