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Boston Capital Invests $9.8M in Affordable Multifamily Development in Portland, ME


Located in downtown Portland, Pearl Place II will feature 26 one-bedroom, 17 two-bedroom and 11 three-bedroom units in one, five-story building. The construction of this property will generate $3.9 million in local income and create approximately 82 jobs in the Portland area.

citybiz Real Estate

January 17, 2012

 

Boston Capital has invested $9.8 million in the construction of Pearl Place II, a 54-unit multifamily development in Portland, ME.

Pearl Place II will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is Pinecone Housing Corporation, a for-profit subsidiary of Avesta Housing Development Corporation, based in Portland, ME.

Located in downtown Portland, Pearl Place II will feature 26 one-bedroom, 17 two-bedroom and 11 three-bedroom units in one, five-story building. The development will include an elevator, a community room with a computer area, central laundry and on-site resident services. Units will be available to families earning 60 percent or less of the Area Median Income (AMI). Approximately 11 units will be reserved for homeless or displaced residents.

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Check out Avesta's blog, The Porch Light, for more news, updates and stories.

Contact Development and Communications Manager Sara Olson at 207-553-7780 x3352 or by email.