Dorfman Capital recently completed a combined $4.42 million Massachusetts Low Income Housing Tax Credit and Massachusetts Historic Tax Credit equity financing supporting the redevelopment of the former Carter Junior High School on West Street in Leominster, MA.
The total project costs were $13 million, of which Dorfman Capital financed 34%.
NewVue Communities has redeveloped the Carter School, originally built in 1904 and vacant since 1984, into 39 affordable housing apartments including one, two, and three-bedroom units. The rehabilitation of 62,925 square foot building, now called Carter School Apartments, took 17 months to complete. As part of the Historic Tax Credit eligibility, the Greek-style plaster friezes along the old school corridors have all been restored.
“We are very pleased to have this building completed and the apartments at full capacity. The condition of the building certainly provided some unique challenges given its earlier condition,” said Marc Dohan, Executive Director of NewVue Communities.