Projects

St. Regis House

St. Regis House is located in Berlin, NH which is New Hampshire’s northernmost city sitting at the edge of the White Mountains.  The availability of safe, high-quality and affordable housing for the senior and disabled population is limited.  Chesapeake Community Advisors (“CCA”) and the Berlin Housing Authority (“BHA”) were able to make a substantial impact on the community and preserve this much need housing through the acquisition and rehabilitation of St. Regis.  

St. Regis is a unique building with great historic significance for the surrounding community. The former school, St. Regis Academy, is a large three-story, flat-roofed, Romanesque-style, brick building. In 1981 the building was converted to affordable housing with few alterations to the historic footprint including the addition of a stair tower.  The project had not received any type of renovation in 40 years leaving the building in great disrepair. Taking a structure that was built in 1910 and modernizing it along with converting it to include an energy efficient, Enterprise Green-compliant building was a large undertaking all while meeting the SHPO’s and NPS’s requirements.     

The financing structure was complicated.  The primary sources of financing included a 9% LIHTC allocation, historic tax credits, construction financing provided by New Hampshire Housing Finance Authority (“NHHFA”) and a permanent loan from by Mercy Loan Fund (“MLF”).  This project received MLF’s first long-term loan.  All of the existing, restructured HUD debt was assumed by the new ownership while BHA, the qualified non-profit sponsor, became the noteholder of that debt.  The project received a CDBG award, assumed an existing HOME loan and received a new 20-year HAP contract.

Although there were many challenges during the project from working through the HUD financing to addressing significant structural issues that were well-beyond the original scope of work to having a completion and lease-up impacted by a pandemic-induced shutdown, St. Regis has been beautifully restored and has made a tremendous impact on the community and provided the residents with safe, sanitary and modernized housing.  The project is well-positioned for successful operations for at least the next 20 years and has served as an excellent addition to the BHA’s portfolio.

Specifications

Development Type
1-BDRM & 2-BDRM
Number of Units
42
Development Cost
$8.2M
Location
Berlin, New Hampshire
Project Start
March 2019
Project Complete
June 2020
Development Role
Development Consultant
Unit Mix
1-BDRM & 2-BDRM
Architect
Alba Architects LLP
Contractor
Schaefer General Contracting Services
Developer
Berlin Housing Authority
Owner
Berlin Housing Authority
Investor
Red Stone Equity Partners
Lender
New Hampshire Housing Finance Authority (Construction) and Mercy Loan Fund (Perm)

What Others Are Saying About Us

We were aspiring to take one of our HUD projects through a LIHTC transaction to receive much needed rehab of a senior building in Detroit.  We weren't equipped to handle the process ourselves and not knowing where to turn, CCA came highly recommended by a colleague.  We haven't looked back since.  David Prout and the CCA team guided us and the nonprofit owners through the full development process.  They took the worries out of our hands and led us down the path.  Their vast knowledge of the LIHTC process; working with he governmental agencies; obtaining LP investors and the smooth construction process during the tenant in place rehabs were over the top.  They are true leaders in the industry.  We have since taken three other projects through the process and another in the pipline.