Oceanview is a 96 unit senior housing residence offering independent, assisted and alzheimer’s care.
The historic restoration of the Oceanview won a historic preservation award from the Massachusetts Historical Commission. 11 days prior to closing on the construction financing, OceanView was almost destroyed when a fire gutted the existing structures. The development team was able to brace and shore the exterior walls to retain the historic tax credits. We also preserved the HUD construction funding commitment by adjusting the financing, design and construction documents to close with HUD financing 45 days after the fire.
The project team included Keith Construction, EHA Architects, Commonweal Collaborative, Charles River Mortgage, Luberschane Associates and Rene Megnier Structural Engineers.
Project Summary: A 96 unit senior housing project delivering independent, assisted and special care services to seniors.
Total Project Cost: $16,500,000
Financing: Historic Tax Credits, HUD 232 Board and Care Mortgage Insurance for credit enhancement to back taxable and tax exempt revenue bonds allocated through Mass Development.
Primary Services: Request for proposal competition, acquisitions, approvals, financing, design, construction oversight and senior housing operations.