The seacoast New Hampshire town of Dover is a highly desirable community. Its median income ranks near the median for the state, and it generally has less than a 2% vacancy rate in its rental housing citywide.
Riverview Apartments are set along the beautiful Cocheco River, which is a central feature of downtown Dover. Amenities include on-site parking, private courtyard and a swimming pool. Residents can easily walk to a commercial shopping area nearby.
To acquire the Riverview Apartments, POAH utilized conventional financing in order to secure funds to repay the existing mortgage which was due to mature, and also to lock in a more favorable interest rate.
POAH devoted loan proceeds to the renovation of a majority of the units. Select apartments received new kitchens and bathrooms and common area upgrades were made to the flooring, electrical components and elevators. To maximize how far the limited repair budget could go, POAH leveraged POAH Communities staff to oversee the entire renovation process rather than incurring the expense of a general contractor.
- RBS Citizens