The Urban Strategy America (USA) Fund, a New Boston real estate investment fund, and Beacon Communities Fund I Limited Partnership (Beacon Fund) completes the joint-venture purchase of a 404-unit portfolio of senior housing apartments from the Errichetti family. The portfolio consists of 18 buildings on four properties: Exchange Place Towers, Flanders West, Countryside I and Countryside II. The portfolio is in Waterbury, Southington and Wolcott.
"The Errichetti portfolio was extremely attractive to the USA Fund and our investors," said Kirk Sykes, president, USA Fund. "It furthers our goal of providing affordable housing to the communities we invest in."
"From the investment perspective, this acquisition will bring a stable, consistent cash flow to the fund with the in-place government contracts," said John Dragat, CIO, USA Fund.
Exchange Place Towers is a 150-unit, 11-story apartment building developed in 1983 and near the town square in Waterbury. Flanders West is a 145-unit mid-rise apartment community in Southington that was developed in 1976. Countryside I and II are a 55 and 54-unit attached townhouse-style apartment communities comprising eight buildings developed in 1982 located in Wolcott.
The portfolio purchase was made with funds from USA Fund I, senior mortgage financing from Bank of America and mezzanine financing from Boston Community Capital.
"The expertise and commitment of Beacon Communities LLC, and The Urban Strategy America (USA) Fund will provide quality housing that will be enjoyed by the existing residents of the Errichetti portfolio," said Maria Barry, Bank of America Community Development Banking Northeast Region Executive. "The preservation and creation of affordable housing is a significant priority for our company and we are pleased to support the efforts of our long-standing clients.

"Beacon Communities and New Boston's USA Fund have a deep commitment to preserving affordable housing for low-income seniors and a track record of managing properties that provide quality housing over the long-term," said Rebecca Regan, President of Boston Community Capital's Loan Fund. "This purchase helps ensure the stability of 404 homes for senior citizens living on fixed incomes. We're proud of the role we could play in making this deal happen."

In Connecticut, New Boston has investments in residential projects in Bridgeport with Lofts 881, and in Niantic at 38 Hope Street. New Boston also currently owns 24 commercial properties in Hartford, New Haven and Fairfield Counties totaling 2 million square feet, as well as 226 class "A" apartment units in Middletown.

In Connecticut, in addition to the Errichetti Portfolio, Beacon Communities owns and manages approximately 1,000 affordable and market rate apartments in Stamford at Southwood Square, and in New Haven, at Monterey Place and Cambridge Oxford Apartments.