August 5, 2024 – Boston Capital Finance (BCF) is pleased to announce the closing of another fixed rate forward taxable affordable loan.  

The Hallmark Companies, Inc., through its affiliated developer entity, Hallmark Development Partners, LLC, is undertaking an adaptive re-use preservation project for the Wagon Works building in East Point, Georgia. Currently, the 113,691-square foot, two-story building functions as a suburban mixed-use office space. Originally built in 1885 as a wagon factory and later converted into an office building in 1985, Hallmark plans to transform the property into an 89-unit Low Income Housing Tax Credit (LIHTC) multifamily loft-style residence. The redevelopment will also feature approximately 3,403 square feet of street-level commercial space. Additionally, the project will provide 115 secure off-street parking spaces and various amenities, including a community room, gazebo, on-site laundry, a computer room with Wi-Fi, and a furnished fitness center.

“This project will bring much needed high quality, affordable housing to East Point Georgia. We are excited to provide this fixed rate forward permanent loan through our proprietary affordable loan fund.  A special thank you to Martin Petersen, William Glisson, and Thompson Kurrie III

for their efforts on this project” said Sean Curry, Director of Investments and Originations.

“Our Boston Capital Long Term Mortgage Fund VI is a unique 9% forward delayed product.  This non-agency, private placement, 40-year amortizing loan product can be paired with any equity investment and construction loan of a developer’s choosing.  It allows for a best-in-class execution coupled with superior terms,” said Bill Fazzano, Director of Underwriting and Asset Management.  

About the Developer

The Hallmark Companies, Inc. is an Atlanta-based holding company that consists of several wholly owned subsidiary companies. Hallmark’s vertically integrated structure facilitates a broad range of real estate services specific to multifamily properties. Hallmark and its subsidiary companies primarily specialize in real estate acquisitions, dispositions, structured financing, development, construction management, and various other related activities. Their current portfolio of multifamily properties totals 298 properties and consists of 14,368 units, all located in the southeastern United States

Boston Capital Finance

BCF was founded in 1994 as a wholly owned subsidiary of Boston Capital Corporation and provides construction-to-permanent affordable bond financing as well as fixed rate forward permanent affordable loans via the proprietary Boston Capital Long Term Mortgage Fund VI.  BCF, owned and managed by Jack Manning, Kevin Costello, Bill Fazzano and Sean Curry has closed over $3.8 billion of affordable bonds and loans. 

Have an affordable tax-exempt bond or taxable permanent loan that needs to be financed? Please call:

Sean Curry 781-526-4319, scurry@bostoncapital.com 

Bill Fazzano 617-331-4098, bfazzano@bostoncapital.com

Walter Williams 617-694-5182, wwilliams@bostoncapital.com

Don Phelan 860-614-8650, dphelan@bostoncapital.com