June 22, 2025 – Boston Capital Finance (BCF) is pleased to announce the closing of the Laurel Woods I and II financing; a construction to permanent tax-exempt multifamily bond. Laurel Woods I is an existing 50-unit multifamily affordable  housing complex located in Ashville, North Carolina that will undergo a substantial renovation.  Laurel Woods II is a to-be-built 54-unit affordable housing apartment complex that will be located on the same parcel.  The development will serve seniors 62 years of age and older with average medium incomes to not exceed 80% of the market.  The complex will be situated on 14.73 acres and will include 105 parking spaces, a clubhouse, fitness area, and walking trails.  

“BCF is committed to providing financing solutions on affordable multifamily developments in the state of North Carolina.  We are very pleased to be working with Volunteers of America on another multifamily bond,” said Sean Curry, Partner and Director of Originations and Investments.  

“Senior affordable housing is very much needed in Ashville and Laurel Woods I and II is well designed to assist in that regard,” said Bill Fazzano, Partner and Director of Underwriting.

Volunteers of America National Services

Volunteers of America National Services has origins dating back to 1893.  The development arm of the firm, Volunteers of America, is one of the largest owners of affordable housing in the country and is currently listed as the 13th largest owner and operator as recognized by Affordable Housing Finance in 2024.

Boston Capital Finance

BCF is a Boston, Massachusetts based boutique affordable lender with offices in Charleston, South Carolina and Phoenix Arizona.  BCF founded in 1994 provides construction-to-permanent financing on properties that have or will obtain low-income housing tax credits.  The firm is owned and managed by Jack Manning, Kevin Costello, Bill Fazzano and Sean Curry. To date, Boston Capital has closed over $4.4 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, Originations and Investments, 781-526-4319 scurry@bostoncapital.com

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

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

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