August 14, 2024 – Boston Capital Finance (BCF) is pleased to announce the closing of another fixed rate forward taxable affordable loan.  

The Ohio-based developer, Fairfield Homes Inc. (Fairfield), has started construction on Elevate 340, which is a new affordable housing community serving the families of Columbus, Ohio. Elevate 340, located at 340 E Fulton Street in Columbus, is comprised of one five-story midrise building offering 26 one-bedroom units, 36 two-bedroom and 12 three-bedroom units. The apartment homes will be equipped with a full stainless steel appliance package, including an electric oven, vent-hood, frost-free refrigerator with icemaker, garbage disposal, dishwasher, and built-in microwave oven. Additionally, the kitchens feature wood cabinets with granite countertops and wood flooring. All units also offer patio or balcony spaces. Community amenities include several common area recreation spaces.  

“This project will bring much needed high quality, affordable housing to Columbus, Ohio. We are excited to provide this fixed rate forward permanent loan through our proprietary affordable loan fund.”  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.  

Fairfield Homes will develop Elevate 340 and act as property manager. Ohio-based Elford, Inc. is the builder and contractor.

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