September 7, 2024 – Boston Capital Finance (BCF) is pleased to announce the closing of another fixed rate forward taxable affordable loan.  

The Texas-based non-profit organization, Texas Inter-Faith Housing Corporation (TIFHC), has started construction on Knoll Street Crossing for Seniors, which is a new affordable housing community serving the elderly and seniors of both Houston and Harris County.  Knoll Street Crossing for Seniors, located at 1938 Knoll Street in Houston, will be a newly constructed four-story elevator-loaded building offering 21 one-bedroom units and 44 two-bedroom units. This age-restricted apartment community with open floor plans will be fully equipped with central air-conditioning, walk-in closets, beautiful faux wood plank flooring, tall upper cabinets, Energy-Star light fixtures, and stainless-steel appliances. Common area amenities include a community room, business center with computers and internet access, and spacious fitness room.  

“This senior community will bring much needed high quality, affordable housing to Houston, Texas. 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.  

Texas Inter-Faith Development, LLC will develop Knoll Street Crossing for Seniors, and Cross Architects, PLLC is the architect of record. Houston-based Brownstone Construction, Ltd. is the builder and contractor, and non-profit, Texas Inter-Faith Management Corporation, will be the property manager. Additionally, Portfolio Resident Services, Inc., a Houston-based non-profit social services provider for the Inter-Faith Group, will accommodate residents with a variety of education, nutrition, and recreation activities that aim to enrich the quality of life at the community.

“Texas Inter-Faith Housing Corporation has been around since 1966 in Houston, and we’ve always put forth an effort to assist seniors, retirees, and the elderly with new housing possibilities,” said Russ Michaels, the Executive Director of TIFHC. “Knoll Street Crossing for Seniors is another terrific example of this, which not only will improve the neighborhood with new construction and design, but most importantly, it will empower our residents’ lives with a new senior housing option that otherwise was not available to them.”

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