June 27, 2025 – Boston Capital Finance (BCF) is pleased to announce the closing of the Laurel Wood bond. This financing is a $15.6 million construction to permanent tax-exempt multifamily bond. The development consists of an existing 50-unit multifamily building that will undergo a substantial renovation as well as a to-be-built 54-unit affordable housing apartment complex located in Asheville, North Carolina. The development will serve seniors 62 years of age and older with average median incomes to not exceed 80% of the market. The buildings 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 multi-family developments in the state of North Carolina. We are very pleased to be working with Volunteers of America National Services on another multi-family bond,” said Sean Curry, Partner, and Director of Originations and Investments. 

“Senior affordable housing is very much needed in Asheville North Carolina and Laurel Wood 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 (VOANS), a subsidiary of Volunteers of America, provides affordable housing and healthcare services in over 40 states and in Puerto Rico. The organization employs over 2,000 dedicated staff who provide high quality services and care to our clients. As one of the largest non-profit affordable housing owners/operators in the nation, the VOANS portfolio includes over 240 properties and 15,000 affordable housing units. VOANS also operates senior healthcare programs, including independent living, assisted living, memory care, short-term rehabilitation, skilled nursing care, home health care, and Programs for all Inclusive Care for the Elderly (PACE). Learn more at www.voans.org.

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, BCF has closed over $4.5 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