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

The Texas-based non-profit organization, Oaklake Community Housing Development Corporation (OCHDC), has started construction on Avenue Heights, which is a new affordable housing community serving the families of Killeen, Texas. Avenue Heights, located at 2600 Illinois Avenue in Killeen, is comprised of a one-story community clubhouse and two three-story garden style buildings offering 21 one-bedroom units and 48 two-bedroom units. The apartment homes 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 multipurpose club room, business center and spacious fitness room.

“This project will bring much needed high quality, affordable housing to Killen, 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.

Oaklake Development, LLC will develop Avenue Heights, and Cross Architects, PLLC is the architect of record. Texas-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.

“As a non-profit owner and developer, we are excited to bring Avenue Heights to both Killeen and the Fort Hood area to continue our non-profit mission of providing high quality apartment housing for working families,” said JOT Couch, the Executive Director of OCHDC.

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