September 22, 2020 — Boston Capital Finance (BCF) announced the closing of the Spring Villas 2020 Series A bond and B bond totaling $55.2 million. The Spring Villas development, located in Travis County, Austin, Texas, will feature 304 family affordable housing units situated in four residential four-story buildings as well as a clubhouse. The developer is the very accomplished AMTEX Development and AMCAL Enterprises. In December of 2019, BCF partnered with AMCAL to close the Limestone Senior 2019 Series A and B bond totaling $36.5 million, also located in Travis County, Austin, Texas.
“Boston Capital Finance is thrilled to work with AMCAL on another bond closing,” said Kevin Costello, Executive Vice President at Boston Capital. “Given the market’s incredible demand for affordable housing, we are excited to be part of this team creating high-quality affordable housing communities in Austin. Both developments are located in close proximity to the soon to be built TESLA pickup truck plant that will ultimately employee 5,000 factory workers. The market metrics couldn’t be stronger.”
“BCF has a vibrant 4% lending platform,” added Mr. Costello. “With the addition of Don Phelan who joined us after more than 20 years at MassMutual/Cornerstone, we feel we have a very competitive lending platform.”
About Boston Capital Finance (BCF):
Boston Capital Finance (BCF), a wholly-owned subsidiary of Boston Capital Corporation, was founded in 1994 and currently provides both construction and permanent financing on properties that have or will obtain low-income housing tax credits. Since its inception, BCF has invested more than $2 billion in real estate loans.