April 22, 2021 — April 21, 2021 – Boston Capital Finance (BCF) is pleased to announce another closing of a construction-to-permanent tax-exempt bond. Madison Place is a 263-unit affordable apartment complex to be constructed in Miami, Florida. The Property will be family-orientated and consist of four multi-story elevator serviced buildings as well as 14,000 square feet of retail space.
“This is a great project for the city of Miami and brings much needed affordable housing to the area,” said Bill Fazzano, Director of Underwriting and Asset Management. “The construction to permanent financing solution allowed the borrower to save money on costs and provided a more seamless execution during the underwriting,” added Don Phelan, Director and special consultant to 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. BCF has closed on over $2.4 billion of affordable loans. The group is managed by Bill Fazzano, Sean Curry and Don Phelan (formerly of MassMutual). “BCF has a very competitive 4% bond program which allows us to lend nationally and provide a seamless execution to our borrower partners,” said Kevin Costello Executive Vice President of Boston Capital Finance.
Have an affordable tax-exempt bond that needs to be financed? Please contact us for details: