May 12, 2021 — The final loan in the Boston Capital Intermediate Term Income Fund II – Pool A (the “Fund”) has been repaid in full and the Fund has now fully matured. The Fund was a Massachusetts Limited Liability Company formed on May 1, 2011 to make fixed-rate first priority construction loans. Each loan had a binding forward commitment, secured by a multifamily affordable housing apartment complex. The apartment complexes securing the Fund’s mortgage loans were also financed in part by tax credit equity.
In total, the Fund made 16 loans with an aggregate loan volume in excess of $84,000,000. We are pleased to report that the Fund delivered the targeted yield throughout the term of the investment period.
The Fund financed the creation or substantial renovation of 959 affordable units located in seven states and two US territories. The National Home Builders estimates that for every 1,000 units built or renovated, 1,130 jobs are created. The majority of those jobs are in the building trades; however, they also touch manufacturing, finance and insurance, real estate, leasing as well as administrative services.
“This Fund helped deliver 959 units of much needed affordable housing while also paying a market yield to our investment partners during the life of the investment term” said Bill Fazzano, Director of Asset Management and Underwriting. “We would like to thank our borrower and capital partners for their partnership with this Fund” added Sean Curry, Director of Originations and Investor Relations.