February 10, 2022 — The final loan in the Boston Capital Intermediate Term Income Fund II – Pool B (the “Fund”) has been repaid in full and the Fund has now fully matured. The Fund was a Massachusetts Limited Liability Company formed in December of 2016 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 seven loans with an aggregate loan volume in excess of $63,427,000. We are pleased to report that the Fund delivered the targeted yield throughout the term of the investment period.
It is estimated that the Fund helped create 440 jobs during the funds life; 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 390 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.