June 29, 2022 — Boston Capital Finance (BCF) is pleased to announce another construction to permanent, tax-exempt bond closing. Clear Bay Terrace Apartments is a fully leased, senior tenanted 100-unit affordable housing apartment building located in Clearwater, Florida. Built in 1984, the property has had nonprofit ownership and management ever since. The property will be rehabilitated which will help allow its elderly tenants to safely and comfortably age in place.
“The Clear Bay Terrace Apartments bond closing is another example of our growing commitment to affordable lending in Florida,” said Bill Fazzano, Director of Underwriting and Asset Management. “Clear Bay Terrace Apartments is the third of at least seven bonds we are closing in Florida in 2022. As borrowers evaluate lending options, time and again they choose a more borrower friendly private placement execution: added Don Phelan, Director and special consultant to BCF.
Boston Capital Finance
BCF was founded in 1994 as a wholly owned subsidiary of Boston Capital Corporation and provides construction-to-permanent financing on properties that have or will obtain low-income housing tax credits. BCF owned and managed by Jack Manning, Kevin Costello, Bill Fazzano and Sean Curry has closed over $2.9 billion of affordable bonds and loans.
“BCF is a major national 4% tax-exempt affordable construction to permanent lender.
In addition to our tax-exempt bond-financing program, we recently added the Boston Capital Long Term Mortgage Fund VI to our growing debt platform. This Fund is geared towards taxable forward delayed 9% permanent loans, said Sean Curry, Director of Investments and Originations.
Have an affordable tax-exempt bond or taxable permanent loan that needs to be financed? Please call: