October 9, 2023 — Boston Capital Finance (BCF) is pleased to announce the closing of another fixed rate forward taxable affordable loan. Guadalupe Apartments is a mixed-income housing development located in downtown Kansas City, Missouri. The project is located in the West Blue Valley neighborhood in the northeastern portion of Kansas City. The development site is directly adjacent to the Guadalupe Center’s Elementary School and part of the larger Guadalupe Villa Campus. The school currently has 65 Pre-K and 700 elementary school students.
Guadalupe Apartments is a to-be-built four-story, multifamily elevator serviced building that will house 50-units. In addition to the residential space, this project will provide 65 secure off-street parking spaces, a clubhouse, conference room, BBQ/Picnic area, a playground and business center. “This project will bring much needed high quality, mixed-income housing to historic downtown Kansas City, Missouri. We are excited to provide this fixed rate forward permanent loan through our proprietary affordable loan fund,” said Sean Curry, Director of Investments and Originations.
“Our Boston Capital Long Term Mortgage Fund VI is a unique 9% forward delayed product. This non-agency, private placement, 40-year amortizing loan product can be paired with any equity investment and construction loan of a developer’s choosing. It allows for a best-in-class execution coupled with superior terms,” said Bill Fazzano, Director of Underwriting and Asset Management.
About the Developers
This development is a joint venture between Guadalupe Centers, Riverstone Platform Partners and Monarch Private Capital.
Guadalupe Centers
Founded in 1919, Guadalupe Centers is one of Kansas City’s largest community organizations. Guadalupe Centers, consists of 7 different programs and 8 different buildings serving the community in the areas of Health and Social Services, Education, Youth Recreation, Cultural Events, Catering Services, Summer and After School Programs.
Riverstone Platform Partners
The principles of Riverstone Platform Partners have over sixty years combined experience financing, developing, operating, and building affordable and workforce housing. Their portfolio consists of over 1,200 units in operation or under development throughout the Midwest. Their dedication to developing affordable housing has led to their ongoing success within the markets they develop.
Monarch Private Capital
Since 2005, Monarch Private Capital and its portfolio companies have facilitated investments in nearly 350 state and federal LIHTC projects, with more than 40,000 units generating $1.7 billion low-income housing tax credits.
Boston Capital Finance
BCF was founded in 1994 as a wholly owned subsidiary of Boston Capital Corporation and provides construction-to-permanent affordable bond financing as well as fixed rate forward permanent affordable loans via the proprietary Boston Capital Long Term Mortgage Fund VI. BCF, owned and managed by Jack Manning, Kevin Costello, Bill Fazzano and Sean Curry has closed over $3.7 billion of affordable bonds and loans.
Have an affordable tax-exempt bond or taxable permanent loan that needs to be financed? Please call:
Sean Curry 781-526-4319, scurry@bostoncapital.com
Bill Fazzano 617-331-4098, bfazzano@bostoncapital.com
Walter Williams 617-694-5182, wwilliams@bostoncapital.com
Don Phelan 860-614-8650, dphelan@bostoncapital.com