February 24, 2022 — Boston Capital Finance (BCF) is pleased to announce another construction to permanent, tax-exempt bond closing. Pine Grove is a fully leased, senior tenanted 97-unit affordable housing apartment building located in Alachua County, 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 Pine Grove bond closing further cements our commitment to affordable lending in Florida,” said Bill Fazzano, Director of Underwriting and Asset Management. “This property has served the needs of at risk seniors for the past 37 years and we are pleased to help Pine Grove and its nonprofit sponsor continue with this mission,” 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 and Kevin Costello, has closed over $2.7 billion of affordable bonds and loans.
“Pine Grove is the second 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,” said Sean Curry, Director of Investments and Originations.
Have an affordable tax-exempt bond that needs to be financed? Please call: