August 31, 2023 — Boston Capital Finance (BCF) is pleased to announce the closing of two fixed rate forward taxable affordable loans. Rolling Meadows is a 50 unit mixed-income housing development located in Lexington, Nebraska. The 50 units will be housed in 25 to-be-built two story duplexes. In addition to the residential space, this development will include a single-story clubhouse that will include a conference room and business center.
Boulevard Lofts is a 50 unit affordable housing development located in Kansas City, Missouri. The to-be-built affordable development will be a four-story, multifamily elevator serviced building. In addition to the residential space, this project will provide secure off-street parking, a clubhouse, conference room, BBQ/Picnic area, playground and business center.
“These projects will bring much needed high quality affordable housing to both Lexington, Nebraska and Kansas City, Missouri. We are excited to provide these fixed rate forward permanent loans through our proprietary forward delayed 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 Riverstone Platform Partners and Monarch Private Capital.
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 dedicated 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