April 17, 2023 — Boston Capital Finance (BCF) is pleased to announce the closing of another fixed rate forward taxable affordable loan. Woodring Apartments is a 70 unit to-be-built mixed-income housing development located in downtown Lake Charles, Louisiana.
“The projects includes a four-story, multifamily elevator serviced building that will house 58 units, as well as a 12-unit townhome building. Together these thoughtfully designed urban infill buildings bring much needed high quality, mixed-income housing to historic downtown, Lake Charles, Louisiana. The development will include a fitness center and community room. We are thrilled to add this project to our ever-growing affordable portfolio. Our relationship with the developer, HRI Communities, LLC, dates back to 2012,” said Sean Curry, Director of Investments and Originations.
“Our Boston Capital Long Term Mortgage Fund VI is truly the most unique 9% forward delayed product in the industry. 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.
HRI Communities, LLC (“HRIC”), an affiliate of HRI Properties, LLC, is dedicated to developing high quality, mixed-income, workforce and affordable housing that revitalizes neighborhoods. From artist lofts that infuse creativity while spurring economic development to sustainable housing developments that improve neighborhoods and address critical needs, HRIC excels in its mission of transforming underserved communities into places where people want to live, work and play. HRIC is a full-service real estate development company, with affiliated architectural design and property management services companies and is a national leader in the adaptive reuse of historic structures.
HRI Properties, LLC (“HRIP”) is an externally managed, owner of premium branded hotels and upscale apartments in top urban U.S. markets. Since 1982, HRIP and its affiliates have completed more than 100 projects involving more than $3.4 billion of total invested capital, which resulted in the creation of over 7,000 apartment units, over 7,900 hotel rooms, and more than 1.4 million square feet of office and retail space.
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 $3.4 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, email@example.com
Bill Fazzano 617-331-4098, firstname.lastname@example.org
Walter Williams 617-694-5182, email@example.com
Don Phelan 860-614-8650, firstname.lastname@example.org