Woods at WestPark

June 5, 2023 — Boston Capital Finance (BCF) is pleased to announce the closing of another tax-exempt construction to permanent bond. The Woods at Westpark is the new construction of a 99-unit LIHTC multifamily development located in Brambleton, Virginia. Upon completion, The Woods of Westpark will consist of 15 three-story residential buildings containing 99 residential units. The property is restricted to 100% of units being rented to 60% AMI tenants. The co-developers are TM Associates Development and Soave Enterprises. “We are excited to add this project to our growing affordable portfolio and thrilled to be working with two developers of this caliber” said Sean Curry, Director of Investments and Originations. “These developers could have selected any number of lenders for the project. Boston Capital’s relationship with TM dates back to the late 1970s and we are thrilled that along with Soave Enterprises, TM Associates selected BCF as lender” said Bill Fazzano, Director of Asset Management and Underwriting.

About the Developers

TM Associates is a premier affordable housing developer and property manager with over 45-years of experience. With a portfolio of over 400 affordable rental communities, providing more than 18,000 units of housing for low-moderate income individuals throughout the 15 State region they serve. TM prides itself on the diversity of the residents and communities and welcomes the opportunity to bring their Knowledge, Investment and Transformation to their ever-growing portfolio of quality affordable housing; tailored to the needs of our residents and their community.

Soave Enterprises holds interests in a diversified portfolio of companies. Soave Enterprises specializes in identifying and growing business potential, leveraging management strengths and financial resources. The company currently holds interests in a wide array of industries, including master-planned luxury residential developments, high-rise Gulf Coast luxury condominiums, commercial and industrial properties, luxury car dealerships, hydroponic greenhouse operations, industrial cleaning services, facility management services and transportation. Soave Real Estate Group – the real estate operating arm of Soave Enterprises – is recognized as a leader in the real estate industry. The Soave Real Estate Group has a broad portfolio of holdings, including commercial, industrial, luxury and residential properties. Soave Enterprises believes in building a legacy of community support, as we believe that the health of the business sector is fundamentally connected to the health of its community.

Boston Capital Finance

BCF was founded in 1994 as a wholly owned subsidiary of Boston Capital Corporation and provides construction-to-permanent financing as well as fixed rate forward permanent loans via the proprietary Boston Capital Long Term Mortgage Fund VI 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 $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, 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