November 8, 2024 – Boston Capital Finance (BCF) is pleased to announce the closing of another fixed rate forward taxable affordable loan.  

This project is a joint venture between the very experienced TM Associates and the very accomplished Green Street Housing, LLC. The Point at Smithsburg is located in Smithsburg, Maryland and is an existing 38-unit multifamily property that will be substantially renovated into a like new 40-unit affordable development targeting residents at 30%, 40%, 50% and 60% of average medium income.  In addition to the residential space, this project will provide 62 surface parking spaces along with multiple amenities including a business center, clubhouse, playground, picnic area, laundry facility, and storage.

“We are thrilled to be financing another project with TM Associates and Green Street Housing, LLC. This development will revitalize and create virtually new 40-units of much needed high quality, affordable housing in Smithsburg, Maryland,” said Sean Curry, Partner and 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.  We are able to offer an exclusive re-rate lock feature that allows the developer the ability to re-lock at a lower benchmark at stabilization,” said Bill Fazzano, Partner and Director of Underwriting.  

“We have had a seamless and efficient experience working with Bill, Sean and their team at Boston Capital Finance on the permanent debt for Point at Smithsburg.  Green Street and TM Associates are excited about bringing this robust and comprehensive redevelopment of the Point at Smithsburg Apartments to the residents and to the Smithsburg community. We look forward to the next deal with Boston Capital Finance.” said Charlie Moore, CFO/Director of Development Finance with Green Street Housing, LLC.

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 $4.2 billion of affordable bonds and loans. 

Green Street Housing, LLC

Green Street Housing is a Maryland-based affordable housing developer whose principals have many years of development experience and over $100’s of millions in closed transactions in the region.  Green Street Housing takes great pride in its green-building practices which include Energy Star building practices and on-site solar energy production at all its Maryland affordable apartment communities.  Learn more at www.greenstreethousing.com.

TM Associates Development, Inc.

TM Associates’ history of successes includes new construction and rehabilitation projects. They have enjoyed trusted partnerships with many for-profit and non-profit organizations and continue to work alongside those who share their dedication to the development and preservation of affordable housing communities. They have gained invaluable experience mastering complex projects and have been repeatedly recognized for their green-building efforts.

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