BOSTON, MA - Boston Capital Finance (BCF) announces the closing of a permanent loan for Pine View Manor Apartments in Payson, Arizona. The loan is a 24-month, fixed-rate forward commitment which closed into the Boston Capital Long Term Mortgage Fund. Loan funding will occur upon construction completion and property stabilization. Pine View Manor Apartment will have a 15-year loan term.
"Boston Capital has built a reputation over the past 38 years of providing our developer partners the best in equity financing and on-time closings. Through the Boston Capital Long Term Mortgage Fund, our partners can satisfy all their financing needs at one closing," stated Kevin P. Costello, Executive Vice President and Director of Institutional Investing at Boston Capital.
The 49-unit apartment community for seniors will feature the construction of 20 units as well as the rehabilitation of an existing 29 units. The development will include eight studios, 36 one-bedroom units and five two-bedroom units. Units will offer central air conditioning, exterior patios and dishwashers. Renovations will include the addition of a community room, gazebo, BBQ/picnic area, dog park and a community laundry room. Units will be available to seniors ages 62 and older earning 40, 50 and 60 percent of the Area Median Income (AMI).
"Pine View Manor Apartments will offer seniors high-quality, affordable housing with enhanced amenities and a great location close to area retail and community services as well as recreational opportunities," said Costello.
Boston Capital's investment in Pine View Manor Apartments adds 49 units of affordable housing to its apartment portfolio. The construction and rehabilitation of this property will generate nearly $5 million in local income and create approximately 62 jobs in the Payson area. To date, Boston Capital has invested in nearly 2,200 units of affordable housing in Arizona.
In 2011, Boston Capital introduced two debt initiatives including the Boston Capital Long Term Mortgage Fund, a fixed-rate, forward permanent financing fund and the Boston Capital Intermediate Term Income Fund, a construction loan fund. The funds can be used together as well as independent of each other and are intended to be used in conjunction with Boston Capital's equity offerings. BCF originates, manages and services both funds that target construction and permanent lending opportunities on new construction or substantially rehabilitated LIHTC (Section 42) properties in which Boston Capital is the equity provider.
About Boston Capital Finance
BCF provides both construction and permanent mortgage financing on LIHTC properties syndicated by Boston Capital. BCF originates construction, permanent and construction/permanent loans in sizes between $1,000,000 and $11,000,000. BCF's previous fund, the Boston Capital Affordable Housing Mortgage Fund LLC, has fully invested its $115 million in capital in 36 loans. In addition to its debt products, Boston Capital provides equity for affordable multifamily housing developments and recently closed Boston Capital Tax Credit Fund XXXV, a $350 million fund. Boston Capital will launch Boston Capital Tax Credit Fund XXXVI in late February 2012.
About Boston Capital
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing, energy, film and economic development and equity investment in market rate apartment communities. Boston Capital's holdings include nearly 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 157,425 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.