BOSTON, MA - Boston Capital Finance (BCF) announces the closing of a 24-month construction loan for Ardsley Commons, an affordable community for seniors in Locust, North Carolina. The loan closed into the Boston Capital Intermediate Term Income Fund, a fixed-rate, construction financing fund.
"We are pleased to provide a seamless process to our developer partners as both debt and equity are underwritten, closed and serviced at Boston Capital," stated Kevin P. Costello, Executive Vice President and Director of Institutional Investing at Boston Capital. "The property's amenity package, convenient location and dedication to seniors in an area lacking in affordable senior housing will contribute to its appeal in its marketplace."
Boston Capital's investment in Ardsley Commons adds 36 units of affordable housing to its apartment portfolio. The construction of this property will generate nearly $3.5 million in local income and create approximately 52 jobs in the Locust area. To date, Boston Capital has invested in nearly 5,000 units of affordable housing in North Carolina.
Located 25 miles east of Charlotte, the 36-unit apartment community for seniors will feature one three-story elevator building, comprised of 32 one-bedroom and four two-bedroom units. Units will feature central air, dishwashers, washer/dryer hook-ups and walk-in closets. The development will include a storage area and laundry on each floor, a 4,800 square foot community room featuring a computer center and fitness area and outside sitting areas including a picnic area with tables and grills.
Ardsley Commons is located within walking distance of medical offices, a pharmacy, banks, library, restaurants and other merchants located in the Locust Town Centre. Units will be available to seniors earning 40, 50 and 60 percent of the Area Median Income (AMI).
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 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. 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 early April 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.