BOSTON, MA - Boston Capital is providing permanent mortgage financing for Revere Run at Park Place, an 80-unit development for families in Gloucester, New Jersey. Boston Capital Finance (BCF) has approved a fixed-rate forward, 24-month commitment which closed into the Boston Capital Long Term Mortgage Fund. The loan will carry a 15-year term.
"Through the Boston Capital Long Term Mortgage Fund, we are pleased to provide permanent loan financing for Revere Run at Park Place," stated Kevin P. Costello, Executive Vice President and Director of Institutional Investing at Boston Capital. "For over 39 years, Boston Capital has developed a reputation for personal service and a record of financing the highest-quality properties in the marketplace."
Located on eight acres, Revere Run at Park Place will feature 15 one-bedroom, 41 two-bedroom and 24 three-bedroom units in six three-story, townhouse-style buildings. Units will feature central air conditioning, dishwashers and high-speed internet access. The apartment community will also offer a playground and a community building featuring a community room, exercise area, craft room, computer room and laundry room. Revere Run at Park Place will offer its residents convenient access to shopping, entertainment, recreational, employment and educational opportunities.
Located eight miles east of Philadelphia, the apartment community will serve families earning 60 percent or less of the Area Median Income (AMI). Five units will be set aside for homeless youth as well as youth aging out of foster care.
About Boston Capital Finance
Boston Capital Finance (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 and/or other national syndication firms provide tax credit syndication equity. In 2011, Boston Capital introduced two new debt initiatives including the Boston Capital Intermediate Term Income Fund, a construction loan fund and the Boston Capital Long Term Mortgage Fund, a fixed-rate, forward permanent financing fund. The funds can be used together to create a true one-stop shop for affordable housing developers.
BCF originates construction, permanent and construction/permanent loans in sizes between $1,000,000 and $18,000,000. BCF's previous fund, the Boston Capital Affordable Housing Mortgage Fund LLC, has fully invested its $115 million in capital in 36 loans. BCF continues to service the portfolio.
In addition to its debt products, Boston Capital provides equity for affordable multifamily housing developments and recently closed Corporate Fund XXXVI, a $150 million equity fund. Boston Capital recently launched Corporate Fund XXXVII, a $140 million equity fund which is expected to close in the first quarter of 2013.
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 and energy, and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,260 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 155,520 apartments with a development cost in excess of $14.3 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.