BOSTON, MA - Boston Capital Finance (BCF) announces the closings of two 24-month construction loans for Garden Walk of Booneville in Booneville, Arkansas and Garden Walk of Barling in Barling, Arkansas. Both loans closed into the Boston Capital Intermediate Term Income Fund, a fixed-rate, construction financing fund.
"Through Boston Capital's construction loans, we are able to invest in high-quality, multifamily housing in Booneville and Barling, two areas in need of affordable housing designed for families," stated Kevin P. Costello, Executive Vice President and Director of Institutional Investing at Boston Capital. "Boston Capital continues to achieve strong investment results through our specialized finance and investment programs while providing our developer partners the best in equity and debt financing and on-time closings."
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. 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. With these investments, Boston Capital adds 90 units of affordable housing to its apartment portfolio. The rehabilitation of these properties will generate more than $4 million in local income and create approximately 50 jobs in the Booneville/Barling area. To date, Boston Capital has invested in approximately 2,000 units of affordable housing in Arkansas.
Garden Walk of Booneville
The existing 49-unit Garden Walk of Booneville is comprised of four buildings featuring eight one-bedroom, 24 two-bedroom and 17 three-bedroom units for families. Renovations will include on-site management, a small fitness center, a laundry room, a tot-lot, a basketball court and a large gazebo with a barbeque area. Units will be available to families earning 60 percent or less of the Area Median Income (AMI).
Garden Walk of Barling
Garden Walk of Barling includes the rehabilitation of an existing 48-unit development that upon completion will contain 41 units for families. Located in five, two-story buildings, the apartment community will feature 19 one-bedroom, 16 two-bedroom and six three-bedroom units. Renovations will include the expansion of an existing leasing office/community room to include a small fitness center. Units will be available to families earning 60 percent or less of the 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 loan 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 is currently closing Boston Capital Tax Credit Fund XXXV, a $351 million fund expected to close in January 2012. Boston Capital will launch Boston Capital Tax Credit Fund XXXVI in March 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 more than 2,450 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 159,000 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.