BOSTON, MA - Boston Capital Finance (BCF) announces the closing of a permanent loan for Brazos Senior Village in Rosenberg, Texas. 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. Brazos Senior Village will have a 15-year loan term.
"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. "Through our fixed-rate forward permanent loans, we are able to invest in high-quality, multifamily affordable housing for seniors in Texas and throughout the country."
Brazos Senior Villas will feature four single-story bungalow-style buildings with 24 units, each unit having an attached direct-entry garage; and four, two-story elevator courtyard-style building with 56 apartments, administrative offices and social and recreational amenities. The 5.3-acre site will be part of the larger Brazos Town Center mixed-use development located about 20 miles west of downtown Houston. Units will be available to seniors earning 30, 50 and 60 percent of the Area Median Income (AMI).
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.
Boston Capital's investment in Brazos Senior Villas adds 80 units of affordable housing to its apartment portfolio. The construction of this property will generate more than $7.6 million in local income and will create approximately 116 jobs in the Rosenberg area. To date, Boston Capital has invested in nearly 21,000 units of affordable housing in Texas.
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 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.