DEAL OF THE DAY: Boston Capital Invests in Affordable MF Development in Calif.
Boston Capital provided equity, and construction and permanent loan, for Summer Hill Place, which will be a 50-unit multifamily development in Fresno, Calif.
Fresno, Calif.–Boston Capital provided equity, and construction and permanent loan, for Summer Hill Place, which will be a 50-unit multifamily development in Fresno, Calif.
Boston Capital provided the tax credit equity for the development; Boston Capital Finance (BCF) provided a $4.5 million construction loan and $1.5 million permanent loan. The general partner is AMCAL Multi-Housing, Inc.
“We are pleased to partner with AMCAL, expanding our commitment to investing in high-quality, affordable multifamily housing in Fresno and throughout California’s Central Valley,” stated Jeff Goldstein, executive vice president and director of real estate at Boston Capital. “Through our equity fund and our mortgage fund, we are providing our developer partners the best in equity and debt financing for new affordable communities such as Summer Hill Place.”
Summer Hill Place will be built on two parcels located within 500 feet of one another and will include 28 two-bedroom and 22 three-bedroom units in four, two-story buildings. Units will be equipped with central air, dishwashers, garbage disposals and patios and balconies. Units will be available to residents at 60 percent or less of the Area Median Income.
The development will feature a 1,330 square foot community building which will contain a management and leasing office, a maintenance and storage room, a computer center where education classes will be held, a laundry facility and a community room with a kitchen. Community amenities will also include a playground, barbecue and picnic areas, bicycle racks and a carport for each unit.
The development exceeds Title 24 Energy Efficiency standards by at least 15 percent. Units feature CRI Green Label Plus carpeting and finish materials including ceramic tiles in kitchens and bathrooms in lieu of vinyl or other artificial products.
Summer Hill Place will offer access to shopping, schools, employment and community services. Located approximately 200 miles north of Los Angeles and 170 miles south of Sacramento, Fresno is the fifth largest city in California.