DEAL OF THE DAY: Boston Capital Acquires 120-Unit Affordable Multifamily Development
- Jan 28, 2008
By Anuradha Kher, Online News EditorToms River, N.J.–Boston Capital Finance LLC has provided a construction-only loan of over $10 million to Toms River Crescent Apartments, a 120-unit affordable housing development in Toms River, N.J. Boston Capital has also provided tax credit equity for the development.Located on a 10.3-acre site near Route 70, Toms River Crescent will include 15 buildings containing 60 two-bedroom, one-bath garden-style units, 24 two-bedroom, two-bath townhouse-style units and 36 three-bedroom, two-bath townhouse-style units, available to residents at 60 percent or less of the Area Median Income. “Toms River Crescent will provide much-needed affordable housing to the residents of Toms River while adding another outstanding property to Boston Capital’s portfolio,” says Jeff Goldstein, CEO and director of Real Estate at Boston Capital. The apartment community, which is powered by a solar photovoltaic system, exceeds Energy Star standards, saving residents up to 30 percent in energy costs. “The emphasis on energy efficiency is indicative of Boston Capital’s efforts to increase the sustainability of its portfolio and focus on greening future multifamily developments,” says Goldstein.Building amenities include a 1,750-sq.-ft. community building, a jogging path, an education/computer center and a playground. Social programs such as computer education classes, financial literacy programs, and family and community health sciences programs will also be available on the community site.