N.C. Affordable Seniors Housing Gets $3.75M Construction Loan
- Apr 04, 2012
Locust, N.C.—Ardsley Commons, an affordable apartment development for seniors in Locust, N.C., has obtained a $3.75 million construction loan. Boston Capital Finance (BCF) closed the 24-month loan recently into the Boston Capital Intermediate Term Income Fund, a fixed-rate, construction-financing fund.
Located 25 miles east of Charlotte, the apartment property will feature 32 one-bedroom and four two-bedroom units in one three-story elevator building. It will also include a storage area and laundry on each floor, a 4,800-square-foot community room featuring a computer center and fitness area, and outside sitting areas with tables and grills. Units will be available to seniors earning between 40 percent and 60 percent of area median income.
BCF’s investment in Ardsley Commons adds 36 units of affordable housing to its apartment portfolio. The construction of the property, according the company, will generate nearly $3.5 million in local income and create about 52 jobs in the Locust area. Thus far, BCF has invested in nearly 5,000 units of affordable housing in North Carolina.
“We target properties demonstrating strong demographics and developer partners with a proven track record,” Bill Fazzano, vice president of BCF, tells MHN. “We’re particularly sensitive to regional or local economic issues that could affect the viability of a transaction.”
BCF provides both construction and permanent mortgage financing on LIHTC properties syndicated by Boston Capital, originating construction and permanent loans between $1million and $11 million. BCF’s previous fund, the Boston Capital Affordable Housing Mortgage Fund LLC, fully invested its $115 million in 36 loans.