TODAY’S DEALS: Boston Capital Closes Tax Credit Fund With $120M Equity, and Other Transactions
- May 04, 2009
By Anuradha Kher, Online News EditorBoston–Boston Capital recently closed the Boston Capital Tax Credit Fund XXXI, a nationally diversified portfolio of 30 affordable apartment properties in 12 states with total equity invested of $120 million. With this closing, Boston Capital has invested $640 million in equity since January 2008. “At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high quality assets and strong investor interest in these assets,” says Jack Manning, president and CEO of Boston Capital. “The appetite for these investments is reflective of the high standards inherent in our investment offerings. We will continue to provide our developer partners and our investors the best finance and investment programs in the business.” Fund XXXI includes 12 developments for seniors and 18 properties focused on families. The properties acquired by Corporate Fund XXXI will add an additional 2,109 apartment units to Boston Capital’s holdings, which currently total over 170,000 apartments. Arbor Closes $1,130,100 Fannie Mae DUS Small LoanHazen, N.D.–Arbor Commercial Funding LLC recently completed funding of a $1,130,100 loan under the Fannie Mae DUS Small Loan product line to refinance the 48-unit complex known as Century Apartments in Hazen, N.D. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.