Boston Capital
Boston Capital Finance is a Boston-based boutique affordable housing lender providing construction-to-permanent bond and forward permanent loan financing for LIHTC and historic tax credit multifamily developments, serving developers, nonprofits, and housing authorities across the United States.
- Company typePrivate
- Founded1974
- HeadquartersBoston, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Boston Capital does
Boston Capital Corporation is a Boston-based private investment company founded in 1974 by Jack Manning and Herb Collins as a pioneer in the federal low-income housing tax credit (LIHTC) program. Since inception, the firm has invested in more than 3,700 multifamily apartment properties across all 50 states with total development cost exceeding $19 billion. In December 2020 the company underwent a major strategic restructuring, selling substantially all of its LIHTC equity portfolio and spinning off its development operations into Tremont Development Partners LLC, refocusing the parent entity on debt financing through its wholly owned subsidiary Boston Capital Finance LLC (BCF, founded 1994).
Boston Capital Finance operates as a boutique affordable housing lender, originating, underwriting, closing, and servicing all bonds and mortgages in-house. Its core products are 4% private placement construction-to-permanent tax-exempt bonds with 40-year amortization and 9% taxable fixed-rate forward permanent loans, the latter featuring a re-rate lock option tied to the 10-Year Treasury at stabilization. Differentiated features include up to 10% earn-out at stabilization, true mezzanine (B-Bond) financing, and a $75 million balance sheet vehicle (Long Term Mortgage Fund VII) launched in March 2026. Since 1994, BCF has closed over $4.8 billion of affordable bonds and loans. The firm ranked among the Top 25 Affordable Lenders in 2024 (Affordable Housing Finance magazine) and maintains offices in Boston, Charleston, and Phoenix, with active coverage extending to US territories including the Virgin Islands, Puerto Rico, and Guam.
The business model generates revenue through origination fees, interest income on construction and permanent loans, and loan servicing fees on a long-duration book with 40-year amortizations. Customer segments span for-profit affordable housing developers, nonprofit housing organizations (e.g., Volunteers of America), and public housing authorities. Go-to-market is sales-led and event-driven, combining direct origination by a named partner-level team (Sean Curry, Bill Fazzano, Walter Williams) with active participation in industry conferences such as the Affordable Housing Finance Live national show. Ownership remains founder/management-controlled with no disclosed institutional or private equity backing.
Boston Capital firmographics
Firmographics- Name
- Boston Capital
- Legal name
- Boston Capital Corporation
- Website
- https://bostoncapital.com
- Company type
- Private
- Founded year
- 1974
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Boston Capital Finance is a Boston-based boutique affordable housing lender providing construction-to-permanent bond and forward permanent loan financing for LIHTC and historic tax credit multifamily developments, serving developers, nonprofits, and housing authorities across the United States.
- Ownership category
- akta.pro rank
Boston Capital industry classification
Industry- Product category
- Affordable Housing Finance
- NAICS
- Real Estate Credit (522292)
- SIC
- Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Land Acquisition, Lot Development & Construction Financing (AD&C) (FSALAHAI)
- akta.pro secondary industries
- Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH), Commercial/Non-Residential Construction-to-Perm Financing (FSALAHAE)
Keywords
Where Boston Capital is headquartered
LocationHeadquarters
- HQ city
- Boston
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Boston Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Construction-to-Permanent Financing: BCF provides construction-to-permanent financing on properties that have or will obtain low-income housing tax credits. This includes tax exempt construction to permanent bond financing as well as fixed rate forward conventional loan funding. Revenue is generated through interest income, origination fees, and loan servicing fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | 4% Private Placement Construction to Permanent Bonds |
| Other | Multi-year contract | 9% Private Placement Fixed Rate Forward Delayed Loans |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Boston Capital product offering
Product offeringCore offering
Boston Capital Finance (BCF) provides construction-to-permanent debt financing for affordable multifamily housing developments that have or will obtain Low-Income Housing Tax Credits (LIHTC). The firm originates, underwrites, closes, and services all loans in-house, offering 4% private placement tax-exempt construction-to-permanent bonds and 9% taxable fixed-rate forward permanent loans with 40-year amortization, serving affordable housing developers across the United States.
Product overview
Boston Capital operates primarily through its Boston Capital Finance (BCF) subsidiary, a boutique affordable housing lender founded in 1994. The core offering consists of two main financing products: 4% Private Placement Construction to Permanent Bond Financing (40-year amortization with tax-exempt bonds) and 9% Taxable Forward, Non-Agency 40 Year Amortizing Permanent Loans. BCF also manages the Boston Capital Long Term Mortgage Fund VII ($75 million fund). Supporting services include Boston Capital Finance Asset Management (in-house loan servicing and asset management) and Boston Capital Asset Management (third-party related party services). The company operates from offices in Boston, MA, Charleston, SC, and Phoenix, AZ.
Differentiator
Problem solved
Functional benefit
Products and services
- Boston Capital Finance (BCF) — Boutique Affordable Lender Boutique affordable housing lender providing construction-to-permanent financing on properties that have or will obtain low-income housing tax credits. BCF originates, underwrites, closes, and services all bonds and mortgages in-house.
- 4% Private Placement Construction-to-Permanent Bond Financing Tax-exempt private placement bonds with 40-year amortization for new construction and rehabilitation of affordable housing properties utilizing 4% Low-Income Housing Tax Credits. Features include up to 10% earn-out at stabilization, true mezzanine (B-Bond) financing, in-house construction draw administration, and floating interest rate during construction converting to a fixed interest rate for the life of the permanent loan. For affordable housing developers and LIHTC equity syndicators.
- 9% Taxable Forward, Non-Agency 40-Year Amortizing Permanent Loan Fixed-rate forward delayed permanent loans with 40-year amortization for 9% LIHTC properties and attainable housing developments. Features include a unique re-rate lock option prior to funding that allows developers to benefit from declining 10-Year Treasury rates, interest-only options of one to three years post funding, and 30-month delayed permanent commitments.
- Boston Capital Long Term Mortgage Fund VII $75 million fund providing fixed-rate forward permanent loan commitments for 9% taxable LIHTC and attainable housing developments. Includes a unique re-rate lock feature allowing developers to re-lock interest rates at stabilization when the 10-Year Treasury benchmark is trading lower than at original lock.
- Boston Capital Finance Asset Management In-house asset management and loan servicing providing a single point of contact during both construction and permanent phases, proactive monitoring across all US markets including US Virgin Islands, Puerto Rico, and Guam, and customized reporting for capital partners.
- Boston Capital Asset Management (Third-Party Related Party)
Quantifiable outcome
- 4% Private Placement Bonds: Up to 10% earn-out at stabilization, true mezzanine (B-Bond) financing, floating rate during construction converted to fixed rate for permanent loan
- +1 more outcomes
Companies that use Boston Capital
Customer profileNamed customers16 records
Segments3 records
Ideal customer profiles5 records
Boston Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Boston Capital partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Tremont Development Partners LLCcoreIn December 2020, Boston Capital Corporation sold substantially all of their LIHTC portfolio and transitioned their development business to operate at Tremont Development Partners LLC. This represents a strategic restructuring of Boston Capital's historical business lines.
- Boston Capital Asset ManagementcoreRelated party providing third-party asset management services. After BCC sold their LIHTC portfolio in 2020, asset management transitioned to this related party.
Scale indicators5 records
Recent moves3 records
Expansion highlights5 records
Boston Capital competitors and assessment
Company assessmentDirect peers
- Hunt Real Estate Capital: Hunt Real Estate Capital is a direct competitor to BCF, providing construction and permanent financing for multifamily affordable housing including LIHTC transactions. Like BCF, it is a boutique originator offering FHA, Fannie Mae, Freddie Mac, and balance sheet execution across the affordable housing segment.
- Walker & Dunlop: Walker & Dunlop is a major direct competitor, one of the largest multifamily lenders in the US providing construction-to-permanent, LIHTC, and affordable housing financing. Compares to BCF in serving similar LIHTC borrowers, but at much greater scale via agency and balance sheet programs.
- Berkadia Commercial Mortgage: Berkadia is a direct peer providing multifamily construction and permanent financing with deep affordable housing and LIHTC expertise. Both firms compete head-to-head on 4% tax-exempt bond and 9% LIHTC forward loan execution for similar developer clients.
- Bellwether Enterprise Real Estate Capital: Bellwether Enterprise is a direct peer providing affordable housing and multifamily construction/permanent financing with strong LIHTC expertise. Like BCF, it focuses on agency plus proprietary capital solutions for affordable and workforce housing developers nationally.
- Greystone: Greystone provides multifamily and affordable housing financing including LIHTC, construction, and permanent loan products. Directly comparable to BCF in serving affordable developers with both agency execution and proprietary balance sheet lending through Greystone Servicing Company.
- Merchants Capital: Merchants Capital is a direct peer providing construction-to-permanent and permanent financing for market-rate and affordable multifamily housing, including LIHTC transactions. Like BCF, it is a specialty originator offering tax-exempt bond and proprietary balance sheet execution.
- Grandbridge Real Estate Capital: Grandbridge is a direct peer providing construction and permanent multifamily financing including affordable housing and LIHTC executions. Compares to BCF as a mid-size specialty lender serving similar developer clients across multiple US regions.
Broad incumbents
- JLL Real Estate Capital Markets: JLL Real Estate Capital Markets is a broad incumbent providing large-scale multifamily and affordable housing debt placement and origination. Comparable to BCF on affordable housing execution but as part of a much wider commercial real estate capital markets platform.
- PNC Real Estate: PNC Real Estate is a broad incumbent providing multifamily affordable housing construction and permanent financing as part of its larger commercial banking franchise. Comparable to BCF on affordable/LIHTC execution but with deposit-funded balance sheet capacity.
Emerging players
- Cinnaire: Cinnaire is a mission-driven CDFI providing LIHTC equity and financing solutions for affordable housing developers. Comparable to BCF on affordable housing focus but operates primarily as a LIHTC equity syndicator rather than a debt originator.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Boston Capital social profiles
Digital presenceBoston Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Boston Capital leadership team
Management profileNumber of profiles
Profiles11 records
Boston Capital subsidiaries and ownership
Company hierarchySubsidiaries3 records
Boston Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Boston Capital M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Boston Capital
What does Boston Capital do?
Boston Capital Finance (BCF) provides construction-to-permanent debt financing for affordable multifamily housing developments that have or will obtain Low-Income Housing Tax Credits (LIHTC). The firm originates, underwrites, closes, and services all loans in-house, offering 4% private placement tax-exempt construction-to-permanent bonds and 9% taxable fixed-rate forward permanent loans with 40-year amortization, serving affordable housing developers across the United States.
Is Boston Capital a public or private company?
Boston Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Boston Capital founded?
Boston Capital was founded in 1974. It employs 101 to 250 people.
Where is Boston Capital based?
Boston Capital is headquartered in Boston, United States, in the North America region.
How does Boston Capital make money?
One revenue line is on record: construction-to-Permanent Financing.
Who are Boston Capital's main competitors?
Direct peers on record are Hunt Real Estate Capital, Walker & Dunlop, Berkadia Commercial Mortgage, Bellwether Enterprise Real Estate Capital, Greystone, Merchants Capital and Grandbridge Real Estate Capital. Broad incumbents are JLL Real Estate Capital Markets and PNC Real Estate. Cinnaire is listed as an emerging player.
Does Boston Capital have an API?
No public API is recorded for Boston Capital.
What industry is Boston Capital in?
Boston Capital's product category is Affordable Housing Finance. Its primary akta.pro industry code is FSALAHAI, Land Acquisition, Lot Development & Construction Financing (AD&C), with a secondary code of FSALADAH, Construction & Development (C&D) Lending — Commercial/Multifamily. Its NAICS code is 522292 and its SIC code is 6162.