Boston Capital announced that it is providing permanent mortgage financing for Revere Run at Park Place, an 80-unit development for families in Gloucester, N.J. Boston Capital Finance (BCF) has approved a fixed-rate forward, 24-month commitment, which closed into the Boston Capital Long Term Mortgage Fund. The loan will carry a 15-year term.
Located eight miles east of Philadelphia, the apartment community will serve families earning no more than 60 percent of the area median income. Developer Conifer Realty plans to set aside five units for homeless youths as well as youths aging out of foster care.
Revere Run at Park Place will feature 15 one-bedroom, 41 two-bedroom, and 24 three-bedroom units in six three-story, townhouse-style buildings. Units will feature central air conditioning, dishwashers, and high-speed internet access. The apartment community will also offer a playground and a community building featuring a community room, exercise area, craft room, computer room, and laundry room. The development will offer its residents convenient access to shopping, entertainment, recreational, employment, and educational opportunities.