Boston Capital is investing in the development of Saint Francis Apartments at Cathedral Square, a 50-unit permanent supportive housing community located in Denver's Capitol Hill neighborhood.
The firm is providing nearly $10 million in low-income housing tax credit (LIHTC) equity to help finance the development by the St. Francis Center, a nonprofit that provides support services to homeless individuals.
Half of the apartments will be available to the chronically homeless while the remainder will accommodate individuals with a variety of challenges, including chronic mental illness, alcohol or drug addiction, physical or developmental disabilities (including HIV/AIDS), or victims of domestic violence.
The new community will be located within a mile of the St. Francis Center, which assists with job training as well as mental health services.
"With our partner the St. Francis Center, we are excited to be involved in creating much-needed supportive housing for individuals facing homelessness and those with emotional and physical disabilities," said Jack Manning, president and CEO of Boston Capital. "We are thrilled to be part of a team helping fill a great need for permanent supportive housing in Denver, and helping individuals transition from homelessness to having a home."
Saint Francis Apartments at Cathedral Square will be located on a portion of an existing parking lot and will feature 50 one-bedroom units in a six-story, elevator building. Community amenities will include 24/7 front desk entry control, meeting and case management offices, a community kitchen and dining area, a library/computer lab, resident lounges, a workshop, and central laundry.
To date, Boston Capital, a LIHTC syndicator and real estate investment and advisory firm, has invested in more than 4,050 apartments in Colorado.