SUN Initiative Note Offering I
United States of America
Last updated 13 May 2020, by Impactyield.
Developed countries (203) / More developed regions (202) / More developed regions (North America, Asia & Oceania) (153) / United States of America (112)
BCC created its Stabilizing Urban Neighborhoods (SUN) Initiative to address the disproportionate and destabilizing impact of foreclosures on low-income communities. SUN stops the displacement of families and the neighborhood-destabilizing effects of vacancy and abandonment by acquiring foreclosed properties before evictions occur, and reselling those properties at current market values to their current occupants with fixed rate mortgages they can afford. Since late 2009, SUN has provided over $48 million in financing to help over 300 Massachusetts households remain in their homes, reducing average mortgage principal and monthly mortgage payments by over 40%.
Federal Reserve Chairman Ben Bernanke highlighted SUN as an “innovative strategy” and a model for how “local communities are meeting the challenges of tough times in troubled communities.”
SUN has raised sufficient capital from private investors to provide $50 million in mortgage financing for foreclosed homeowners. Notes pay 4.25% annual interest, with a maturity date of 5/30/2015.
Boston Community Capital's SUN Initiative has raised sufficient debt capital to provide $50 million in mortgage finance to foreclosed individuals and families. This debt pays 4.25% interest annually, with a May 30, 2015 maturity. It is secured by a $3.5 million first loss reserve. In addition, BCC is building a 25% portfolio level reserve against future loan losses and market decline.
of track record
the year funded
Headquarters location: United States of America
Other funds managed by this asset manager: SUN Initiative Note Offering II
Key performance indicators
Asset manager: BlueHub Capital
Product track record: Fund has 14 years of track record
Target IRR: 4.3%
Committed Capital: 43,000,000 USD (US Dollar)
Target return category: Risk-adjusted market-rate of return
Fund domicile: United States of America
Product status: Open - post first close
Inception year: 2009
Vintage year: 2009
Target region: Developed countries, More developed regions, More developed regions (North America, Asia & Oceania), United States of America
Target close date: n.a.
Product term: Matures May 30, 2015
Assets under management: n.a.
Investment size: Min: 50,000; Max: 500,000; Avg: 230,000
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 60
Fund investments to date exited or repaid: 0
Management fee: n.a.
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: Yes
Limited Partners / Investors: Calvert Foundation, Kresge Foundation, Annie E. Casey Foundation, Bend the Arc, Anonymous individuals, Anonymous clients of Ballentine Partners, Anonymous clients of Fresh Pond Capital, Anonymous clients of Loring, Wolcott, and Coolidge, Anonymous clients of Reynders, McVeigh, Anonymous clients of Veris Wealth Partners
Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors, Retail Investors
Phone number: 0.00
If you wish to have your details removed from this database please email firstname.lastname@example.org
Since launching the program in late 2009, BCC has prevented the eviction of over 300 Massachusetts residents—helping them repurchase their homes and reducing average monthly housing payments by more than 40%.