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September 5, 2006 – Boston Capital Finance announced the closings of three construction/permanent
construction loans: Sunshine Peak Apartment Homes, a to-be-built 49 unit apartment community in
Montrose, CO; Brookstone Park Apartments III, a to -be-built 96 unit apartment community in
Gulfport, MS; and Anderson Village, an existing 99 unit apartment community in Anderson, SC. The
Boston Capital Affordable Housing Mortgage Fund LLC provided the loans; Boston Capital provided the
tax credit equity for the developments.

“The opportunity to partner with these outstanding firms is very exciting for us. We are pleased to be
aiding in the rebuilding effort in Gulfport, MS, providing new, high-quality multifamily housing units to
residents of this hurricane-ravaged area,” stated Jeff Goldstein, executive vice president and director
of real estate at Boston Capital. “Through our mortgage fund, we are providing our developer partners
the best in equity and debt financing for acquisitions such as Anderson Village and new affordable
communities such as Brookstone and Sunshine Peak Apartment Homes.”

Boston Capital Finance manages the mortgage fund which originates construction, permanent and
construction/permanent loans between $750,000 and $10,000,000. The mortgage fund will target
new construction or substantially rehabilitated LIHTC (Section 42) properties in which Boston Capital
is the equity investor.

Sunshine Peak Apartment Homes
Sunshine Peak will consist of 49 apartment and townhouse units, contained in seven two-story
buildings situated on a 3.7-acre site. Common project amenities will include a 1,632 square foot
clubhouse and outdoor recreational and leisure facilities

The construction loan amount was $1.0 million, with an anticipated conversion to a permanent loan
amount of $750,000. The interest rate on the loan was fixed at 7.38%, which equated to a spread of
235 basis points over the 10-year treasury yield. An additional HOME grant of $651,000 from the
State of Colorado and a $600,000 loan from the Montrose Housing Authority comprised additional
construction fund proceeds. The general partner is Luckenbill-San Juan Development LLC.

Brookstone Apartments III
Brookstone Apartments III will consist of 28 one-bedroom units and 68 two-bedroom units. Project
amenities will include a community room/ recreation center with a swimming pool, while unit
amenities will include central air conditioning and washer and dryer hookups.

Brookstone Apartments III utilizes the specially created Gulf Opportunity Zone tax credits. This will
represent Boston Capital’s 37th joint venture with The Park Companies. The construction loan amount
was $2.3 million, with an anticipated conversion to a permanent loan amount of $2.156 million. The
interest rate on the loan was fixed at 7.38%, which equated to a spread of 235 basis points over the
10-year treasury yield.

Anderson Village
Anderson Village will be extensively rehabilitated and upgraded with new roofs, windows and doors
and other exterior upgrades. The unit interiors will receive new kitchen appliances, cabinets and
countertops, as well as new flooring and carpeting. The total rehab budget is over $22,000 per unit.
The construction loan amount was $3.0 million, with an anticipated conversion to a permanent loan
amount of $1.9 million. The interest rate on the loan was fixed at 7.33%, which equated to a spread
of 235 basis points over the 10-year treasury yield. Boston Capital has closed over 20 transactions
with Ambling Development Company, the sponsor of the project.

About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a private equity firm specializing in real estate and
tax advantaged investments for multifamily housing. As of January 2006, Boston Capital’s holdings
included over 2,600 multifamily apartment properties in 48 states and the District of Columbia,
constituting over 147,000 apartments with a development cost in excess of $11.3 billion. Boston
Capital is the fourth largest owner/investor of apartment properties in the country and the 11th
largest owner of real estate property in general.

For more information:
Bill Fazzano
Vice President
Mortgage Finance
Boston Capital
One Boston Place
Boston, MA 02108-4406
617-624-8711


David Gasson
Vice President
Director of Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8896


The securities sold in the private placement have not been registered under the Securities Act of
1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in
the United States in the absence of an effective registration statement or exemption from registration
requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the
securities nor shall there be any sale of the securities in any state in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under the securities laws of such state.