Pacific Region

  1. Cabrillo Economic Development Corporation - $200,000

    Paseo Santa Barbara is a proposed 90-unit mixed use project featuring multifamily rental units and commercial space. This loan was used to fund predevelopment expenses associated with the project. At completion Cabrillo renamed the project Rodney Fernandez Gardens in honor of its retiring and founding Executive Director. (2009)

  2. Rural Communities Housing Development Corporation - $300,000

    Lakewood Homes is a 58-unit for sale project offering 3-4 bedroom units to households with 80% AMGI. This interim development loan was used to refinance existing debt service on the property. (2005)

  3. Little Tokyo Service Center CDC - $3,064,000

    Daimaru Hotel

    This is NC’s first loan to Little Tokyo Service Center CDC (LTSC). This $3,064,000 interim development loan will be used to purchase an existing, 4-story, operating mixed-use property consisting of 48 SRO residential units and three commercial units located in the Little Tokyo neighborhood of Los Angeles, California. The Project, known as Daimaru Hotel, represents a strategic acquisition by LTSC of an important property in the heart of Little Tokyo. LTSC will redevelop the property into 24 units of rental housing (on top three floors) while retaining the commercial use on the first floor. LTSC’s affordable multi-family housing portfolio includes services for special needs populations, including transitional housing for survivors of domestic violence, formerly homeless persons, and mentally disabled adults. (2015)

  4. South County Housing Corp - $500,000

    Gilroy Cannery is a 210-unit project consisting primarily of multifamily rental units, with some single family rental units and commercial space. This loan was used to fund predevelopment expenses associated with the project. (2007)

  5. Community HousingWorks - $6,500,000

    NC provided a $6,500,000 Interim Acquistion Loan to Community HousingWorks (CHW) to acquire the Azusa Apartments, an 88-unit multifamily property in Azusa, CA that was being sold by a private owner. NC was able to provide a flexible second mortgage behind a bank. This loan was done in participation with Mercy Loan Fund, Partners for the Common Good, and National Housing Trust who share NC's focus on preservation of affordable housing. This is NC's fourth loan with this borrower. (2013)

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  6. Community HousingWorks, Inc. - $410,000

    Pineview Apartments is a 101-unit multi-family rental project offering 1-3 bedroom units primarily to households at 80% AMGI. This interim development loan was used to fund acquisition costs related to the property. (2004)

  7. Community Housing Improvement Program (CHIP) - $1,200,000

    Fox Run 2 Rendering of one house.

    This is Community Housing Improvement Program (CHIP) 1st loan with NeighborWorks Capital. CHIP requested an interim development loan from NC of $1,200,000 to refinance acquisition and cover site development costs for the Fox Run 2 project which is new construction of 24 units of single-family self-help housing in Cottonwood, California. CHIP was referred to NC by Rural Communities Assistance Corporation, CHIP’s long-time lender for this type of financing. Buyers will be applicants to the USDA 502 Mutual Self-Help program serving people at or below 70% of the Area Median Income (AMI). (2015)

  8. HomeSight - $400,000

    Photos of Homes

    This is HomeSight’s 2nd loan with NeighborWorks Capital. HomeSight has requested a predevelopment loan of $400,000 to be used to provide liquidity to HomeSight as it ramps up its single family mortgage lending program. This is NC’s second loan to HomeSight. The primary source of repayment is the sale of the mortgages originated with NC proceeds to another lender. This is a new endeavor for HomeSight and NC was willing to make this loan due to their successful sale of 11 loans to date. (2015)

  9. NeighborWorks Umpqua - $1,465,000

    Brookside Court is a 50-unit multifamily rental project offering a mix of one bedroom units and efficiency units to households at 30% AMGI. This interim development loan was used to acquire and preserve this expiring HUD senior property. (2010)

  10. Cabrillo Economic Development Corporation - $4,000,000

    NC provided Cabrillo Economic Development Corporation with a $400,000 predevelopment loan used to begin design and environmental work for 30 new apartments that will be occupied by adults with developmental disabilities. On-site services for residents will be provided in partnership with two local nonprofit organizations. (2012)

  11. Cabrillo Economic Development Corporation - $200,000

    Snapdragon Phase 1 (previously known as Los Angeles Apartments) will include 24 general occupancy units at 50% area median income and remaining 25 units will be for farmworkers earning 30%-50% of AMI. Loan proceeds will be used to for architectural, engineering and site work. (2011)

  12. Sacramento Mutual Housing Assoc - $459,000

    Stockton Boulevard, Sacramento, CA

    Stockton Boulevard is a 91-unit, new construction, affordable rental townhouse project for households between 30%-60% AMI. This interim development loan was used to acquire the property from a distressed private developer (2010)

  13. South County Housing Corporation - $1,000,000

    This loan, provided in collaboration with several other CDFIs, provided cash flow to South County Housing. (2009)

  14. Community Housing Development Corporation - $600,000

    Barrett Plaza Photo

    This is NeighborWorks Capital’s (NC) first loans to Community Housing Development Corporation of North Richmond (CHDC). NC’s predevelopment loans were made to complete predevelopment activities for the recapitalization and preservation of two affordable rental properties owned by CHDC located in Richmond, California: Barrett Terrace and Barrett Plaza. Barrett Plaza Townhomes is a 58-unit general occupancy rental apartment complex built in 1979 in Richmond, California. The property receives rental subsidies from a recently renewed 20-year Section-8 Housing Assistance Payment (HAP) contract. The complex has been well maintained, but is in need of capital improvements which CHDC will undertake as part of a recapitalization of the project using tax exempt bonds and 4% Low Income Housing Tax Credits. NC’s $300,000 predevelopment loan enabled CHDC to complete the necessary predevelopment activities to secure financing for the recapitalization. Barrett Terrace Apartments is a 115-unit general occupancy rental apartment complex built in 1975 in Richmond, California. The property receives operating subsidies through a recently renewed 20-year Section-8 HAP contract. The complex has been well maintained, but is in need of capital improvements which CHDC will undertake as part of a recapitalization of the project also using tax exempt bonds and 4% Low Income Housing Tax Credits. NC’s $300,000 predevelopment loan will also enable CHDC to complete the necessary predevelopment activities to secure financing for the recapitalization. (2015)

  15. Rural Communities Housing Development Corporation - $500,000

    Orr Creek is a 71-unit rental project consisting of 1-4 bedroom units for households within 40%-60% AMGI. This interim development loan was used to fund initial construction costs for the project. (2008)

  16. Cabrillo Economic Development Corporation - $1,215,000

    Cabrillo Economic Development Corporation secured $1,215,000 in predevelopment and interim development financing for the Piru Family Development project in Piru, CA, a rural community at the border of Ventura County. As part of a larger revitalization effort, this project involves new construction of 24 energy efficient, affordable one-, two- & three- bedroom rental homes for low-income families. (2012)

  17. Cabrillo Economic Development Corporation - $1,200,000

    Etting Road Rendering

    This is Cabrillo Economic Development Corporation (CEDC) 11th loan with NeighborWorks Capital. CEDC has requested a $1,200,000 Interim Development Loan for the acquisition of land associated with a new construction project consisting of 42-units of affordable family housing, of which 34 units will be set aside for farmworkers, in Oxnard, CA. The development will provide 41 affordable rent restricted apartments for both farmworkers (34 units) and families (7 units) plus one apartment for an onsite resident manager. Apartments will be rent restricted to 30%, 45% and 50% of Area Median Income. It is planned that units set aside for farmworkers earning at or below 30% AMI and 45% AMI will receive USDA Section 521 Rental Assistance subsidies. (2015)

  18. South County Housing Corp - $150,000

    Par 3 Mar Visita is a 90-unit mixed use and mixed income development on 4-acres of vacant land in conjunction with an 8 acre market rate housing development. This loan funded predevelopment expenses for the project. (2005)

  19. HomeSight - $1,875,000

    Pontedera Condominiums Photo

    This is NC’s first loan to a project sponsored by HomeSight in Seattle, Washington. This $1,875,000 interim development loan was used to repay a remaining construction loan for the Pontedera Condominium, a 102 unit mixed use mid-rise building with 94 residential units and eight commercial work/live units. Construction of the project began in 2008 and was completed in early 2010. Pre-development costs were funded by HomeSight and grants from NeighborWorks America. (2014)

  20. Cabrillo Economic Development Corporation - $1,200,000

    Paseo Santa Clara Apartments is a 140-unit multifamily rental project consisting of efficiencies and 1-3 bedroom units for households at 80% AMGI in Oxnard, CA. This interim development loan was used to fund predevelopment expenses associated with the project. (2007)

  21. NeighborWorks Umpqua - $622,000

    WISH House is a 13-unit multifamily rental property consisting of one bedroom units for households with 40%-50% AMGI. This interim development loan was used to fund construction costs related to developing the project. (2008)

  22. A Community of Friends (ACOF) - $2,010,000

    Huntington Square

    This is ACOF’s 2nd loan with NeighborWorks Capital. ACOF requested a $2,010,000 Interim Development Loan request from a first-time borrower, A Community of Friends (ACOF). The loan will be used for the acquisition of land associated with the new construction of a mixed-use project consisting of 55-units of affordable special-needs rental housing and 10,000 SF of commercial/retail space located in Huntington Park, CA. The project will be built on a 0.77 acre site. All units will be targeted to households earning 50% of the Area Median Income or less. The commercial/retail space is anticipated to be a neighborhood-serving eating establishment or potential retail or service-oriented use. (2015)

  23. Mutual Housing of Hawaii - $3,000,000

    This will be NC’s second loan to Mutual Housing Association of Hawaii (MHAH), following a similar loan for the 120-unit, Phase I project which is immediately adjacent to the Project and recently completed. MHAH’s mission is to provide housing and support services to low- and very-low income families (earning 20-60% of AMI) with a special emphasis on those at risk of homelessness. MHAH will use the $3,000,000 interim development loan to finance pre-construction and pre-development costs associated with Ko’oloa’ula Phase II, the new construction of 188 units of affordable rental housing in East Kapolei, on the Island of Oahu, Hawaii. (2014)

  24. Willamette Neighborhood Housing Services - $645,300

    Sunset Corners is a 6-unit rental project with 2-3 bedroom units for households at 60% AMGI. This interim development loan was used to fund acquisition costs associated with the project. (2006)

  25. Willamette Neighborhood Housing Services, Inc. - $825,000

    Alexander Court is a 24-unit mixed use project consisting primarily of multifamily rental, with a few single family rental units and some commercial space, for households with 50% AMGI. This interim development loan was used to fund acquisition expenses for the project. (2007)

  26. NeighborWorks Anchorage - $1,500,000

    Spruce View Apartments is an 82-unit rental rehabilitation project offering 2 & 3 bedroom units to households with 60% AMGI. This interim development loan was used for infrastructure repairs. (2010)

  27. Mutual Housing of Hawaii - $1,500,000

    Ko'oloa'ula is a proposed, 120-unit multifamily rental project offering 1-4 bedroom units primarily to households with 50%-60% AMGI. This interim development loan was used to cover the predevelopment costs associated with the property. (2010)

  28. Community HousingWorks - $1,900,000

    206 Cedar Land Site

    This is NC’s fifth loan with Community HousingWorks (CHW). This $1,900,000 Interim Development Loan will be used for the acquisition of land and related predevelopment costs associated with the construction of a new affordable rental development in Vista, California in the north county region of San Diego. The project – 206 Cedar – will be built on a 1.95 acre infill site composed of three separate parcels. 206 Cedar is expected to include 55 apartments in a mix of one, two and three bedrooms affordable to households with incomes ranging from 30% to 60% of the Area Median Income. (2014)

  29. Cabrillo Economic Development Corporation - $200,000

    Azahar Place is a proposed 60-unit multifamily rental project featuring 1-4 bedroom units for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project. (2009)

  30. A Community of Friends - $400,000

    Silver Star Apartments Photo

    The is NC’s second loan to A Community of Friends (ACOF) who closed on a $400,000 predevelopment loan for predevelopment costs related to its new construction project known at Silver Star Apartments. The project will be 49 units of permanent supportive housing community for homeless veterans located in the Hyde Park neighborhood of Los Angeles. Separately, NC approved a $2,000,000 interim development loan for the Huntington Square project for land acquisition. This planned construction of a mixed-use project consisting of 55 units of affordable special needs rental housing and 10,000 square feet of commercial/retail space will be located in Huntington Park, California. ACOF’s focus is to build housing for people who earn less than 30% of area median income (AMI) and have a mental, physical, or developmental disability. It works to provide people with special needs safe and affordable homes that allow them to focus on their mental and physical health. ACOF currently houses over 2,000 individuals and families in its buildings. 99% of ACOF’s special needs residents have a mental health, substance abuse, or a physical disability and over 95% have remained housed after one year with another 69% housed after three years. (2015)

  31. Cabrillo Economic Development Corporation - $605,000

    Paseo De Luz is a 25-unit supportive rental project consisting of one bedroom units for households at 30% AMGI for people with mential illness. This loan was used to bridge final construction draws while awaiting final cost certification of the project. (2012)

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  32. Community HousingWorks, Inc. - $200,000

    Florida Street (now known as KALOS) is a proposed 83-unit multifamily project with 1-3 bedroom units primarily for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project. (2009)

  33. Cabrillo Economic Development Corporation - $160,000

    Villa Cesar Chavez is a 6-unit for sale project consisting of 3-4 bedroom single family homes. This interim development loan was used to fund infrastructure development costs associated with the project. (2004)

  34. South County Housing - $3,410,000

    Connell Apartments

    This is NC’s fourth loan to South County. NC’s loan was used to refinance three multifamily rental properties owned by South County: Connell Apartments, Skeels Hotel and Ford Apartments. Prior to NC’s refinancing, the properties were subject to a single “blanket” mortgage from a regional bank. South County approached NC to secure individual property financing to repay the existing loan at a rate that provided needed cash flow to do deferred repairs. NC provided a separate mini-permanent loan for each property, with term of 7 years, 30 year amortization and interest rate of 5.75%. Connell Apartments includes a total of 28 units of affordable rental housing located in Gilroy, Santa Clara County, California. Skeels Hotel includes a total of 13 units of affordable rental housing and over 4,000 square feet of commercial space currently occupied by a restaurant located in the City of Morgan Hill, Santa Clara County, California. Ford Apartments includes a total of 10 units of affordable rental housing located in Watsonville, Santa Cruz County, California. (2014)

  35. Cabrillo Economic Development Corporation - $2,268,000

    NC provided Cabrillo Economic Development Corporation a $2,268,000 interim development loan for acquisition and bridge financing on a planned 50-unit new construction rental housing development for low-income households. The development includes 25 units designated for farm workers and is part of a larger effort known as Saticoy Village, in a community located within the heart of Ventura County, an agricultural powerhouse in this region. (2013)

  36. Sacramento Mutual Housing Assoc - $1,190,000

    Mutual Housing at Spring Lake is a proposed 100-unit rental project consisting of 1, 2, 3, & 4 bedroom units for households between 30%-60% AMGI. This interim development loan was used to acquire the property. (2010)

Loans

  • Predevelopment
  • Interim Development
  • Mini-Permanent Loan for Operating Properties
  • Permanent Loans for Small Multifamily Rental Projects
  • Single Family Line of Credit
  • Multifamily Line of Credit
  • Strategic Growth Fund