We want to give a hearty Thank You to all of our 2021 Q4 borrowers — five new loans for $6.2 million!
DreamKey Partners: We closed a $431,000 land acquisition loan for a 2.6 acre site in Charlotte’s Double Oaks neighborhood where DreamKey will build up to 100 new affordable apartments, adjacent to their Stevenson Apartments. They will apply for 9% LIHTC and Charlotte Housing Trust Funds for the development, with a projected start in 2023.
DevNW: We closed a $2,862,000 revolving construction loan with DevNW to fund the development of 51 affordable for-sale homes at Nelson Place (Eugene, OR – 40 homes) and Southtown I (Corvallis, OR – 11 homes). DevNW will use subsides from Oregon Housing and Community Services LIFT program, the Cities of Eugene and Corvallis, and HUD SHOP funds to make the homes affordable to families from 80% to 100% AMI, using a land trust model. The OHCS loan is a key part of the financing, providing subsidies (literally) on top of the land trust.
DreamKey Partners: We closed a $750,000 land acquisition loan for a 5.0 acre site in Charlotte’s Mineral Springs neighborhood where DreamKey will build up to 107 new affordable apartments for seniors using LIHTC equity, commercial financing, and a subsidy loan from the Charlotte Housing Trust Fund.
RUPCO: We closed a $1,500,000 predevelopment line of credit to RUPCO to support their expanding new construction and preservation activities in the Hudson Valley. RUPCO will use the predevelopment funds for a hotel conversion into supportive housing in Kingston, NY; two new construction LIHTC developments; and a 10-home project to bring abandoned properties back into residential use.
Lakes Region Community Developers: We closed a $700,000 subordinate permanent loan for the extensive rehabilitation of Harvey Heights Meredith, a25-units affordable apartment property in Meredith, NH. LRCD is using 9% LIHTC equity, USDA RD 515 financing, and subsidies from the state of New Hampshire to significantly improve the energy efficiency of the 40-year-old property. NC agreed to a second position, behind the RD loan, to support this high-impact development.
To learn more about how our financing solutions can help fund your next development, contact Steve Peelor, Chief Lending Officer; Lanie Wasserman, Senior Loan Officer; or Mike Haas, Senior Loan Officer.