2022 Q1 Thank You to our Customers

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Congratulations and thank you to our customers that closed on new loans in the first quarter of 2022. These three organizations represent a total of $1.3 million that will be invested in affordable rental housing.

Mallard Creek senior apartments

DreamKey Partners, a nonprofit real estate development and finance organization based in Charlotte, NC, completed a $500,000 predevelopment loan with NeighborWorks Capital for Mallard Creek, a senior affordable housing community in north Charlotte. This development will provide 102 affordable rental units to older adults with incomes under 80% of the area median income. The City of Charlotte will provide an additional $2.95 million to support the development.

Willow Arms Apartments

Mutual Housing Association of Greater Hartford, Inc. (MHAGH), a nonprofit real estate developer, property manager, housing educator, and community leader in Hartford, CT, closed a $350,000 predevelopment loan with NeighborWorks Capital to accelerate their planning and for the rehabilitation of Willow Arms Apartments in Simsbury, CT. MHAGH will invest more than $7 million to improve the 50-year-old property, making the 81 apartments more energy-efficient and more marketable. MHAGH had anticipated starting this rehab in 2024 – however, the Connecticut Department of Housing decided to accelerate their plans by offering new funding available only in 2022. With a short deadline to draft construction plans and specs, and to start working with the general contractor and architect, MHAGH had a significant and immediate need for predevelopment funding – and NeighborWorks Capital was able to provide it.

Monroe Senior Housing

Connecticut Housing Partners (CTHP), has been providing affordable housing to residents of Connecticut for 31 years. When the organization began planning a senior housing development, they reached out to NeighborWorks Capital for a predevelopment loan. The three-story building, Monroe Senior Housing, will provide 49-units of senior housing to residents of Monroe, CT. CTHP will use 9% LIHTC equity, DOH soft financing, and a HUD 202 loan for the development. CTHP has renewed its development activities with new team members and restores a 15-year relationship with NeighborWorks Capital.

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.

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