$400,000 Predevelopment Loan with First-Time NC customer FAC

Share This Post

NeighborWorks Capital closed a $400,000 predevelopment loan with Fifth Avenue Committee (FAC) in March 2019. Our loan will give FAC additional funds to complete the design and construction loan closing (when we will be repaid) for 6309 Fourth Avenue, creating 84 affordable apartments for low-income seniors in Sunset Park, Brooklyn. FAC has secured financing commitments from NYC HPD, TD Bank, Hudson Housing Capital, and CPC for the $58 million project.

FAC will demolish a vacant church and school and integrate two row houses next door into a new 9-story building. Two floors of the new building will be dedicated to services – senior services provided by the Bay Ridge Center and five pre-K classrooms that will be leased by the NYC Dept of Education. The project will include 26 apartments reserved for formerly homeless seniors, and five apartments will be adapted for seniors with hearing and/or visual impairments.

Subscribe To Our Newsletter

Stay up to date with NeighborWorks Capital

More To Explore

Announcing Our New Chief Growth Officer, Laura Altomare

We are pleased to announce that Laura Altomare has joined the NeighborWorks Capital leadership team as the organization’s first Chief Growth Officer. Laura has over 25 years of experience in the financial services sector, including nonprofit Community Development Financial Institution (CDFI) leadership and for-profit banking, investment management, and mortgage lending.

Read More »

Director, Green Initiatives

NeighborWorks Capital seeks a Director, Green Initiatives (Director) to build, implement, and manage the organization’s greenhouse gas reduction program. NeighborWorks Capital is a member of Climate United, a broad coalition organized to deploy federal investment from the Environmental Protection Agency (EPA)’s Greenhouse Gas Reduction Fund (GGRF) to support the equitable adoption of green technologies in communities across America, with an emphasis on serving low-income and disadvantaged communities (LIDACs).

Read More »