NeighborWorks Capital closed a $1,700,000 acquisition loan with Community Housing Partners Corporation (CHP) in December 2019. This loan will assist CHP with assuming loans from Virginia Housing Development Authority. Ridge Apartments are a 100-apartment project located in Woodstock, Virginia that were developed in three phases (38 apartments in 2003, 38 apartments in 2004, and 24 apartments in 2005) using 9% LIHTC financing. All apartments are currently lease at 50% AMI, with up to 60% AMI eligibility. CHP plans to refinance the acquisition and existing debt in a new 4% LITHC/tax exempt bond transaction to combine several properties.
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Lakes Region Community Developers | Bay Street Apartments
NeighborWorks Capital is pleased to extend a $673,000 construction-to-permanent loan to Lakes Region Community Developers for Bay Street Apartments.