Acquisition financing to assume 100 apartments

Share This Post

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.  

Subscribe To Our Newsletter

Stay up to date with NeighborWorks Capital

More To Explore

Chief of Consulting

The Chief of Consulting (CC) is a member of the senior management team and has overall responsibility for the startup and buildout of a consulting business focused on the affordable housing and community development industry. The CC will need to be an entrepreneur at heart but also be able to work as part of a team. The CC is a critical strategic partner for the Chief Executive Officer (CEO) and will report directly to the CEO.

Read More »