NeighborWorks Capital closed two loans with REACH CDC to help them acquire a new development site in Tigard, OR, and proceed with the development of 78 new affordable apartments for low-income families. NC provided a $1,636,000 acquisition loan for the land purchase, and an additional $500,000 loan to help REACH cover the significant costs incurred getting the project to the start of construction. These were NC’s first two loans to REACH, one of the leading nonprofit developers in Oregon. Learn more about NeighborWorks Capital’s flexible financing solutions and how we can work with you to help you acquire your next property.
NeighborWorks Capital Deploys $22 Million to Fund Permanent Multifamily Loans in Partnership with Charles Schwab Bank
On August 30, 2022, NeighborWorks Capital received its largest investment to date, a $25 million facility from Charles Schwab Bank to fund permanent multifamily loans. One year later, NeighborWorks Capital is pleased to report that 90% of the facility has been utilized and $22 million of long-term, fixed-rate permanent financing has been deployed to members of the NeighborWorks network.