NeighborWorks Capital funded a $500,000 predevelopment loan with Nuestra Comunidad Development Corporation in March. This predevelopment loan provided them with additional funds to support the rehabilitation of two buildings (23 apartments) and demolition and construction of a building (currently 12 apartments but will be replaced with 24) at Nubian Square in Roxbury, Massachusetts. These three buildings are three of the original properties in Nuestra’s portfolio and all have experienced severe structural decay as they are all over 100 years old. By infusing significant investment into the properties, Nuestra will greatly improve the quality of the buildings and stabilize their residents’ lives by counteracting some of the gentrification forces that are impacting the community. Nuestra will maintain the buildings’ historic character but will use leading-edge systems to make each building Zero Emission.
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.
