NeighborWorks Capital closed a $1,500,000 mezzanine loan with Community Housing Partners (CHP) in May 2019. Our loan will give CHP the funds to assist with the acquisition of Kensington Village. The property is financed with a Freddie Mac permanent loan that was closed with the Seller back in October 2018. Kensington Village is an affordable rental development in Winston-Salem, North Carolina, with all rents restricted to 80% of the area median income. Built in 1972 but renovated in 2005, each apartment unit includes an electric range, refrigerator, dishwasher, vinyl flooring in the kitchen and bathroom with carpeted loving room and bedrooms.
NeighborWorks Capital has joined the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies that offers competitively-priced financing, as well as affordable housing and community development grants.