NeighborWorks Capital purchased a $2,500,000 participation in an acquisition loan with Coastal Enterprises, Incorporated (CEI) in April. This loan will assist Brown Tower, LLC with the repayment of outstanding debt related to the purchase of a 14-story office tower, two attached, low-rise commercial buildings, and a 340-space parking garage in downtown Portland, Maine. The two low-rise buildings are expected to include 30 affordable rental workforce housing apartments ranging in size from approximately 500 to 1200 square feet. The parking garage will be demolished and will become 240 market rate apartments and 60 market rate condos over a newly constructed 537-space parking garage. The developers plan to develop the remaining space to include a boutique hotel, amenities such as retail, fitness, and gallery space. Brown Tower will also execute an Employment and Training Agreement (ETAG) which links low-income works with job opportunities in CEI-financed projects.
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.