NeighborWorks Capital funded a $350,000 stabilization loan with Codman Square Neighborhood Development Corporation (Codman Square) in August 2020. This loan will provide Codman Square with the ability to stabilize their corporate cash flow from development fees which were impacted by delays in new development activities. Codman Square currently has three projects in their pipeline in different development stages (under construction, awaiting stabilizations, and predevelopment) that have been affected. These delays were caused by the COVID-19 Stay at Home order in Massachusetts and the City of Boston’s order to stop all construction activity in March 2020.
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.