NeighborWorks Capital funded a $500,000 stabilization loan with Gulf Coast Housing Partnership, Corporation (Gulf Coast) in October 2020. This stabilization loan will provide flexible working capital for Gulf Coast due to financial hardship caused by the COVID-19 quarantine orders and economic slowdown. Gulf Coast is a regional real estate development company based in New Orleans and focuses on the production of affordable and mixed income communities as well as the development of community assets. Their developments have created over 2,300 residential units, and more than 350,000 square feet of complementary commercial development. Gulf Coast has developed affordable housing in Louisiana, Mississippi, Texas, and Alabama, representing over $304 million in total development costs. These funds will allow Gulf Coast to continue working 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.
