NeighborWorks Capital is pleased to extend a $6.2 million refinance of a predevelopment line of credit to the East Bay Asian Local Development Corporation (EBALDC) in Oakland, CA. The line of credit will support costs for EBALDC’s affordable housing development activity.
EBALDC is a non-profit community development organization with over 48 years of experience in building healthy, vibrant, and safe neighborhoods in Oakland and East Bay. They are focused on addressing the specific needs of individual neighborhoods by connecting the essential elements of health and wellbeing through their Healthy Neighborhoods Approach. The organization is known for developing and managing diverse, mixed-income complexes and communities while providing vital social and financial services to help give long-time, low-income residents the ability to stay in their neighborhoods.
Capri Roth, EBALDC’s Executive Vice President of Real Estate Development, expressed her appreciation for the loan and the relationship with NeighborWorks Capital. “Today, we celebrate the refinancing of our line of credit. This has been an incredibly successful vehicle for EBALDC’s acquisition and predevelopment activities over the last 7 years. It has enabled EBALDC to pursue more projects and bigger undertakings and to move faster and more nimbly than ever before. In an extremely challenging external financing environment, having a flexible and patient predevelopment CDFI partner has made a world of difference in keeping our pipeline on track to deliver on our mission to create and preserve quality affordable housing in the East Bay.”
Throughout its partnership with EBALDC, NeighborWorks Capital has supported 17 affordable housing developments. NeighborWorks Capital is honored to continue to deliver support and partnership to EBALDC as they deliver on their mission to emphasize their historic and continuing commitment to Asian and Pacific Islander communities, working with and for all the diverse populations of the East Bay to build healthy, vibrant, and safe neighborhoods through community development.
