NeighborWorks Capital closed a $500,000 predevelopment loan with Mutual Housing Association of Greater Hartford, Inc. (MHA-GH) in August 2019. Our loan refinances a previous NeighborWorks Capital loan as well as cover the new costs to get to the construction closing for two new buildings (316 on the Park and Park Terrace II) financed in one transaction in August 2020 in Connecticut. 316 Park Terrace is a thirty-apartment historic brick building built in 1924 in need of moderate rehab and reconfiguration of the apartments, to be reduced to 21 apartments. Park Terrace II needs limited rehab as the site was developed in 2003. Work will include adding high efficiency boilers, granite countertops, hardwood floors, LED lighting, and improved ventilation.
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.
