NeighborWorks Capital recently closed a $1,800,000 predevelopment line of credit with Fifth Avenue Committee. The line will be used to support predevelopment costs for four projects in FAC’s pipeline, all in Brooklyn, NY – the rehabilitation of 36 affordable apartments on Park Place; rehab of 48 affordable apartments on 50th St; renovation of their headquarters building on Degraw Street; and new construction of 187 affordable apartments for seniors in Gowanus Green, part of a new multi-building project that will have more than 900 affordable apartments along the Gowanus Canal.
If you want to learn more about predevelopment loans, contact Steve Peelor, our Chief Lending Officer, at speelor@neighborworkscapital.org.
