NeighborWorks Capital funded a $2,356,000 acquisition loan with Ithaca Neighborhood Housing Services, Inc. (INHS) in March 2020. This acquisition loan provided them with the funds to acquire six buildings (Verona Village) in Ovid, New York. Verona Village is a fully leased 46 apartment unit senior housing project with a HAP contract that covers all housing units. INHS plans to renovate the well-maintained 38-year-old buildings, utilizing 9% Fed and State LIHTC with construction expected to begin in 2022 after securing a LIHTC award.
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.