NeighborWorks Capital purchased a $700,000 participation in an acquisition loan with Coastal Enterprises, Incorporate (CEI) in February. This loan will assist New Height Redfern, LLC (the Borrower) with the purchase of the current site of Mercy Hospital, a major institutional anchor in Portland, Maine that is relocating. New Height Redfern will redevelop the hospital site, which includes 3.5 acres of land and over 250,000 square feet of improvements, into a mixed-use development of apartments, condominiums, a commercial office space (including nonprofit space), and a self-storage facility.
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.