NeighborWorks Capital recently closed a $4,054,400 permanent loan to Community Resources and Housing Development Corp (CRHDC) for the purchase of Southside Apartments, 46 units in Alamosa, CO. Southside was one of five properties (two multifamily, 2 self-storage, and 19 acres of vacant land) in a portfolio acquisition, expanding their presence in Alamosa and the San Luis Valley. NC’s ten-year loan includes an innovative debt service reserve, with underwriting (and loan size) at expected rents after a gradual increase, rather than at lower current rents. This was NC’s second loan to CRHDC after more than 10 years.
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.