NeighborWorks Capital closed a $890,000 bridge loan with Neighborhood of Affordable Housing (NOAH) in August 2019. Our loan will give NOAH the liquidity to support their predevelopment and development costs for ten projects in its pipeline, ranging from the completed Coppersmith Village townhomes to preliminary design work on a new multifamily project in Grafton, MA. NOAH uses a mix of debt and their own equity to pay for predevelopment costs, but delays in receiving developer fees for two projects have squeezed their available cash. Our loan will provide new cash to NOAH to continue its predevelopment activities while awaiting payment of these developer fees.
NeighborWorks Capital has joined the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies that offers competitively-priced financing, as well as affordable housing and community development grants.