Long-Term Partnership, Multiple Financing Phases with Nuestra in Boston

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Long-time customer Nuestra Comunidad Development Corporation’s Bartlett Station is a multi-phased development consisting of over 300 apartments, condos and townhouses, and 54,000 square feet of retail and commercial space. 

NeighborWorks Capital made a $1.55 million acquisition loan for the project in 2010 and has since provided additional financing for predevelopment costs. Initially, NeighborWorks Capital’s involvement was to last three years, but has now expanded to more than 10.

“As the project grew in scale and impact, we stayed involved to support the overall vision,” said Adam Coile, Senior Portfolio Manager

The project is being developed on more than eight acres of a former bus yard in the Roxbury neighborhood in Boston. Nuestra completed Building B in 2018, which has residents living in 60 apartments, and features a Good Foods grocery story on the ground floor. In addition, Nuestra completed building E in 2018, which includes 16 homeownership units. 

Nuestra paid down NC’s loan allocated to those specific projects and is now moving towards closing on the final phases, which include rental housing, office space, senior housing, and home ownership.

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