NeighborWorks Capital recently closed two loan participations with NeighborGood Partners, a CDFI and NeighborWorks America network member that provides real estate and business financing in Delaware. The two loans – a $2,450,000 construction loan and a $1,300,000 equity bridge loan – will be used to rehabilitate five residential-over-retail buildings on Tatnall Street in downtown Wilmington. The developer, 9SDC, has developed several properties in the neighborhood with financing from NeighborGood, the State of Delaware, and the City of Wilmington. The Tatnall Street project will create 19 new apartments and revitalize 4 retail locations. NeighborGood Partners and NeighborWorks Capital are each 50% participants in the loans.
Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information.
