NeighborWorks Capital funded a $500,000 predevelopment loan with Codman Square Neighborhood Development Corporation (Codman Square) in February. This predevelopment loan, coupled with the $685,000 acquisition loan, allowed them to refinance their current maturing acquisition debt on properties in Dorchester, Massachusetts. Codman Square is in the process of developing 23 affordable apartments in their effort to assist in revitalizing these neighborhood blocks that are near the commuter rail station.
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.
