NeighborWorks Capital is pleased to extend a $455,000 loan to Nevada HAND to refinance its existing mini-permanent loan for Stewart Pines II, a 49-unit affordable senior development located in a mixed residential/commercial neighborhood approximately seven blocks east of downtown Las Vegas, Nevada.
Nevada HAND is refinancing the loan ahead of a major rehab of the property, originally built in 2003. Planned upgrades include new insulation, energy-efficient appliances, updated kitchens and bathrooms, new interior finishes, and a new HVAC system. The organization expects about half of the residents to return to the property after being relocated for construction, and the remaining units are expected to lease up quickly based on timelines of its last two senior properties.
Nevada HAND was founded in 1993 and became a NeighborWorks member in 2011. The organization improves the lives of low-income individuals by providing affordable housing solutions and supportive resident services. It is Nevada’s largest developer, builder, and manager of affordable rental homes for low-income seniors and working families. Currently, Nevada HAND offers development, construction, property management, and resident services to the community.
NeighborWorks Capital has provided eight loans to NHI since 2014 and is proud to continue our partnership in support of their work in the greater Las Vegas area.
