NeighborWorks Capital is pleased to extend a $6,000,000 acquisition loan in participation with NewWest Community Capital to Nevada Hand.
The funds will be used to acquire 6.5 acres of land in Las Vegas, NV where Nevada Hand will construct Serene Pines, a 282-unit affordable housing development for seniors.
Nevada Hand was founded in 1993 and became a NeighborWorks America Organization in 2011. They are Nevada’s largest developer, builder, and manager of affordable rental homes for low-income seniors and working families and are the only organization offering affordable assisted living communities in the state. Their high-quality, well-maintained apartment homes create a sense of neighborhood and belonging, and their supportive Resident Services program connects residents to critical resources that help them lead happier, healthier, more stable and successful lives.
The future site of Serene Pines is located in an area that is seeing considerable new development of high-density residences with a large variance between market rates and affordable rental units. As the senior population in Las Vegas continues to outpace the national average, properties for seniors have a very low vacancy rate of 2.8%, indicating there is strong demand for more affordable senior units.
Since 2014, NeighborWorks Capital has extended seven previous loans to Nevada Hand. We are pleased to continue to partner with them in their mission to improve the lives of low-income individuals by providing affordable housing solutions and supportive resident services.
