NeighborWorks Capital recently closed a $431,000 land acquisition loan to DreamKey Partners for the purchase of a 2.6-acre site in the Double Oaks neighborhood of Charlotte, NC. DreamKey will develop the site, adjacent to their Stevenson Apartments, with up to 100 affordable apartments using LIHTC equity, commercial financing, and AHP grant, and a loan from the Charlotte Housing Trust fund.
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.
