NeighborWorks Capital closed a $890,000 bridge loan with Neighborhood of Affordable Housing (NOAH) in August 2019. Our loan will give NOAH the liquidity to support their predevelopment and development costs for ten projects in its pipeline, ranging from the completed Coppersmith Village townhomes to preliminary design work on a new multifamily project in Grafton, MA. NOAH uses a mix of debt and their own equity to pay for predevelopment costs, but delays in receiving developer fees for two projects have squeezed their available cash. Our loan will provide new cash to NOAH to continue its predevelopment activities while awaiting payment of these developer fees.
Our team had the opportunity to spend time with five members of NeighborWorks America serving communities in Boston and Providence. On this trip, we visited Codman Square Neighborhood Development Corporation, Nuestra Comunidad Development Corporation, Madison Park Development Corporation, ONE Neighborhood Builders, and Cambridge Neighborhood Apartment Housing Services. Each of these organizations is doing transformational work to create opportunities for people to live in affordable homes, improve their lives, and strengthen their communities.