Hill Manor- $498,113 participation in an acquisition loan
NeighborWorks Capital purchased a $498,113 participation in an acquisition loan with HOPE Enterprise Corporation (HEC) in September. This loan will assist developer Triangle Development with their project at Hill Manor with the costs for rehabilitation of the forty-four affordable apartments in Mississippi. Total cost of the project is $1,530,000 and will allow for the following updates: apartment amenities with energy efficient appliances, upgraded finishes, upgraded common and community spaces, reconstructed outside circulatory features including parking lots, sidewalks, and other maintenance features that will extend the useful life of the complex.
HEC is an active lender providing a wide range of consumer, mortgage, and commercial financial products and services to people and organizations through Mississippi, Arkansas, Louisiana, and Tennessee. Triangle Development is experienced in recapitalizing affordable housing projects in the region and has a track record of successfully obtaining permanent financing through the LIHTC and HUD 223(f) programs.