NeighborWorks Capital recently closed a $1,402,500 land acquisition loan to Community Resources and Housing Development Corp (CRHDC) for the purchase of 19 acres of vacant land in Alamosa, CO. The land is adjacent to Kiva Apartments and was sold as part of a five property portfolio (with two multifamily and two self-storage properties), creating a much larger footprint for CRHDC in Alamosa and the San Luis Valley. NC’s three-year loan allows CHRDC to develop a comprehensive commercial and residential development plan for the site, including selecting development partners for new commercial, hotel, and retail uses. This was NC’s third loan to CRHDC after more than 10 years.
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.
