Participation in Acquisition Loan with HEC

Share This Post

NeighborWorks Capital purchased a $339,623 participation in an acquisition loan with HOPE Enterprise Corporation (HEC) in September. This loan will assist developer Triangle Development with their project at Indiana Manor with the costs for rehabilitation of the thirty affordable apartments in Mississippi. Total cost of the project is $970,000 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.

Subscribe To Our Newsletter

Stay up to date with NeighborWorks Capital

More To Explore

Announcing Our New Chief Growth Officer, Laura Altomare

We are pleased to announce that Laura Altomare has joined the NeighborWorks Capital leadership team as the organization’s first Chief Growth Officer. Laura has over 25 years of experience in the financial services sector, including nonprofit Community Development Financial Institution (CDFI) leadership and for-profit banking, investment management, and mortgage lending.

Read More »

Director, Green Initiatives

NeighborWorks Capital seeks a Director, Green Initiatives (Director) to build, implement, and manage the organization’s greenhouse gas reduction program. NeighborWorks Capital is a member of Climate United, a broad coalition organized to deploy federal investment from the Environmental Protection Agency (EPA)’s Greenhouse Gas Reduction Fund (GGRF) to support the equitable adoption of green technologies in communities across America, with an emphasis on serving low-income and disadvantaged communities (LIDACs).

Read More »