NeighborWorks Capital funded a $1,000,000 predevelopment loan with Charlotte-Mecklenburg Housing Partnership, Incorporated (CMHP) in December 2020. The predevelopment loan will assist with the construction of two affordable rental residential developments- Connelly Creek Apartments and Grounds for Change in Charlotte, North Carolina. Connelly Creek Apartments will offer 78 units of affordable housing in four garden-style apartment buildings and six townhomes with garages. Grounds for Change will offer 104 units of affordable housing between two buildings, one of which will also include townhome units. Both projects will target low to moderate income households, a growing need in Charlotte as it was reported in 2019 that 55,000 people did not have an affordable place to live.
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.
