NeighborWorks Capital closed a predevelopment loan with Peoples’ Self-Help Housing Corporation (PSHH) in April 2020. This loan will assist with the acquisition of approximately 10 acres of vacant land in Santa Barbara County, California. This land will be used for a new construction affordable multifamily project of 75 apartments (including the manager’s apartment). Along with these apartments, a community center building, two playgrounds, half basketball court, community garden, barbecues with covered seating, and landscaped walkways connecting the buildings and community areas will also be constructed.
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.
