NeighborWorks Capital recently closed a $831,000 permanent loan to Neighborhood Development Services (NDS) for Ashtabula Homes II, a 40-home scattered site rental development in Ashtabula, OH. Developed in 2005, the forty homes were intended to be sold to the tenants after 15 years, but most LIHTC-financed single-family developments remain long-term rentals. NDS needed to refinancing the original perm lenders from the LIHTC financing, and NC provided a 15-year, fully-amortizing loan.
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.