NeighborWorks Blackstone River Valley, St. Mary Development Corporation, Neighborhood Housing Services of Baltimore, and Nevada HAND all recently closed on loans in the second quarter of 2022, for a quarterly investment total of $2,190,000. Learn more about their latest projects and how the investments will impact their communities.
NeighborWorks Blackstone River Valley (NWBRV) recently closed a $600,000 land acquisition and predevelopment refinance loan with NeighborWorks Capital. NWBRV plans to convert one of Tupperware’s first research labs into 55 affordable apartments in North Smithfield, RI. After taking out the loan in 2018 to complete environmental examination and initial mitigation actions, the timeline to move to financial applications within 24 months proved to be too ambitious. NWBRV also wanted to add a 43-unit new construction element to the development plan to help North Smithfield reach its affordable housing goal. NeighborWorks Capital was able to extend the maturity of the loan by 36 months, allowing NWBRV time to permit the expanded development plan and secure additional funding.
St. Mary Development Corporation recently increased their existing line of credit from $1.7 million to $2 million for predevelopment activities, including for the Senior Village at Kettering Town Center. The $300,000 increase will allow St. Mary Development Corporation to draw funds for land acquisition and other predevelopment expenses prior to LIHTC construction closing.
Neighborhood Housing Services of Baltimore recently closed a $750,000 construction-to-permanent loan with NeighborWorks Capital for The Mill on North, West Baltimore’s first food hall. The Mill on North will fill a need in West Baltimore, a community that lacks restaurant and food services. The new food hall will include 8+ food and beverage concepts from local West Baltimore vendors. NHS of Baltimore recently held a groundbreaking event and the space is scheduled to open later this year.
Nevada HAND recently closed a $540,000 permanent loan with NeighborWorks Capital to refinance existing debt for Stewart Pines, a 72-unit affordable apartment development for low-income seniors in Las Vegas, Nevada. Funds will be used to take out the existing debt and pay for immediate repairs to the Subject Property.