Congratulations to our customers that closed on loans in the third quarter of 2022! We are pleased to announce that DreamKey Partners, Way Finders, Gulf Coast Housing Partnership, Community Partners of South Florida, Community Action Program of North Alabama, and Suncoast Housing Connections all recently closed on loans with NeighborWorks Capital. These loans represent a $13,408,000 investment in affordable housing and community development projects for the quarter. Thank you for choosing NeighborWorks Capital, and we are honored to be able to support your important work.
DreamKey Partners closed on a $2,750,000 bridge loan for Johnston Oehler Seniors, a new construction affordable senior housing community in Charlotte, NC. The loan from NeighborWorks Capital will bridge grant funding from Mecklenburg County during the construction period. Johnston Oehler Seniors will provide 140 affordable rental units for seniors in Charlotte, NC between 30-80% AMI. NeighborWorks Capital also provided $500,000 of predevelopment financing to support early-stage costs of the project.
DreamKey Partners also closed on a $2,840,000 construction loan for Vantage Pointe Townhomes in Charlotte, NC. The Charlotte-Mecklenburg area has seen tremendous growth and a dramatic increase in home prices, and to address these challenges, DreamKey Partners has taken on several homeownership opportunities to help families that are being priced out of the market. The construction loan from NeighborWorks Capital will provide the financing DreamKey Partners needs to build 12 affordable homes for families at or below 80% of AMI.
Way Finders closed on a $3,000,000 enterprise loan that will help capitalize the organization’s internal fund to support predevelopment and acquisition activities for affordable housing development in central and western Massachusetts. WIth six projects already in their pipeline, Way Finders will use the funding for design and engineering work, preparatory site work, environmental assessments, and the purchase of land for existing and future projects.
Gulf Coast Housing Partnership (GCHP) closed on a $842,000 permanent loan for Country Club Estates, a 62-unit affordable housing development for seniors in Montgomery, AL. NeighborWorks Capital provided a forward commitment for GCHP in late 2018, but the project faced significant construction delays. This new permanent loan extended the loan commitment and increased the loan amount to cover additional project costs.
Community Partners of South Florida closed on a $1,800,000 permanent loan to acquire and rehabilitate a 20-unit apartment complex in West Palm Beach, FL. The organization has been renting the building for its transitional housing program that provides wrap around services, including therapy, to individuals with a documented mental health diagnosis. When the previous owners planned to sell the complex, Community Partners of South Florida decided to acquire the property to preserve the supportive housing units. The loan from NeighborWorks Capital will be used to cover a portion of the acquisition, which is also being financed by Palm Beach County, and near term capital needs.
Community Action Program of North Alabama (CAPNA) closed a $926,000 mini-permanent loan that will be used to refinance $900,000 of existing debt for a year 15 LIHTC property and fund closing costs and immediately-needed repairs. Pecan Cove Apartments was completed in 2007 and provides 60 affordable apartments for families in Mobile, Alabama. This mini-permanent loan will be an interim financing solution for CAPNA as it prepares to re-syndicate the property.
Suncoast Housing Connections closed on a $1,250,000 construction loan to build six single family homes in St. Petersburg, FL for families between 80 and 120% of AMI. These homes are part of the organization’s larger plan to expand geographically and grow their real estate development line of business with single-family acquisition, rehabilitation, for sale and rental production.