Refinance as a Project Pivots

NeighborWorks Capital closed a $6,307,000 refinance of a previous acquisition and predevelopment loan with East bay Asian Local Development Corporation (EBALDC) in September 2019. Our loan will give EBADLC the funds to increase NC’s existing $4,155,000 acquisition loan that initially closed in 2017 as the project has changed. The West Grand & Brush project in Oakland, California will incorporate some supportive-housing tenant and updating the design. This project will provide deep affordability in one of the most expensive rental markets in the US, with more than half of the apartments restricted to households at 20% and 30% of AMI.