NeighborWorks Capital closed a $5,126,500 refinance of previous acquisition and predevelopment loans with Asian Americans for Equality (AAFE) in December 2020. The original acquisition and predevelopment loans were originated back in 2016 to acquire the remaining piece of a redevelopment site in Northeast Kansas City, Missouri. However, since then, the project has changed. AAFE has decided not to redevelop the site themselves and is planning on selling the building to a local developer in Kansas City. The refinance will allow AAFE time to meet the milestones required by the purchaser as well as a cushion in case AAFE needs to seek a new buyer for the property.
Chief of Consulting
The Chief of Consulting (CC) is a member of the senior management team and has overall responsibility for the startup and buildout of a consulting business focused on the affordable housing and community development industry. The CC will need to be an entrepreneur at heart but also be able to work as part of a team. The CC is a critical strategic partner for the Chief Executive Officer (CEO) and will report directly to the CEO.