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.
Our team had the opportunity to spend time with five members of NeighborWorks America serving communities in Boston and Providence. On this trip, we visited Codman Square Neighborhood Development Corporation, Nuestra Comunidad Development Corporation, Madison Park Development Corporation, ONE Neighborhood Builders, and Cambridge Neighborhood Apartment Housing Services. Each of these organizations is doing transformational work to create opportunities for people to live in affordable homes, improve their lives, and strengthen their communities.