NeighborWorks Capital funded a $500,00 bridge loan with Affordable Housing Education and Development (AHEAD) Inc. in February. This loan provided AHEAD with additional capital to bridge the financing on their under-way construction project, Community Living at Lloyd’s Hills in New Hampshire as well as refinance the balance of NC’s existing loan for Better Homes AHEAD. AHEAD is waiting to close on construction financing from NH HFA and TD Bank- both of those are waiting to commitment from the LIHTC investor, also TD Bank. Community Living at Lloyd’s Hills will create 28 apartments (21 rent-restricted, 7 market) in four buildings with a community building.
NeighborWorks Capital Deploys $22 Million to Fund Permanent Multifamily Loans in Partnership with Charles Schwab Bank
On August 30, 2022, NeighborWorks Capital received its largest investment to date, a $25 million facility from Charles Schwab Bank to fund permanent multifamily loans. One year later, NeighborWorks Capital is pleased to report that 90% of the facility has been utilized and $22 million of long-term, fixed-rate permanent financing has been deployed to members of the NeighborWorks network.