NeighborWorks Capital funded a $425,000 stabilization loan with NeighborWorks Blackstone River Valley (NWBRV) in October 2020. This stabilization loan will be used to bridge the receipt of reimbursement from development (infrastructure and acquisition) financing for Phase 4 of Fernwood, a 30-home self-help development in Burriville, Rhode Island, that has been delayed in starting due to the impacts of COVID-19. The start date of Phase 4 has been pushed back to the first half of 2021, after the third phase was delayed by six months in 2020 due to COVID-19.
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.