NeighborWorks Capital closed a $500,000 mini permanent loan with Nevada HAND in December 2018. Our loan allowed Nevada HAND to refinance their mortgage on Stewart Pines II without a prepayment penalty AND at a lower interest rate. Stewart Pines II has forty-nine apartments for low-income seniors in Las Vegas, NV. The building includes the following amenities: computer center with free high-speed Internet, free transportation services, secured access entry, 24-hour energy maintenance, covered parking, a fitness center, library, on-site laundry facilities, and extensive landscaping with seating in the garden areas. In the last five years, Nevada HAND has developed eight new communities with 804 apartments, and completed the acquisition and rehab of a 90-apartment senior property.
NeighborWorks Capital has joined the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies that offers competitively-priced financing, as well as affordable housing and community development grants.