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 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.
