Community Partners of South Florida (CPSFL) closed on a $1,800,000 permanent loan to acquire and rehabilitate a 20-unit apartment complex in West Palm Beach, FL. The organization has been renting the building for its transitional housing program that provides wrap around services, including therapy, to individuals with a documented mental health diagnosis. When the previous owners planned to sell the complex, CPSFL decided to acquire the property to preserve the supportive housing units. The loan from NeighborWorks Capital will be used to cover a portion of the acquisition, which is also being financed by Palm Beach County, and near-term capital needs.
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.