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 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.