Mutual Housing Association of Greater Hartford, Inc. (MHAGH) closed a $350,000 predevelopment loan with NeighborWorks Capital to accelerate their planning for the rehabilitation of Willow Arms Apartments in Simsbury, CT. MHAGH will invest more than $7 million to improve the 50-year-old property, making the 81 apartments more energy-efficient and more marketable. MHAGH had anticipated starting this rehab in 2024 – however, the Connecticut Department of Housing decided to fast-track the recapitalization by offering new funding available only in 2022. With a short deadline to draft construction plans and specs, and to start working with the general contractor and architect, MHAGH had a significant and immediate need for predevelopment funding, and NeighborWorks Capital was able to provide it.
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.