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1/27/2015 NeighborWorks Capital Loan Announcements...
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Loan Announcements from NeighborWorks Capital
Helping make the vision of community a reality. View this email in your browser
NeighborWorks organizations were very productive in 2014. In the last quarter of2014 NC closed 12 loans totaling $18.9 million. Here is a sample of some of theseimpressive projects.
Customer Profile: Mennonite Housing Rehabilitation ServicesProject: French Quarter II
This is NC’s first loan with Mennonite HousingRehabilitation Services (MHRS). This $400,000 loan wasused for predevelopment expenses associated with thedevelopment of French Quarter, Phase II, a proposed 44unit affordable general occupancy rental housingdevelopment financed primarily with Low Income HousingTax Credits (LIHTC) and located in Wichita, Kansas. Theunit mix will include one, two and three bedroom units to
be rented to households with incomes below 60% of the Area Median Income (AMI).
Website: http://www.mhrsi.org/
Customer Profile: Mountain Housing Opportunities Project: Glen Rock Commercial
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This is NC’s 4th loan with Mountain Housing Opportunities(MHO). This $1,158,000 minipermanent loan will be usedto refinance maturing debt on the commercial componentof the Glen Rock Depot, a mixed use project located inAsheville, NC. Glen Rock Depot includes a residentialcomponent of 60 affordable rental units, and acommercial component comprised of 9,100 square feet ofcommercial space in seven separate units and is locatedon the street level of this 4story structure.
Website: http://www.mtnhousing.org/
Customer Profile: Avesta HousingProject: Antrim VillageLocation: Antrim, New Hampshire
Project: Lincoln GreenLocation: Lincoln, New Hampshire
This is NC’s 2nd and 3rd loan with Avesta HousingDevelopment Corporation (Avesta). These two interimdevelopment loans were used to acquire two affordablerental properties located in New Hampshire from thesame owner: Antrim Village Apartments ($2,100,000)and Lincoln Green Apartments ($2,235,000). Bothproperties were acquired to preserve existing Section 8Housing Assistance payment (HAP) contracts. NC’s
loans will provide Avesta with the time they need to assemble bond and tax creditfinancing.
Antrim Village is a 40unit rental apartment complex for senior occupancy built in 1980 inrural Antrim, New Hampshire.
Lincoln Green Apartments is a 35unit rental apartmentcomplex for senior occupancy built in 1982 in ruralLincoln, New Hampshire.
Website: http://www.avestahousing.org/
Customer Profile: Thistle Communities Project: Kimbark Apartments
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This is NC’s 3rd loan with Thistle Communities (Thistle).This $3,430,000 interim development loan was used toacquire Kimbark Apartments, an existing 48unitaffordable rental property located in Longmont, Colorado. The property was constructed in the mid1990s with 9%Low Income Housing Tax Credit (LIHTC) financing. NC’s
interim development loan will enable Thistle to acquire and hold the property while itsecures rehabilitation and permanent financing.
Website: http://www.thistlecommunities.org/
Customer Profile: Hope Enterprise Corporation/Hope Federal Credit UnionProject: Lincoln Gardens
This is NC’s 1st loan with Hope Enterprise Corporation (HEC). This $800,000minipermanent participation loan (the total loan is$3,050,000) was used to refinance Lincoln GardenApartments, a 100unit, general occupancy affordablerental housing development in Jackson, Mississippi. The loan will be originated and serviced by HopeFederal Credit Union (HFCU), which is HEC’s affiliatedcredit union.
Website: http://www.hopecu.org/
Customer Profile: New Jersey Community Capital (NJCC)/ Community Asset Preservation Corporation (CAPC)Project: AME Church Condos
This is NC’s second loan with New JerseyCommunity Capital (NJCC)/Community AssetPreservation Corporation (CAPC). This $505,000interim development loan will be used to finance theacquisition, preconstruction and limited demolitionexpenses for an existing church in shell condition inJersey City, New Jersey. CAPC will use the loanproceeds to purchase the facility and begindemolition of the interior and an attached onestorybuilding in preparation for the redevelopment of the
church into a 12unit forsale condominium project.
Website: http://www.newjerseycommunitycapital.org/
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http://www.capcnj.org/
Customer Profile: Nevada HAND Housing and Neighborhood Development Project: 501 N. Lamb Boulevard
This is NC’s 3rd loan with Nevada HAND, Inc. (NHI). This $1,560,000 InterimDevelopment Loan was used to finance theacquisition of 501 N. Lamb Boulevard in Las Vegas,Nevada. The site is intended to be developed into a250 to 300unit multifamily affordable housingcomplex built in phases using Low Income HousingTax Credits and taxexempt bonds. The project willbenefit lowincome families, primarily those withincomes below 50% of (AMI) Area Median Income.
Website: http://www.nevadahand.org/
NeighborWorks Capital staff will be attendingthe upcoming Neighborworks America
Training Institute in Los Angelesfrom February 23 27, 2015.
If you would like to schedule a meeting todiscuss your financing needs or project
pipeline, please contact:
John Maneval, Director of Lendingjmaneval@neighborworkscapital.org
Phone at 2408211651 ext. 204 or 3017896856or
Ingrid Avots, Senior Loan Officeriavots@neighborworkscapital.org
Phone at 2408211651 ext. 206 or 2405951561
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Visit us at www.neighborworkscapital.org.
Our mailing address is:NeighborWorks Capital8484 Georgia Avenue, Suite 330Silver Spring, MD 20910
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