572014 NeighborWorks Capital Announces

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Helping make the vision ofcommunity a reality

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Announcements from NeighborWorks Capital

Customer Profile Mutual Housing Assoc of Greater Hartford

Project Park Terrace

This $750000 loan to Mutual Housing Association of Greater Hartford

is supporting the renovation of Park Terrace Apartments a 42-unit

affordable housing project that MHAGH acquired in 1989 and after

nearly 25 years is in need of significant capital improvements A long-

time customer this is MHAGHrsquos 6th loan with NeighborWorks Capital

(NC) NCs financing will provide construction capital and convert to a

mini-permanent loan repaid over a 7 year period

The scope of the proposed renovation will focus on improving the energy efficiency of the building

updating the mechanical and electrical systems to meet current code requirements and renovating the

building while maintaining the historic character The improvements will benefit Park Terracersquos low

income residents who will spend less on utilities and more on other necessities without sacrificing

quality of housing or safety of the community

MHAGH has been a member of the NeighborWorks network since 1988 and has contributed

significantly to the revitalization of the City of Hartford by providing real estate development property and

asset management homeownership promotion and preservation and resident services

Website wwwmutualhousingorg

Customer DHIC Inc

Project The 10 at South Person

Due to our flexible terms NC was able to offer a $2240000

construction loan to facilitate the construction of 10 single-family

for-sale homes on an in-fill lot just blocks from the vibrant central

business district in the City of Raleigh North Carolina Developed

by DHIC Inc ldquoThe 10 at South Personrdquo will provide high quality

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572014 NeighborWorks Capital Announces

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spacious and attractively designed units that will appeal to working families and young professionals

in the growing downtown area of Raleigh Units will include an open floor plan skylights and porches

with unobstructed views of the downtown skyline This is NCrsquos fifth loan with DHIC

Website wwwdhicorg

Customer PathStone

Project West Broadway Villas

First-time borrower PathStone will use a $250000 predevelopment

loan to support the extensive rehabilitation of West Broadway Villas

42 affordable rental units for families in the Village of Monticello in

the Hudson Valley region of New York State PathStone was selected

to acquire this troubled property owned by USDArsquos Rural

Development which was originally constructed in 1988 PathStone

will complete a total renovation of the existing units plus the

construction of a new community building PathStone founded in 1969 has been a NeighborWorks

Americareg (NWA) member since 1996 and owns over 2400 units of rental housing and 92000 square

feet of retail and community space

Website wwwpathstoneorg

Customer Madison Park Development Corporation

Project Madison Tropical

NC provided a $3700000 acquisition loan to assist Madison Park

Development Corporation initiate an ambitious and transformative

multi-phase development in the Roxbury neighborhood of Boston

NCrsquos loan enabled MPDC to acquire a 4-story historic building which

is currently home to a neighborhood grocery store known as Tropical

Foods In partnership with the owner of Tropical Foods MPDC will

relocate the grocery store to a newly-constructed building nearby

and then proceed to redevelop the existing building into a mixture of residential and commercial uses

This loan allows MPDC the ability to undertake multiple redevelopment projects on this property known

as Parcel 10 for which MPDC is serving as master developer This is NCrsquos sixth loan to Madison Park

and was made in participation with the Boston office of the Local Initiatives Support Corporation (LISC)

Website wwwmadison-parkorg

572014 NeighborWorks Capital Announces

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PARTNER WITH NEIGHBORWORKS CAPITAL

Is your organization in need of quick flexible capital to undertake a real estate transaction that benefits

your community NeighborWorks Capital could be your financing solution

To learn more visit NCs Website at wwwneighborworkscapitalorg or

contact John Maneval Director of Lending at 240-821-1651 ext 204 or

301-789-6856 or email jmanevalneighborworkscapitalorg

Visit us at w w w neighborw orkscapitalorg

Our mailing address isNeighborWorks Capital8484 Georgia Avenue Suite 330Silver Spring MD 20910

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