neighborworks capital loan announcements september 2015

9292015 NeighborWorks Capital Loan Announcements shy September 2015

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Loan Announcements from NeighborWorks Capital

Helping make the vision of community a reality View this email in your browser

To date NeighborWorks Capital (NC) has already committed and closed 25 loansin 2015 to four new and 13 returning customers We have been able to assistorganizations with their rental and forshysale construction and preservationprojects The following examples below each represent the flexible use of each ofour loan products Community Housing Development Corporation shy Barrett Plaza amp Barrett Terrace A Community of Friends shy Silver Star amp Huntington Square Charlotte Mecklenburg Housing Partnership shy Atando Apartments RUPCO shy Fallsburg Replacement Housing NC ED Forum Region Brochures

Customer Profile Community Housing Development CorporationProject Barrett Plaza amp Barrett Terrace

This is NeighborWorks Capitalrsquos (NC) first loans to Community Housing Development

Corporation of North Richmond (CHDC) NCrsquos predevelopment loans were made tocomplete predevelopment activities for the recapitalization and preservation of twoaffordable rental properties owned by CHDC located in Richmond California BarrettTerrace and Barrett Plaza

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Barrett Plaza Townhomes is a 58shyunit general occupancyrental apartment complex built in 1979 in RichmondCalifornia The property receives rental subsidies from arecently renewed 20shyyear Sectionshy8 Housing AssistancePayment (HAP) contract The complex has been wellmaintained but is in need of capital improvements whichCHDC will undertake as part of a recapitalization of theproject using tax exempt bonds and 4 Low IncomeHousing Tax Credits NCrsquos $300000 predevelopment loan

enabled CHDC to complete the necessary predevelopment activities to secure financingfor the recapitalization Barrett Terrace Apartments is a 115shyunit general occupancy rental apartment complexbuilt in 1975 in Richmond California The propertyreceives operating subsidies through a recently renewed20shyyear Sectionshy8 HAP contract The complex has beenwell maintained but is in need of capital improvementswhich CHDC will undertake as part of a recapitalization ofthe project also using tax exempt bonds and 4 LowIncome Housing Tax Credits NCrsquos $300000predevelopment loan will also enable CHDC to completethe necessary predevelopment activities to securefinancing for the recapitalization

Website httpchdcnrcom

Customer Profile A Community of FriendsProject Silver Star and Huntington Square

The is NCrsquos second loan to A Community ofFriends (ACOF) who closed on a $400000predevelopment loan for predevelopment costsrelated to its new construction project known atSilver Star Apartments The project will be 49 units

of permanent supportive housing community for homeless veterans located in the HydePark neighborhood of Los Angeles

Separately NC approved a $2000000 interim development loan for the HuntingtonSquare project for land acquisition This plannedconstruction of a mixedshyuse project consisting of 55units of affordable special needs rental housing and10000 square feet of commercialretail space will belocated in Huntington Park California

ACOFrsquos focus is to build housing for people who earn



less than 30 of area median income (AMI) and have a mental physical ordevelopmental disability It works to provide people with special needs safe andaffordable homes that allow them to focus on their mental and physical health ACOFcurrently houses over 2000 individuals and families in its buildings 99 of ACOFrsquosspecial needs residents have a mental health substance abuse or a physical disabilityand over 95 have remained housed after one year with another 69 housed afterthree years

Website httpwwwacoforg

Customer Profile Charlotte Mecklenburg Housing PartnershipProject Atando Apartments

This is NCrsquos 10th loan with Charlotte MecklenburgHousing Partnership (The Housing Partnership) TheHousing Partnership requested a $400000predevelopment loan from NC to completepredevelopment activities for the construction ofAtando Apartments a 130shy unit general occupancyrental apartment project to be built at CMHPrsquosBrightwalk development This is the final affordablehousing project for this master plan redevelopment

project The project has been awarded a $10 million bond allocation and 4 LIHTC NCrsquossource of repayment

The property will include four threeshy story apartment buildings of which one building willincorporate the 3100 square foot clubhouse and have 79 threeshybedroom and 51 twoshybedroom units all with two full baths Of these units five of the twoshybedroom and eight ofthe threeshybedroom units will have restricted rents amounting to 50 of the MecklenburgCounty area median income (AMI) In addition 46 of the twoshybedroom units and 71shyofthe threeshybedroom units will have rents at 60 of AMI

Website httpwwwcmhporg

Customer Profile RUPCOProject Fallsburg Replacement Housing Project

This is NCrsquos second loan to a project sponsored byRUPCO for an initiative in the rural town of FallsburgNew York to replace 10 dilapidated scatteredshysitemanufactured homes The proceeds of the loan will beused to bridge committed project funding from HOMEand New York State Affordable Housing Corporation



that is available to be drawn on a reimbursable basis The replacement units and sitework will be provided by a local manufactured home dealer and administration andsupervision of the project will be provided by RUPCO

Website httprupcoorg

Brochures created by NeighborWorks Capital forNeighborWorks America Regional ED Forums

The NeighborWorks Capital Lending Team enjoyed meeting with leaders at the regionalExecutive Director Meetings over the summer At each convening the team sharedrecent examples of financing solutions that NeighborWorks Capital provided Please clickon the brochures below to read more



To view these brochures on our websiteplease click on the following link to ourPublications page and scroll past the

Newsletter section httpneighborworkscapitalorgaboutshy

uspublicationsbrochures

If you would to discuss your financing needs or project pipeline please contact

Jennifer Balkcom Chief Lending Officerjbalkcomneighborworkscapitalorg

Phone at 240shy821shy1651 ext 204 or 301shy789shy6856

Ingrid Avots Senior Loan Officeriavotsneighborworkscapitalorg




Rob Hammock Senior Loan Officerrhammockneighborworkscapitalorg Phone at 980shy207shy3797 or 301shy887shy7889

Visit us at wwwneighborworkscapitalorg

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

Add us to your address bookunsubscribe from this list update subscription preferences



Barrett Plaza Townhomes is a 58shyunit general occupancyrental apartment complex built in 1979 in RichmondCalifornia The property receives rental subsidies from arecently renewed 20shyyear Sectionshy8 Housing AssistancePayment (HAP) contract The complex has been wellmaintained but is in need of capital improvements whichCHDC will undertake as part of a recapitalization of theproject using tax exempt bonds and 4 Low IncomeHousing Tax Credits NCrsquos $300000 predevelopment loan

enabled CHDC to complete the necessary predevelopment activities to secure financingfor the recapitalization Barrett Terrace Apartments is a 115shyunit general occupancy rental apartment complexbuilt in 1975 in Richmond California The propertyreceives operating subsidies through a recently renewed20shyyear Sectionshy8 HAP contract The complex has beenwell maintained but is in need of capital improvementswhich CHDC will undertake as part of a recapitalization ofthe project also using tax exempt bonds and 4 LowIncome Housing Tax Credits NCrsquos $300000predevelopment loan will also enable CHDC to completethe necessary predevelopment activities to securefinancing for the recapitalization

Website httpchdcnrcom

Customer Profile A Community of FriendsProject Silver Star and Huntington Square

The is NCrsquos second loan to A Community ofFriends (ACOF) who closed on a $400000predevelopment loan for predevelopment costsrelated to its new construction project known atSilver Star Apartments The project will be 49 units

of permanent supportive housing community for homeless veterans located in the HydePark neighborhood of Los Angeles

Separately NC approved a $2000000 interim development loan for the HuntingtonSquare project for land acquisition This plannedconstruction of a mixedshyuse project consisting of 55units of affordable special needs rental housing and10000 square feet of commercialretail space will belocated in Huntington Park California

ACOFrsquos focus is to build housing for people who earn


































neighborworks capital loan announcements september 2015

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