Issuu on Google+

5/7/2014

NeighborWorks Capital Announces...

Subscribe

Share

Past Issues

Translate

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

Announcements from NeighborWorks Capital Customer Profile: Mutual Housing Assoc. of Greater Hartford Project: Park Terrace This $750,000 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 longtime customer, this is MHAGH’s 6th loan with NeighborWorks Capital (NC). NC's 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 Terrace’s 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. Web site: www.mutualhousing.org

Customer: DHIC, Inc. Project: The 10 at South Person Due to our flexible terms NC was able to offer a $2,240,000 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., “The 10 at South Person” will provide high quality, http://us2.campaign-archive1.com/?u=7a3d73beb1409669ff3304037&id=f3e8afcbae&e=[UNIQID]

1/3


5/7/2014

NeighborWorks Capital Announces...

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 NC’s fifth loan with DHIC. Web site: www.dhic.org

Customer: PathStone Project: West Broadway Villas First-time borrower PathStone will use a $250,000 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 USDA’s 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 America® (NWA) member since 1996 and owns over 2,400 units of rental housing and 92,000 square feet of retail and community space. Web site: www.pathstone.org

Customer: Madison Park Development Corporation Project: Madison Tropical NC provided a $3,700,000 acquisition loan to assist Madison Park Development Corporation initiate an ambitious and transformative multi-phase development in the Roxbury neighborhood of Boston. NC’s 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 NC’s sixth loan to Madison Park and was made in participation with the Boston office of the Local Initiatives Support Corporation (LISC). Web site: www.madison-park.org

http://us2.campaign-archive1.com/?u=7a3d73beb1409669ff3304037&id=f3e8afcbae&e=[UNIQID]

2/3


5/7/2014

NeighborWorks Capital Announces...

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 NC's Web site at www.neighb orworkscapital.org or contact John Maneval, Director of Lending at 240-821-1651 ext. 204 or 301-789-6856 or email: jmaneval@neighborworkscapital.org.

Visit us at w w w .neighborw orkscapital.org. Our m ailing address is: NeighborWorks Capital 8484 Georgia Avenue, Suite 330 Silver Spring, MD 20910 Add us to your address book unsubscribe from this list update subscription preferences

http://us2.campaign-archive1.com/?u=7a3d73beb1409669ff3304037&id=f3e8afcbae&e=[UNIQID]

3/3


Neighborworks capital announces january announcement