Neighborworks capital announces september 2014

9/4/2014 NeighborWorks Capital Announces...

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Announcements from NeighborWorks Capital

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Customer Profile: NeighborWorks MontanaProject: Glacier Ridge Apartments - Participation

NC worked with NeighborWorks Montana (NWMT) on a$700,000 loan closed in April, 2013 for the acquisition of theGlacier Ridge Apartments project by the GMD/HomewordPartnership. NC’s purchase of a $560,000 participation inthis loan provided NWMT with liquidity necessary to expandtheir lending impact in their targeted communities. Theproperty is located in the City of Cut Bank, Montana(population of 2,900) in the north-central portion of the state.

Glacier Ridge Apartments includes a total of 36 units of rental housing, all of which aresubject to a Section 8 Housing Assistance Payment (HAP) contract. Website: www.nwmt.org

Customer Profile: HomeSightProject: Pontedera Condominiums

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This is NC’s first loan to a project sponsored by HomeSightin Seattle, Washington. This $1,875,000 interimdevelopment loan was used to repay a remainingconstruction loan for the Pontedera Condominiums, mixeduse, mid-rise building with 94 residential units and eightcommercial work/live units. Construction of the projectbegan in 2008 and was completed in early 2010. Pre-development costs were funded by HomeSight and grants

from NeighborWorks America. Website: www.homesightwa.org

Customer Profile: Nevada HANDProject: Stewart Pines and Sierra Pines

NC’s first loan to Nevada HAND (NHI) is a $500,000 mini-permanent loan for the Stewart Pines Senior Livingapartment complex at a rate of 5.75%. Loan proceedsrepaid a first mortgage with a higher interest rate. This 72unit rental apartment complex for seniors was originally constructed using Low Income Housing Tax Credits andplaced in service in 1999.

NC’s second loan to Nevada HAND is an interim development loan of $700,000 forSierra Pines Apartments at 5.50%. This loan wassubordinated to a new first mortgage from CitiBank andrepaid an existing first mortgage with a higher interest rate.This is a 90 unit rental apartment complex for seniorsdeveloped using Low Income Housing Tax Credits andplaced in service in 2000. Website: www.nevadahand.org

Customer Profile: Housing Partnership, Inc.Project: 4618 West Market

This is NC’s first loan to a project sponsored by HousingPartnership, Inc. (HPI) located in Louisville, Kentucky. This$550,000 mini-permanent loan enabled HPI to acquireWest Market Apartments, an 11-unit rental apartmentcomplex built in 2008. The property is on the western endof downtown Louisville, Kentucky and was acquired from alocal bank.

http://www.homesightwa.org/

http://www.nevadahand.org/



Website: wearehpi.org

Customer Profile: NJCC and CAPCProject: Multifamily Scattered Site

This is NC’s first involvement with New Jersey Community Capital(NJCC) and their real estate development affiliate, CommunityAsset Preservation Corporation (CAPC), which is the sponsor ofthe project. NC purchased a $3,500,000 participation inNJCC's $7,000,000 loan for this project. Loan proceeds will be used to refinance existing short-termacquisition/construction loans for occupied scattered-site rentalproperties located primarily in Essex, Hudson, Middlesex, andUnion Counties, New Jersey. A total of 60-75 units will be fundedby the loan.

Website: www.newjerseycommunitycapital.org and www.capcnj.org

Customer Profile: Tierra del SolProject: Paseo del Oro Apartments

This is NC’s first loan to a projectsponsored by Tierra del Sol HousingCorporation (TDS). The proceeds of this$300,000 predevelopment loan will beused for predevelopment expensesassociated with the development ofPaseo del Oro Apartments, a proposed24-unit affordable rental housingdevelopment financed primarily with

Low Income Housing Tax Credits (LIHTC) and located in Las Cruces, New Mexico. Website: www.tierradelsolhousing.org

Customer Profile: HomeportProject: Hilltop Homes II

http://wearehpi.org/

http://www.newjerseycommunitycapital.org/

http://www.capcnj.org/

http://www.tierradelsolhousing.org/



This is NC’s ninth loan with Homeport. This $400,000predevelopment loan will cover predevelopment costs forHilltop Homes II, a proposed 40-unit scattered site, singlefamily lease-purchase development financed with 9%LIHTC and located in Columbus, Ohio. Units will beavailable to large families with incomes at 30%, 50% and60% of Area Median Income. The project constitutes thesecond phase of the Hilltop Homes project. The first phaseis similar in design and is located in the sameneighborhood.

Website: homeportohio.org

If you would like to schedule a meeting to discuss your financing needs or projectpipeline, please contact:

John Maneval, Director of [email protected]

Phone at 240-821-1651 ext. 204 or 301-789-6856

Visit us at www.neighborworkscapital.org.

Our mailing address is:NeighborWorks Capital8484 Georgia Avenue, Suite 330Silver Spring, MD 20910

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Neighborworks capital announces september 2014