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7/30/2014 Points of Impact from NeighborWorks Capital - July 2014
http://us2.campaign-archive2.com/?u=7a3d73beb1409669ff3304037&id=e70cf26f01&e=ee08ace89b 1/5
NEWSLETTER FROM NEIGHBORWORKS CAPITAL | JULY 2014 View this email in your browser
In this issue:
Welcome NeighborWorks Capital (NC)'s New Board Member
NC's Mid-Year Status of 2014 Goals
NC is Pleased to Announce a New Financing Product with Next Step
NC partners with NeighborWorks America and The Kresge Foundation
Customers in the News
Recent NC Loans
New Board Member - Michael Carroll
At its April meeting the NeighborWorks Capital (NC) board
elected a new external director. The board and staff are pleased
to welcome Michael Carroll, the Loan Fund Director of Rural
Communities Assistance Corporation (RCAC), one of the nations’
largest training, technical assistance and financing organizations
serving rural and Native American communities. His expertise in
community development lending also includes senior level
positions at Fannie Mae and Bank of America. Please welcome
Michael to the NeighborWorks Capital board.
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7/30/2014 Points of Impact from NeighborWorks Capital - July 2014
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NC's Mid-Year Status of it's Strategic Goals:
The NC team has been successful at mid-year in working toward its 2014 goals:
Over $20 million in loans closed and committed for affordable rental, for-sale,
commercial and mixed-use projects
Over 800 units of affordable rental and for-sale homes, and 20,000 square feet
of commercial space in over 20 projects
5 new NeighborWorks customers
$136 million leveraged (6.8:1 leverage)
$11 million in new and renewed debt and equity capital raised
Maintained sustainability of over 100%
Added a Senior Accountant
Began recruitment for an additional Senior Loan Officer to be located in the
western half of the country
NC is pleased to Announce a New Financing Product with Next Step:
NC is pleased to announce a new financing product to
support the creation of high-quality, energy efficient
factory-built homes for sale and rent to low- and moderate-
income households in partnership with NEXT STEP®. NC
is offering a flexible, affordable loan or line of credit to support organizations working with
NEXT STEP® to bring factory built homes to their communities. A term sheet for this loan
product is available on NC’s (neighborworkscapital.org/lending/loan-products/loan-
product-term-sheet-next-step) and NEXT STEP’s®
(http://www.nextstepus.org/systemsfinancing.htm) websites.
NC’s first NEXT STEP® loan closed recently with Affordable Housing, Education and
Development, Inc (AHEAD), a NeighborWorks Organization and NEXT STEP® member
based in Littleton, New Hampshire. Read more about AHEAD’s loan on NEXT STEP’s®
website at:
http://www.nextstepus.org/news/?p=1242
7/30/2014 Points of Impact from NeighborWorks Capital - July 2014
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NC partners with NeighborWorks America and The Kresge Foundation!
NeighborWorks America (NWA) solicited proposals from its related capital corporations to
design a loan product that would be used as organizational level capital to
NeighborWorks organizations to increase their sustainability in response to reduced
project subsidy and operational grants. NC was selected by NWA to submit an application
to The Kresge Foundation for a $5 million program related investment to capitalize the
“MISSION MOVERS FUND”(MMF). These loans would be paired with grants and other
technical assistance from NWA. The MMF builds on the success of “Strength Matters”
and “Business Strengthening” programs. If funding is approved by Kresge this fall NC will
work with NWA to select up to 9 NWOs for underwriting in an inaugural round of loans in
early 2015.
Customers in the News
Congratulations to The Primavera Foundation for receiving a national energy efficiency
award for Las Abuelitas, a 12-unit multifamily development located in South Tucson,
Arizona. NC is proud to have provided construction financing for this important
development.
http://stateenergyreport.com/2014/05/09/las-abuelitas/
http://primavera.org/
Recent NC Loans
We thank the following NWOs for their recent business:
Customer Profile: Mountain Housing Opportunities
Project: Glen Rock Hotel
7/30/2014 Points of Impact from NeighborWorks Capital - July 2014
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This is NC’s second loan to a project sponsored by
Mountain Housing Opportunities (MHO) in North
Carolina. This $902,500 construction and mini-
permanent loan will be used for the commercial
component of the Glen Rock Hotel, a historic
structure in the River Arts District in Asheville, NC.
The Glen Rock Hotel includes a commercial
component comprised of a total of over 12,000
square feet of commercial space for use by small and medium-sized businesses in a
rapidly developing area of Asheville.
Website: http://www.mtnhousing.org
Customer Profile: NeighborWorks Home Solutions
Project: Beacon Place II
This is NC’s second loan to a project sponsored by
NeighborWorks Home Solutions (fka NeighborWorks
Omaha). This $520,000 interim development loan will
be used for land acquisition and a portion of
predevelopment expenses related to Beacon Place II,
a proposed 60-unit affordable housing project in
Council Bluffs, Iowa that is in in the early predevelopment stage. Rents will be comparable
to those for Beacon Place I (pictured above), and affordable at 30%-60% of AMI.
Website: http://www.neighborworkshomesolutions.org/
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.
Please contact:
7/30/2014 Points of Impact from NeighborWorks Capital - July 2014
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NC’s Director of Lending
John Maneval
Email: [email protected]
or call 240-821-1651, ext. 204, or 301-789-6856.
Visit us at www.neighborworkscapital.org.
Our mailing address is:
NeighborWorks Capital
8484 Georgia Avenue, Suite 330
Silver Spring, MD 20910
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