Charlotte Mecklenburg Housing Partnership, Inc for Live Oak Seniors
Location: Charlotte, NC
Loan Amount: $410,000
Loan Type: Predevelopment
Project Description: Live Oak Seniors is a 50-unit multifamily rental project, dedicated exclusively to the elderly, featuring one bedroom units. This loan was used to fund predevelopment expenses associated with the project.
Since late 2006, Charlotte Mecklenburg Housing Partnership has used low-cost, unsecured pre-development loans of over $1 million from NeighborWorks Capital for predevelopment expenses for five multifamily projects as part of the Double Oaks redevelopment plan in North Charlotte. In addition NC has provided over $3 million in land acquistion loans to further implement their award winning redevelopment strategy.
NeighborWorks Capital understands our organization and its business lines, resulting in more flexibility and fewer costs for the front end of our projects.- Natalia Baum, Manager of Development Finance – Charlotte Mecklenburg Housing Partnership (CMHP)
Using pre-development loans at 4.50% from NeighborWorks Capital, our organization maintains the strong cash reserves necessary during unsteady times. We’re seeing lots of opportunities right now and using NC’s interim development financing to pursue projects that fit best with our mission and communities.- Fred Dodson, COO - Charlotte Mecklenburg Housing Partnership (CMHP)