Case Study | St. James Plaza

Acquisition Loan

AHC

Home > Acquisition Loans > St. James Plaza

IMPACT

It was a big win to be able to help build affordable homes. NeighborWorks Capital really helped this project come to fruition. They offer the creative solutions we need to get our projects to work, and we work well together.”

David Brotman
Project Manager, ACH
St. James is nestled in the Beauregard neighborhood in Alexandria VA, which provides a beautiful and sophisticated feel, more like a residential neighborhood than a typical apartment community.
SYNOPSIS

When long-time customer AHC wanted to acquire St. James Plaza in Alexandria, VA, an area which had been losing affordable housing options, they contacted NeighborWorks Capital to help. We typically provide acquisition loans up to $10 million with terms generally around 36 months and rates starting at 6% that allow developers to purchase land and buildings planned for future development, preservation of affordability, or other redevelopment activities for both residential and commercial development.

CHALLENGE & SOLUTION

NeighborWorks Capital provided an acquisition loan for the dual-use (apartments and market-rate townhomes) property. The
development features 93 new apartment homes as well as a daycare and early childhood learning center. The initial LTV was 85%; we let them increase their leverage when they split the property, another unusual feature of this loan, as was the partial guarantee we offered because of the size of the loan and AHC’s strength.

ABOUT NEIGHBORWORKS CAPITAL

NeighborWorks Capital fills a critical resource gap by investing in communities that have been underserved by traditional financial institutions. They provide flexible, responsive, and affordable financing solutions for residential and commercial real estate development and business expansion. NeighborWorks Capital is a national nonprofit, certified Community Development Financial Institution rated by Aeris-Insight serving members of the NeighborWorks America network in all 50 states, Puerto Rico, and the District of Columbia.

Contact Us

Lanie Wasserman

Senior Loan Officer
301-789-6857

Michael Haas

Senior Loan Officer
240-517-3586
Acquisition Case Study

INHS Verona Village

Ithaca Neighborhood Housing Services (INHS) will refinance and renovate Verona Village, improving energy efficiency, reducing maintenance costs, and improving the lives of the tenants.