NeighborWorks Capital closed a $500,000 predevelopment loan with Mutual Housing Association of Greater Hartford, Inc. (MHA-GH) in August 2019. Our loan refinances a previous NeighborWorks Capital loan as well as cover the new costs to get to the construction closing for two new buildings (316 on the Park and Park Terrace II) financed in one transaction in August 2020 in Connecticut. 316 Park Terrace is a thirty-apartment historic brick building built in 1924 in need of moderate rehab and reconfiguration of the apartments, to be reduced to 21 apartments. Park Terrace II needs limited rehab as the site was developed in 2003. Work will include adding high efficiency boilers, granite countertops, hardwood floors, LED lighting, and improved ventilation.
As 10,000 people a day turn 65 in the U.S., the need for