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NC’s $7.99 million loan is helping NWNH build the second phase of Spruce Meadows/Spruce Ridge in Stonington, CT. NC’s loan also refinanced the first phase construction loan. The 9% LIHTC development will have 86 apartments, with 20 at market rents.
| Uses | To build or significantly rehabilitate/renovate apartment, condominium, single-family, commercial, and mixed-use developments | |
|---|---|---|
| Loan Amount | Up to $10,000,000 | |
| Loan Term | Generally up to 36 months | |
| Interest Rate | From 6.00%, dependent on loan amount and term, complexity of the repayment sources and permanent financing conditions | |
| Collateral/security | First position liens on the property and project under construction Up to 95% LTV/LTC | |
| Repayment Source | Permanent financing or proceeds from home/property sales, depending on project type and timeline | |
| Fees |
Application fee - $1,000 |
|
| Third-party reports | Appraisal, Phase I/II environmental assessments, market study, construction plan and contract review | |
