Holding on to a historic hotel

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NeighborWorks Capital recently closed a $720,000 mini-perm loan to Eden Housing to refinance an older NC loan on the historic Skeels Hotel in Morgan Hill, CA. A small building with 13 affordable apartments and a noted restaurant on the ground floor, Skeels is a historic landmark, visited by the Crown Prince of Sweden in 1926! NC’s five-year loan allows Eden Housing to hold the property while they work to structure a scattered site recapitalization on several affordable housing properties they own in and around Morgan Hill.

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