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.
Ashtabula Homes II
Fifteen years after utilizing low-income housing tax credits (LIHTC) to build Ashtabula Homes II, 40 single-family homes in northeast Ohio, Neighborhood Development Services (NDS) was faced with a challenge.
