Keeping it affordable

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NeighborWorks Capital recently closed a $4,054,400 permanent loan to Community Resources and Housing Development Corp (CRHDC) for the purchase of Southside Apartments, 46 units in Alamosa, CO. Southside was one of five properties (two multifamily, 2 self-storage, and 19 acres of vacant land) in a portfolio acquisition, expanding their presence in Alamosa and the San Luis Valley. NC’s ten-year loan includes an innovative debt service reserve, with underwriting (and loan size) at expected rents after a gradual increase, rather than at lower current rents. This was NC’s second loan to CRHDC after more than 10 years.

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