Loan at a Glance:
PCG’s work with the Community Loan Fund of New Jersey, Leviticus 25:23 Alternative Fund, and Capital Impact Partners provides a $1,000,000 pari passu participation in an $11,000,000 revolving construction loan to develop affordable, for-sale condominiums. The loan is structured on a revolving basis and provides total funding of $24,000,000 over the project’s four-stage development plan.
Project Summary:
The development plan provides 148 age-restricted condominium units, with 29 income-restricted units at 50% AMI and 60% AMI. The remaining 119 units provide “workforce” housing, priced to be affordable at 70% of AMI.
Borrower Summary:
Homes Now, Inc. controls Lighthouse at Barnegat. Homes is a not-for-profit community development corporation that constructs quality housing, including income-restricted housing for families, veterans, individuals with special needs, and women and child survivors of domestic violence.