Loan at a Glance:
This $7,726,500 loan funds the land acquisition and predevelopment costs for a planned affordable apartment development in Las Vegas, NV by HAND Property Holding Company and Nevada H.A.N.D., Inc. (NVH).
Project Summary:
PCG’s work with Community Housing Capital (lead lender) and Housing Partnership Network provides a $500,000 pari passu participation in a $7,726,500 acquisition and predevelopment loan for the planned development. Across three phases, all 240 units will provide affordable housing, with an affordability mix that includes units affordable at 30% A.M.I., 50% A.M.I., and market rate.
Loan Result:
The anticipated project supports 1,000 residents and includes seven three-story apartment buildings offering central heating and cooling, a washer and dryer, and a private balcony/patio in each unit.