Loan at a Glance:
While WFI has had significant access to a wide range of project-based financing, it had insufficient access to working capital funding to support the acquisition and predevelopment costs. PCG’s work with Housing Partnership Fund (lead lender) fills this funding gap by providing a $1,000,000 pari passu participation in a $3,000,000 long-term working capital loan to WFI.
Project Summary:
The loan supports WFI’s full range of affordable housing acquisitions and predevelopment costs. It also allows WFI to leverage a private investment supporting the creation of 670 affordable housing units in Springfield, MA, which has a 63% poverty rate and an unemployment rate 2.5 times the national rate.
Borrower Summary:
WayFinders, Inc. (WFI), a nonprofit corporation, has a geographic focus in western Massachusetts. It provides services that include affordable housing support, rental assistance, homeownership, and financial education.