Developments > North Shore CDC LOC
The loan will support North Shore CDC’s operating cash flow needs through 2023. It will pay for key Sponsor operating costs such as payroll, occupancy, and office expenses, among others. The loan will be repaid from projected developer fees earned on three LIHTC projects in various stages of development. The loan is collateralized by a second mortgage on a 29-unit multifamily property located in Manchester, MA.
North Shore CDC LOC
Project at a Glance:
Location:
Salem
Development Type:
Line Of Credit
Sponsor:
North Shore Community Development Coalition
The loan will support North Shore CDC’s operating cash flow needs through 2023. It will pay for key Sponsor operating costs such as payroll, occupancy, and office expenses, among others. The loan will be repaid from projected developer fees earned on three LIHTC projects in various stages of development. The loan is collateralized by a second mortgage on a 29-unit multifamily property located in Manchester, MA.