NeighborWorks America today named James Ferris executive director of NeighborWorks Capital, the newly formed real estate development financing arm of the corporation. The new entity is the result of the recent merger Neighborhood Capital Corp. and RNA Community Builders.
NeighborWorks Capital will provide loans to enable NeighborWorks organizations to carry out real estate development projects beneficial to their communities, including affordable rental housing, affordable homeownership housing and commercial projects.
Similar to its predecessors, NeighborWorks Capital's lending will consist primarily of short-term loans for pre-development costs, acquisition of sites and properties, construction or rehabilitation, and interim financing during operations. The company also will offer new products to serve its expanded market and provide development services to assist clients in structuring viable loan applications and projects.
Previously, Ferris was executive director of Codman Square Neighborhood Development Corp, Boston – a NeighborWorks network affiliate.