Arlington, VA (April 19, 2024) – Rochdale Capital, a community development loan fund committed to promoting cooperative and community ownership, advancing equity, diversity, and inclusion, and providing capital access in under-resourced communities, has announced the closure of a $250,000 loan participation in a $1.5 million transaction with the National Housing Trust (NHT) Community Development Fund. This financing will support the acquisition and predevelopment of 114 affordable housing units in Ft. Myers, FL.
Highland Place, a 114-unit garden-style apartment building, is being developed by Goshen and Cornerstone LLC to provide much-needed affordable and workforce housing in the Ft. Myers area along Dr. Martin Luther King Jr Blvd., a key focus area for the city's Community Redevelopment Agency. All units will be offered at 60% of the Area Median Income (AMI). Goshen and Cornerstone is a Black-led firm owned by Leonard Burke and Miles Alexander, developers with experience in housing initiatives across the Southeastern US.
Rochdale Capital collaborated with the lead lender, NHT Community Development Fund, on this impactful transaction. NHT Community Development Fund is a Community Development Financial Institution (CDFI) that has deployed more than $150 million in loans, facilitated the creation and preservation of over 20,000 affordable units, and leveraged more than $2 billion in capital by providing affordable loan products in 28 states and the District of Columbia.
Shellon Fraser, Senior Director of Lending at NHT, commented on the collaboration: "This loan will advance NHT's mission by supporting affordable housing developers, particularly enabling us to assist emerging BIPOC developers in adding affordable housing in Ft. Myers. Our commitment is to advance racial equity while contributing to the creation and preservation of affordable housing."
"Rochdale Capital is very proud to work alongside the National Housing Trust on this transaction to create new, affordable housing in a redevelopment-focused area,” stated John Holdsclaw IV, President, and CEO of Rochdale Capital. “Our mission is to provide access to quality and affordable housing, and we look forward to the completion of Highland Place in the years ahead.”
