Northwest Children's Home, Inc. - Syringa House
Syringa House is a 24-bed residential treatment and education opportunities facility for teenage girls 11 to 18 years old in Nampa, ID. The CDFI provided a $750,000 permanent loan. The loan is priced at 4.00% fixed with a 20 year amortization period and a 10 year call.
The construction and permanent financing for this project was selected by the borrowers through a solicitation to a number of banks. Two CDFI banks responded to the solicitation. In order to help increase the competitive advantage of our banks and assure long term affordability and financial stability of this vital project, we proposed a 4% fixed interest rate pricing on the permanent loan, which both banks used in their proposals. Wells Fargo was the successful in receiving the bid for the construction loan with the CDFI receiving the permanent loan.
Capital needed for the CDFI to provide the loan was provided by EQ2 investments from the Northwest Area Foundation, U.S. Bank and Washington Mutual.
The project is one story and designed to provide a residential like atmosphere for the residents and to present a non-institutional appearance to the community. The new 24-bed facility replaces an existing older 12-bed facility which Northwest Children's Home has operated in since 1988. The facility sits within a new single family housing development with easy access to school, church and shopping.
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