Centrant Community Capital (“Centrant”) is pleased to announce the issuance of its 500th loan commitment. The $3.5 million permanent mortgage loan commitment supports the financing needs for The Villas at Swannanoa, a proposed senior affordable housing development to be built in Swannanoa, North Carolina.
Commenting upon the loan commitment issuance, David Bennett, President of Centrant, said, “This milestone achievement is the latest in a long history of funding commitments demonstrating the dedication of the banking industry to financing quality affordable housing across our state and beyond.”
Centrant, a wholly owned subsidiary of the North Carolina Bankers Association, was established in 1990 as a risk-sharing lending consortium of member banks. This consortium model allows banks to finance affordable housing developments in small financial increments, ultimately benefitting a broader range of communities and residents. Originally created to serve North Carolina and its banks, Centrant’s lending territory now covers six states, with nearly 100 member institutions headquartered in fifteen states across the country.
“While Centrant is the lender for these transactions, all of the funding for our loans comes from our member banks in the form of loan participations,” Bennett said. “It’s a proven partnership that connects banks with opportunities to make impactful investments in affordable housing, while offering a competitive, mission-driven loan product to the affordable housing developers seeking financing.”
To date, Centrant has provided more than $460 million in financing to support the creation or preservation of 24,000 affordable multifamily units in 443 properties across six southeastern states.