National Cooperative Bank Provides $4 Million Bridge Loan for New Limited Equity Housing Cooperative

Arlington, VA (January 27, 2025) — National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible organizations nationwide recently closed a $4 million bridge loan to the Cottages at Drakes Creek for the acquisition of the multi-family property and to complete interior and exterior capital improvements for the new limited equity housing cooperative.  

The Cottages at Drakes Creek is a 60-unit garden/low rise multi-family property located in Goodlettsville, TN, a suburb of Nashville near Old Hickory Lake. The property was built in 1985 and is situated on 7.32 acres of land. 

The Borrower received two grants for the project; a $ 7 million dollar grant for the acquisition of the property from Barnes Affordable Housing Trust Grant Round 12 which was awarded by Metro Nashville and a $248,000 grant from R.E.D. Academy/Amazon. 

Upon the maturity of NCB’s loan, the property will be converted into a limited equity housing cooperative with permanent financing provided by HUD/FHA 213 program.