Arlington, VA (September 21, 2023) - Rochdale Capital, a community development loan fund whose mission is to promote cooperative and community ownership; advance equity, diversity, and inclusion; and provide capital access in under-resourced communities, recently closed a $350,000 loan to refinance 160 Pine Street, a 10-unit affordable multifamily building in Lewiston, Maine.
The property is located in the historic Tree Street neighborhood, which was once the most distressed part of the city and has seen an increase in investment and economic growth. For over 15 years, Yassin Moussa, the owner of 160 Pine Street and several other multifamily properties, has been committed to helping immigrant families gain access to affordable housing in Lewiston, Maine.
This loan opportunity came to Rochdale Capital from Genesis Fund, a local community development financial institution in Maine. This transaction is the first fee-based loan for Rochdale Capital, initially developed for the Muslim community. Moussa stated, “Our community prides itself on being tight knit and after the introduction to Rochdale Capital, they jumped right in and provided us with the necessary financing to preserve ten units of affordable housing.”
“Rochdale Capital is proud to work with Mr. Moussa to refinance 160 Pine Street,” stated John Holdsclaw IV, President, and CEO. “Our loan fulfills our mission to not only support the preservation of affordable housing, but to support Black, Indigenous, and people of color developers in a largely immigrant neighborhood.”