In 2022, BlueHub made a predevelopment loan to aid the construction of NUBA Apartments, a mixed-use and mixed-income development. Early-stage financing helps projects get off the ground and is often hard to access.
With over 100 units, NUBA Homes will have rental, homeownership and live-work opportunities. More specifically, 64 affordable rental units and 42 affordable homeownership opportunities will support the housing needs of low-to-moderate income people and families. The project will also house gallery and artistic spaces.
BlueHub’s predevelopment loan of $1.75 million was made to the NHP Foundation, a longtime BlueHub partner that will own the rental apartments. The NHP Foundation is a dedicated nonprofit organization, taking holistic approaches to help residents and making investments that preserve and create affordable multifamily housing. BlueHub's financing is directed towards the project’s affordable rental units, covering the upfront costs for architects, lawyers, and engineers whose work is needed to advance the construction phase.