In February, IFF closed four loans totaling approximately $8.5 million for community-driven projects in the Midwest. We’ve included information below about several of the loans and what the nonprofits that received them are doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.
548 Development LLC
IFF closed a $1.5 million loan for MBE-certified 548 Development LLC that financed acquisition and predevelopment costs for a mixed-use facility that will include 60 units of mixed-income housing – with 48 apartments available for tenants earning less than 60% of the Area Median Income and 12 apartments available at market rate. To be located in the Humboldt Park neighborhood of Chicago, a priority neighborhood in the City of Chicago’s Invest South/West initiative, the facility will be geared toward young families and working professionals and will include a mix of unit sizes ranging from studios to three-bedroom apartments. The facility will also include 20,000 square feet of commercial and community space. Amenities will include on-site fitness equipment, rotating art displays, a solar photovoltaic system and electric vehicle charging stations, and outdoor green space. The project is expected to create 50 permanent FTE jobs and 250+ FTE jobs during construction.
BUILD, Inc.
Founded in 1969, BUILD has worked for more than 50 years to help young people on the West Side of Chicago overcome systemic obstacles to thriving futures through mentoring and other structured programming. IFF closed a $5.65 million bridge loan for BUILD that enabled the nonprofit to move forward with the construction of a headquarters campus that will include two facilities totaling 51,000 square feet. Once complete in the fall of 2022, the campus will enable BUILD to increase the size of its staff by 30 percent, expand its programming, and extend its operating hours to meet the needs of thousands of young people each year.
IFF is also providing a $6 million New Markets Tax Credit (NMTC) allocation for the project, with additional NMTC allocations expected to be provided by the Chicago Development Fund, LISC, and JPMorgan Chase (which is also expected to serve as the equity investor). The project will create approximately 70 FTE jobs and is an essential component of a community quality of life plan designed to revitalize the Austin neighborhood.
TREND Corp
IFF closed a $1.15 million loan for TREND Corp that refinanced a maturing first mortgage used to purchase a multi-tenant commercial plaza in Olympia Fields, IL. The loan also provided the organization with additional capital for facility improvements. TREND Corp is a Black-led, social enterprise development company founded in 2016 with a mission to strengthen neighborhoods by catalyzing and accelerating strategic retail and other commercial development. Refinancing the mortgage provided TREND Corp with flexibility to leverage its balance sheet to facilitate additional development projects in the Chicago metropolitan area.