In September, IFF closed loans totaling approximately $14.4 million for community-driven projects in the Midwest. We’ve included information below about several of the loans and what the organizations that received them are doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.
Brinshore Development
IFF closed a $3.9 million loan that provided Amplify GR and Brinshore Development with financing for the construction of multifamily housing in Grand Rapids, MI. The project is part of the second phase of construction for Amplify GR’s Boston Square Together project, which also includes an early childhood education facility being developed by IFF on an adjoining site. Forty-five of the apartments – which will include one-, two-, and three-bedroom units – will be affordable to residents earning 30-60 percent of the Area Median Income (AMI), with 12 units to be leased at market rate. The building will also include 4,684 square feet of commercial space, a community garden, roof terrace, community room, exercise room, and more. Extensive community input was gathered to inform the plans for the mixed-income, mixed-use development. In addition to IFF’s permanent loan at construction completion, sources of funding and financing for the $30 million project include 9% Low-Income Housing Tax Credits (LIHTC) through syndicator Enterprise Community Partners; construction loan funding by IFF, Cinnaire, and Community Preservation Corporation (CPC); City of Grand Rapids Revitalization and Placemaking and American Rescue Plan Act funding; and Michigan Department of Environment, Great Lakes, and Energy (EGLE) funding.
Elgin Math and Science Academy
IFF closed a $100,000 loan that provided Elgin Math and Science Academy (EMSA) with financing for facility improvements and the purchase of equipment at the K-8 public charter school’s Elgin, IL, campus. New panels will be installed in one of the school’s bathrooms to improve student safety, and equipment purchases will include freezers, a kettle, and ventilation hardware that will enable a significant expansion of the school’s federally funded meal program to include more options for student lunches and suppers. This will expand student access to healthy, nutritious food to support their physical and emotional well-being and enable EMSA to steadily improve its food program’s financial performance. IFF has provided a series of loans to the school since it opened on a historic, 19-acre campus to renovate and remediate facilities, with support also provided by IFF’s Real Estate Solutions team.
FIT Investment Group
IFF closed two loans totaling approximately $3.7 million that will enable the construction of a mixed-use development in Milwaukee, WI, that pairs quality, mixed-income housing with a creative industry hub. Developed by FIT Investment Group and Lutheran Social Services of Wisconsin and Upper Michigan, Bronzeville Apartments will include 48 units for residents earning 60 percent or less of the Area Median Income (AMI) and 12 market-rate units. A community service facility operated by Beyond STEM MKE will be integrated, providing high-quality accessible STEM and arts programming for students.
The development site will also include a separate 29,000-square-foot commercial facility, Bronzeville Arts and Technology Hub, providing office, collaborative, and amenity space for creative organizations, entrepreneurs, and start-ups to grow and create local jobs. The project will include energy-efficient and sustainable features, such as solar panels and stormwater management.
Located in a community with a rich cultural history, the project is intended to continue the revival of the Bronzeville neighborhood following decades of racial discrimination in housing, lending, employment, and education. Additional sources of funding and financing for the $18.4 million project include Low-Income Housing Tax Credits (with National Equity Fund serving as the investor), Green Infrastructure Funds, a Legacy Bank construction loan, the Federal Home Loan Bank of Chicago’s Affordable Housing Program, the City of Milwaukee’s Housing Trust Fund, HOME Funds, RACM Remediation, and Brownfield funds.
Franklinton High School
IFF closed a loan of approximately $246,000 that provided Franklinton High School (FHS) with the capital needed to acquire an unoccupied single-family home adjacent to its current school building in Columbus, OH. FHS is a public, tuition-free, community high school serving 160 students in grades 9-12. Purchasing the property will ensure that FHS has space to expand in the future in its landlocked neighborhood, where property values are increasing rapidly. A repeat borrower, FHS used a 2020 loan from IFF to purchase and renovate a former church that now serves as the school’s primary facility.
Genesis Non-Profit Housing Corporation
IFF closed a $3.28 million loan that will help facilitate the development of Leonard Senior Apartments, a 55-unit affordable housing project in Grand Rapids, MI. A joint venture between Genesis Non-Profit Housing Corporation, Dwelling Place of Grand Rapids, and the Little River Band of Ottawa Indians, the development will provide quality rental units to older adults who earn 30 to 60 percent of the Area Median Income (AMI), with nine units set aside for Native American households. The three-story building will include 48 one-bedroom units and seven two-bedroom units, with on-site management, an activity room with a kitchen, a rooftop patio, and a courtyard. The location is walkable to a full-service grocery store, pharmacy, banks, restaurants, public transportation, and more. Additional sources of funding and financing for the $17.2 million project include Low-Income Housing Tax Credits (with Cinnaire serving as the investor), a Huntington Bank loan, and a City of Grand Rapids Affordable Housing Trust Fund grant.
Habitat for Humanity of Wood County
IFF closed a loan of approximately $1.05 million that provided Habitat for Humanity of Wood County (HFHWC) with financing for the acquisition of a 14,000-square-foot commercial building in Bowling Green, OH. HFHWC is a local affiliate of Habitat for Humanity International, and it makes affordable homeownership possible for local families earning between 30 and 80 percent of the Area Median Income (AMI). The organization’s new facility will house a ReStore, a nonprofit home improvement store and donation center. Currently, HFHWC can only build two to three homes, and repair four to six homes, per year because of funding levels, and the ReStore will provide additional revenue that enables the organization to increase the number of home-build/repair projects it completes annually and hire additional staff to serve more families in need of decent and affordable housing. Additional sources of funding and financing for the $1.3 million project include The Andersons Foundation and the John Henry Aldred Jr. Foundation.
NewPath Child and Family Solutions
IFF closed two loans totaling $1.075 million to enable NewPath Child & Family Solutions’ (NewPath) acquisition of an 86,000-square-foot facility in Cincinnati, OH, along with minor renovations. Founded in 1829 as an orphanage, NewPath today is a comprehensive behavioral health and educational treatment agency that supports children and their families. The purchase of the facility will both increase the organization’s capacity and eliminate the risk of being forced to relocate all of its operations if the lease for its existing building is not renewed in the future. In its new location, NewPath will be able to serve approximately 80-100 new students in 10 new classrooms with inpatient services, mental health care, and special education services. Also more centrally located to major highways and interstates, the facility will be more accessible to clients and staff.
Tags: : Capital Solutions, Housing, Loan Round-ups, Schools, Sustainability, Youth Services