April 2025 Loan Round-up May 1, 2025

In April, IFF closed loans totaling approximately $29.8 million for community-driven projects in the Midwest, while also closing funding to two New Markets Tax Credit (NMTC) projects that provided nonprofits with $21 million in federal NMTC allocations and $241,313 in Kentucky State NMTC allocations. 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.

American Indian Health and Family Services 

IFF closed funding to American Indian Health and Family Services (AIHFS), which was made possible by the NMTC Program of the CDFI Fund. IFF provided $10 million in federal NMTC allocation and two source loans totaling approximately $5.5 million for the acquisition of a five-acre property in Detroit, MI, and the development of a 30,000-square-foot community health center and wellness campus. The NMTC Program funds high-impact projects in low-income communities where other sources of funding are extremely limited, providing nonprofits like AIHFS with an opportunity to amplify the impact of their mission-driven work.  

AIHFS was established in 1978 and is one of 41 Indian Health Service (IHS) Urban Indian Organizations across the United States, and the only one operating in Michigan. Serving all members of the community, which includes Michigan’s largest Native American population, AIHFS integrates traditional Native healing and spiritual practices with contemporary western medicine in both treatment and prevention to connect care with a culture of comprehensive wellness in the areas of medical care, behavioral health care, and community health and family wellness services. The organization’s new facility, which will enable AIHFS to move out of repurposed church and residential buildings, will make it possible for AIHFS to serve up to 5,000 patients annually – a 150 percent increase from its current clinic – while also adding dental care and a pharmacy to the organization’s service offering. Located in the southwest part of Detroit, in an industrial area with significant air pollution, AIHFS’s new site remediates a brownfield and prioritizes environmental sustainability with its new facility, which will feature electric vehicle charging stations, indoor water use-reduction mechanisms, and renewable energy usage.  

Additional sources of financing for the $25.5 million project include a NMTC allocation from U.S. Bank, which is also serving as the NMTC equity investor; NMTC and source loans from Capital Impact Partners; and funding from Indian Health Services, Health Resources and Services Administration, Michigan Department of Health and Human Services, and other state and private sources.  

Artemis Development

IFF closed a $3.5 million loan to facilitate the development of Bellaire Lofts, which will offer 146 units of rental housing affordable to households earning 60 to 120 percent of the Area Median Income. Located in Bellaire, MI, and designed as workforce housing, the project is being developed by Artemis Development, LLC – led by managing member Casey Young – in close proximity to a school and health care facility, providing residents with easy access to both resources. Bellaire Lofts, which is paired with an identical project in an adjacent community, will help narrow a significant gap in the region between the supply of and demand for affordable housing options and ensure that the local workforce has access to quality rental homes. Additional sources of funding and financing for the $19.7 million project include Tax Increment Financing, a grant from the Michigan State Housing Development Authority, a loan from a traditional lender, and developer equity.

Arts of Life

IFF closed a $150,000 loan that provided nonprofit Arts of Life with a revolving line of credit through the MacArthur Arts and Culture Loan Fund (ACLF). Based in Chicago, IL, with three studios in the metropolitan area, Arts of Life’s mission is to advance the creative arts community by providing artists with intellectual and developmental disabilities with a collective space to expand their practice and strengthen their leadership. The line of credit will enable the organization to bridge timing delays for grant funding awarded to the organization to prevent disruptions to programming. Designed to help small- and medium-sized arts and culture organizations in Chicago manage uneven cash flows stemming from factors like the timing of production costs, ticket sales, and grant and government revenue, ACLF loans are provided by IFF and supported by a 95 percent guarantee from the MacArthur Foundation.

Cleveland Public Market Corporation

IFF closed a $4.5 million bridge loan that provided nonprofit Cleveland Public Market Corporation (CPMC) with a portion of the financing needed for a large-scale renovation of Cleveland’s 81,371-square-foot West Side Market. Established in 1912, West Side Market is located in Cleveland’s Ohio City neighborhood and is home to 70 family-owned businesses that sell fresh produce, meats, bakery items, dairy products, and prepared foods. The building that currently houses the market is 185 years old and was last updated in the 1990s.

The project being financed will maintain the historic character of the property but modernize the facilities by adding heating and cooling systems to the central market hall and a produce arcade; fully renovating the basement, where vendors store food, and adding cooler storage space; adding seating options, an event space, and teaching and commercial kitchens; and completing extensive landscaping on the property. The project will enable the expansion of the market’s community impact by increasing neighborhood access to fresh food and facilitating expanded education and entrepreneurship programming, while also creating 688 temporary construction jobs and 144 new full-time jobs.

Additional sources of funding and financing for the $70 million project include New Markets Tax Credits allocated by Cleveland Development Advisors, with PNC serving as the equity investor; Federal Historic Tax Credits; capital contributions from the Gund and Connor Foundations, as well as the KeyBank Foundation and KeyBank Marketing Department; an Ohio state capital grant; grants from the City of Cleveland, Cuyahoga County, and Cuyahoga County Land Bank; and a Port Authority Sales Tax Exemption, among others.

Life Remodeled 

IFF closed a $4.5 million bridge loan that will enable nonprofit Life Remodeled to proceed with the redevelopment of a long-vacant school building in Detroit’s Denby neighborhood as the nonprofit completes a capital campaign. Once renovations are completed, space in the 90,000-square-foot facility will be leased by the organization’s nonprofit partners – creating a hub for youth services programming, workforce development initiatives, and health and wellness resources. To be known as Anchor Detroit, the facility is expected to serve more than 20,000 people annually by 2027. Since 2014, Life Remodeled has revitalized Detroit neighborhoods through collaborative community efforts, and the Anchor Detroit project will advance the organization’s work to transform underutilized properties into neighborhood hubs of opportunity. Additional sources of funding and financing for the $14.3 million project include New Markets Tax Credits allocated by Dudley Ventures and Invest Detroit (with DV VNB Community Investment Fund serving as the investor), a capital campaign, agency equity, and grants from the State of Michigan and Wayne County. 

MNK Homes 

IFF closed three loans that provided MNK Homes, LLC with financing for the renovation of two single-family homes and a duplex in Milwaukee, WI. MNK Homes is one of 14 emerging developers selected to participate in the City of Milwaukee’s Homes MKE Program, which aims to eliminate neighborhood blight and create new housing opportunities through the renovation of homes acquired through property tax foreclosure that are re-sold to developers for nominal prices. Planned renovations to the 932-square-foot, 1,472-square-foot, and 2,913-square-foot properties acquired by MNK Homes include the replacement of mechanical systems, plumbing and electrical systems, roofing, downspouts, and windows, along with the construction of a new porch, repairs to an existing garage, bathroom and kitchen remodeling, and extensive upgrades inside the homes to drywall, flooring, and other finishes. Once the rehabilitation of the properties is completed, the homes will be re-sold at affordable prices aligned with neighborhood property values. MNK Homes is also partnering with Acts Housing, which will provide homebuyer education and financial counseling to first-time homebuyers.

South Shore Chamber Community Development Corporation 

IFF closed a $1 million loan that provided South Shore Chamber Community Development Corporation (South Shore Chamber CDC) with financing for renovations to a 5,578-square-foot facility in Chicago’s South Shore neighborhood the nonprofit acquired with a previous IFF loan. Founded in 1999, South Shore Chamber CDC is dedicated to assessing the redevelopment potential of vacant lots and underutilized properties in the South Shore neighborhood, and its primary goal is to enhance the quality of life for local residents by fostering a vibrant, thriving, and walkable community.  

Planned upgrades to the facility include tuckpointing, façade restoration, roof and gutter repairs, the installation of a new storefront system and signage, new doors and windows, repaving a surface parking lot, and building an outdoor patio for a pop-up restaurant. IFF’s Real Estate Solutions team will serve as the owner’s representative for the rehab project. Once completed, the facility will provide South Shore Chamber CDC and its sister organization, South Shore Chamber of Commerce, with a permanent home, while also offering affordable storefront space for local small businesses. Additional sources of funding and financing for the $3.98 million renovation include City of Chicago Neighborhood Opportunity Funds, State of Illinois Department of Commerce and Economic Opportunity grants, and agency equity.

URGE Development Group 

IFF closed a $3.78 million loan that enabled the completion of the OSI Art Apartments at West End, a mixed-use building in Detroit, MI, being developed by URGE Development Group that includes 5,000 square feet of ground floor retail space and 30 studio, one-, and two-bedroom apartments. Designed to serve students, young professionals, and workforce residents, half of the apartments will be affordable to tenants earning 50 to 100 percent of the Area Median Income. Each unit will have its own washer, dryer, balcony, hot water heater, and intercom system. The ground floor retail space includes four commercial spaces for offices, a coffee shop and wine bar, and event space. IFF’s loan paid off the developer’s initial loan from LISC, which provided construction financing.  

Additional sources of funding and financing for the $14.4 million project include New Markets Tax Credits allocated by Invest Detroit, with Northern Trust serving as the equity investor; capital from the Michigan Economic Development Corporation and the City of Detroit Brownfield Redevelopment Authority; loans from Invest Detroit, the City of Detroit, and the Michigan Strategic Fund; and capital contributions from the developer. 

Vita Investment Holdings 

IFF closed two loans totaling $2 million that provided subsidiaries of Vita Investment Holdings (Vita) with predevelopment financing for affordable housing projects in Westfield and Lafayette, IN. Vita is an award-winning, full-service developer, owner, and management company that has developed or acquired more than 15 million square feet of real estate across varying commercial and residential categories in the past 20 years. 

The organization’s mixed-income, age-restricted property in Westfield will include 80 assisted living units, 40 memory care apartments, and 44 cottages. The cottages will feature two bedrooms, and the apartments will be a mix of studio and one-bedroom units. Of the 168 total units, 128 will be offered at monthly rental rates affordable to tenants earning 60 percent or less of the Area Median Income. Located on a 13.34-acre site in a fast-growing community, the development will meet rising demand in the region for quality senior housing (ages 55+). Additional sources of funding and financing for the $57.9 million project include 4% Low Income Housing Tax Credits allocated by the Indiana Housing & Community Development Authority (IHCDA), a permanent loan, tax-exempt bonds, and capital from the IHCDA Development Fund, among others. 

In Lafayette, where there’s also a documented need for additional quality housing options for older adults, Vita is developing a mixed-income property for seniors that will include 47 market-rate apartments and 142 apartments affordable to tenants earning up to 40, 60, and 80 percent of the Area Median Income. A four-story building will house one- and two-bedroom apartments, while on-site garden-style cottages will feature two-bedrooms. Additional sources of funding and financing for the $45.7 million project include 4% Low Income Housing Tax Credits allocated by the Indiana Housing & Community Development Authority (IHCDA), a permanent loan, tax-exempt bonds, capital from the IHCDA Development Fund, and a loan from the Indiana Finance Authority Residential Housing Infrastructure Assistance Program.