April 2022 Loan Roundup

April 2022 Loan Roundup

In April, IFF closed loans totaling approximately $9.5 million for six 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.

548 Development LLC

IFF closed a loan totaling approximately $1.99 million for 548 Development LLC that provided the MBE-certified developer with predevelopment financing for a mixed-use affordable housing project in South Chicago called Galleria 89 (featured in the architect’s rendering above, courtesy of 548 Development, Rivetna Architects, and Farr Associates). Part of the City of Chicago’s Invest South/West initiative, the Low-Income Housing Tax Credits (LIHTC) project will construct a new four‐story building and renovate an adjacent three‐story building, creating a 58,056-square-foot complex with 60 residential units and 12,060 square feet of retail and amenity space. 48 of the residential units will be affordable to residents earning 60 percent of the Area Median Income (AMI), while the rest will be market rate apartments. In addition to housing, the complex will feature an open‐air plaza with rotating community art, a coffee shop, a business center, biking infrastructure, and restaurant space with an outdoor terrace. The all-electric Galleria 89 will include rooftop solar panels and is expected to achieve Passive House certification. Additional sources of funding and financing for the project include TIF, short-term bonds, ComEd grants, and Federal Investment Tax Credits.

Celadon Partners

IFF closed a $4.725 million loan for Celadon Partners that will enable the acquisition of a property in Chicago’s Back of the Yards neighborhood and the installation of six modular apartments manufactured locally in the City of Chicago. The homes will be affordable to families earning up to 60 percent of the Area Median Income (AMI). The apartments, which will be split between two three-flat buildings, will each have stainless steel Energy Star appliances, in-unit laundry, and will be more energy-efficient than similar units built through conventional construction

These homes are the first component of the United Yards development, a larger mixed-use development that was selected by the City of Chicago as a part of the Invest South/West Initiative. The development will ultimately lead to more than $80 million in total investment in 120 units of housing and 25,000 square feet of community and small business retail space. The development team is a joint venture between Celadon Partners and the Blackwood Group that will redevelop multiple vacant properties near Ashland Ave. and 47th St. Retail and community partners for the project include two additional IFF borrowers: Chicago Neighborhood Initiatives and Star Farm Chicago. 

TCA Health

IFF closed a loan of $282,500 for TCA Health that will enable the Federally Qualified Health Center (FQHC) to acquire a 2,667-square-foot former bank building in the Hegewisch neighborhood on the far South Side of Chicago that will be renovated to create a satellite location with three exam rooms. Once completed, the organization will offer immediate primary care in the facility, as well as telehealth, behavioral health, and discount pharmacy services. TCA Health – which currently provides comprehensive, high-quality health care services to more than 7,000 patients annually who live in medically underserved communities – received a $585,000 capital grant from the Health Resources & Services Administration (HRSA) that will fund renovations to the new facility. It will be TCA Health’s fifth location, with its primary facility in Chicago’s Riverdale community; a school-based health center located at Carver Military Community in the same neighborhood; primary, oral, and behavioral health care in the Chatham community; and two WIC facilities on the South Side where the organization provides support services.

The Aemilian Preschool

IFF closed a loan of approximately $1.22 million for The Aemilian Preschool (Aemilian) in Milwaukee that will enable the nonprofit to make improvements to a newly leased, 11,400-square-foot facility that will include eight classrooms and 5,000 square feet of secured outdoor space. Aemilian has offered high-quality early childhood education in Milwaukee since 1971, maintains a five-star, YoungStar rating with the State of Wisconsin, and is nationally accredited by the National Association for the Education of Young Children (NAEYC). Serving 75 children annually in its previous location, Aemilian’ s new facility will provide the preschool with three more classrooms than it had in its previous facility, thus facilitating an increase in enrollment of BIPOC children living in the immediate area. The new facility will also provide the preschool with long-term stability after experiencing a drastic rent increase in its previous location and the eventual non-renewal of its lease following a change in ownership of the building.

Eastside Community Network

IFF closed a loan of approximately $1.08 million for Detroit-based Eastside Community Network (ECN) that refinanced a previous loan and provided the nonprofit with working capital for the development of a community center that will serve as a wellness and resilience hub for area residents. Formed in 1984 as a coalition of residents, businesses, neighborhood organizations, and local institutions, ECN’s mission is to act as a catalyst to influence the transformation of Detroit’s East Side. The 30,492-square-foot community center – to be known as the Stoudamire Wellness Hub – will include a wellness room with health monitoring, vaccines, health supplies, and more; community meeting spaces; a tech hub; fitness room; and other related services. Since its founding, ECN has played an integral role in opening locally owned restaurants, a credit union, two primary health clinics, a state motor vehicle branch, and an adult tutoring center.

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