February 2025 Loan Round-up March 1, 2025

In February, IFF closed loans totaling approximately $9.25 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.

Carole Robertson Center for Learning

IFF closed a loan of approximately $4.43 million that provided Carole Robertson Center for Learning (The Center) with bridge financing while executing a capital campaign for renovations to the nonprofit’s 40,000-square-foot early childhood education facility in Chicago’s Little Village neighborhood. The Center has been an integral part of the Little Village community for more than 30 years, and the renovation project will modernize classrooms; upgrade kitchen spaces; and add specialized spaces to the building, including a therapeutic/wellness room, multi-age library, music room, and gymnasium, as well as community gathering areas and professional development spaces for staff. A 2021 grant enabled the Center to increase the number of children served in the facility by 65 percent, and the project will increase the organization’s capacity to meet this elevated demand for services. Additional sources of financing for the $13.17 million project include New Markets Tax Credits allocated by Chicago Development Fund and Chase New Markets Corporation, McCormick Foundation grant funding, the organization’s capital campaign, and agency equity.

Cella Building Company

IFF closed three loans totaling approximately $2.86 million that will help facilitate the development of 17 units of mixed-income rental housing in Grand Rapids, MI. Being developed by Juan J. Lopez, along with consultant and general contractor Cella Building Company, the project will include five units for households with incomes below 80 percent of the Area Median Income (AMI), three units for residents earning 120 percent of the AMI, and eight market rate units. Mr. Lopez owns Exclusive Finish Solutions LLC, which will perform many of the subtrades for the project, resulting in an anticipated 50 percent of the work to be performed by minority contractors. The project includes the redevelopment of a single-floor structure, adding two additional stories to house studio, one-bedroom, and two-bedroom apartments. Each unit will include a washer and dryer, balcony, and storage unit, as well as dedicated bike storage. With ground floor retail space, the development will be the first mixed-income and mixed-use project on the southwest side of Grand Rapids, an area of the city that has experienced long-term disinvestment. IFF’s loan was provided through the Michigan Affordable Housing Loan Program, an initiative managed and administered by IFF, in collaboration with Kent and Ottawa Counties, offering developers flexible financing for the creation of high-quality affordable housing in West Michigan. Additional sources of funding and financing for the $4.1 million project include a Revitalization and Placemaking grant from the Michigan Economic Development Corporation, a local brownfield remediation grant, and owner equity.

Praxis Fiber Workshop

IFF closed a loan of approximately $347,000 that provided Praxis Fiber Workshop (Praxis) with financing to purchase two adjacent facilities in Cleveland, OH, the nonprofit previously rented. Located in a prominent arts district, the property includes more than 11,000 square feet of commercial space, two storefronts, two three-bedroom apartments, and one two-bedroom apartment. Founded in 2014, Praxis focuses on building an international network of fiber artists and makers through classes, workshops, residencies, and collaborative projects that teach the art form and demonstrate how fiber art can be used to build healthy, resilient, and inclusive communities. By purchasing the properties, Praxis will be able to expand its programming and increase its revenue by leasing retail space and providing rental housing for artists. With IFF’s loan being used to acquire the property, Praxis will leverage a capital grant from The Cleveland Foundation to complete improvements to the property.

Revolution Workshop

IFF closed a $550,000 loan that provided a RW Holdco LLC –wholly owned and managed by nonprofit Revolution Workshop–with the capital needed to acquire a 4,900-square-foot building in Chicago’s East Garfield Park neighborhood and complete electrical repairs. Founded in 2017 by a group of trade employers and workforce development leaders committed to addressing the lack of opportunities for communities of color and the talent shortage in the construction industry, Revolution Workshop is a nonprofit social enterprise that provides construction workforce development for unemployed or underemployed people in partnership with area businesses. Acquiring the property, which is next door to the organization’s headquarters, will provide Revolution Workshop with a permanent home for its woodshop and support three full-time jobs for alumni of Revolution Workshop’s programming, while also serving as a high-quality venue for the organization to offer transitional employment opportunities to graduates of its pre-apprenticeship program. The organization also operates a workshop in Chicago’s Roseland neighborhood that it acquired with an IFF loan in 2023.

Youth Inspirations Theatre

IFF closed a $50,000 Flex Loan that provided Youth Inspirations Theatre (YIT) with the capital needed to bridge grant funding awarded to the organization to replace flooring, purchase musical rights, and support the organization’s operating budget. Incorporated in 2020 in Noblesville, IN, YIT is dedicated to empowering young people through performing arts. The organization accomplishes this by providing classes in music, theater, dance, and more. IFF’s Flex Loan program offers up to $50,000 to nonprofits for a wide range of purposes through a streamlined application process designed to put capital into the hands of community changemakers more quickly to maximize their financial and operational flexibility.