Photo by Jennifer McKinstry, Canopy Creative Professionals; courtesy of Capital Area Housing Partnership

July 2024 Loan Round-up August 1, 2024

In July, IFF closed loans totaling approximately $16.6 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.

AHDVS

IFF closed a $2.7 million loan for the development of North Bend Senior Residences, which will provide 60 units of rental housing in Fairview Heights, IL, that are affordable to older adults earning 60 percent or less of the Area Median Income (AMI). The development includes attached duplexes and triplexes, and the $20.3 million project is expected to achieve Enterprise Green Certification. All homes will have the infrastructure necessary for broadband internet connection, in addition to having access to amenities that will include garage parking and a community clubhouse with on-site property management, a fitness center, media center, and community room. North Bend Senior Residences will be managed by Lamoine Property Management. Additional sources of funding and financing for the project include 9% Low-Income Housing Tax Credits (LIHTCs), loans from US Bank and the Illinois Housing Development Authority, and an Affordable Housing Program grant. IFF previously closed a loan in December 2022 that enabled the developer – AHDVS – to acquire the land for the project and complete predevelopment activities.

IFF also provided a loan of approximately $4.32 million to AHDVS for the development of Rimini Place, which will provide 28 units of housing in Virden, IL, that are affordable to residents earning 60 percent or less of the AMI. The development will help address a shortage of quality affordable housing in the community and will be built on the site of a former public housing development that was demolished several years ago. The project will include single-family, duplex, and triplex homes with one to four bedrooms, all of which will be constructed with a prefabricated framing system that incorporates energy and environmental standards designed to achieve Enterprise Green Certification. Additionally, the homes will feature Energy Star-rated appliances and heating and cooling systems, and each unit will include washers and dryers and attached garages. Rimini Place will be managed by the Macoupin County Housing Authority. Additional sources of funding and financing for the $11.5 million project include an Illinois Housing Development Authority loan, an AHP loan, a loan from Horizon Bank, and 9% Low Income Housing Tax Credits purchased via syndicator Cinnaire.

Beloved Community Family Wellness Center

IFF closed a $290,000 loan that provided Beloved Community Family Wellness Center (BCFWC) with the capital needed to develop a parking lot at the Federally Qualified Health Center’s (FQHC) location in Chicago’s Englewood neighborhood. The lot will help accommodate the health center’s growth by adding 36 parking spaces and new bike racks. BCFWC operates three locations, with two in Englewood and one in Blue Island, IL, providing holistic, comprehensive, accessible, affordable, and quality primary health care and social services programs to more than 10,000 medically underserved patients each year. Additional funding for the parking lot project will be provided by a Health Resources and Services Administration (HRSA) grant. IFF previously provided BCFWC with a $1.5 million loan in June 2023 that enabled the nonprofit to acquire and renovate its Blue Island location.

Capital Area Housing Partnership

IFF closed a $700,000 loan for Capital Area Housing Partnership (CAHP) that will enable the nonprofit to redevelop a vacant school building in Lansing, MI, that was donated to the organization in 2018. The project is being redeveloped in two phases, with the first focusing on converting former classrooms into 76 affordably priced apartments. The second phase (being supported by IFF’s permanent loan) will include a complete renovation of a 33,102-square-foot section of the building that will provide CAHP with office space to continue expanding its work to lead neighborhood revitalization efforts while creating and preserving affordable housing options with supportive services for residents throughout mid-Michigan. The renovation will also create a ground floor child care center that will be leased to an established provider who will provide quality care to up to 110 children in the new space. Additional sources of funding and financing for the $9.2 million second phase of the project include grants from the State of Michigan and the Michigan Economic Development Corporation, Federal Historic Tax Credits, and an equity investment and construction loan from Mercantile Bank. Both phases of the $39 million redevelopment effort will create 136 construction jobs and 70 full-time jobs.

ICCF Community Homes 

IFF closed two loans totaling approximately $5.2 million that provided ICCF Community Homes with financing for the acquisition of land and subsequent construction of 27 two- and three-bedroom condominiums in Grand Rapids, MI, that will be known as Seymour Condominiums. With an average size of 1,500 square feet, 14 homes will be sold to households earning 80 percent or less of the Area Median Income (AMI) and 13 homes will be sold to households earning 120 percent or less of the AMI. Founded in 1974, ICCF Community Homes is the oldest nonprofit affordable housing provider in Michigan, engaging 2,000+ households each year with housing-related services and managing more than 600 units of affordable rental housing in the state.  

The Seymour Condominiums project will utilize funds from the Michigan Affordable Housing Loan Program (MAHLP), 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 funding and financing for the $14.05 million project is being provided by the City of Grand Rapids via a Michigan Economic Development Corporation Revitalization and Placemaking Program grant, Brownfield Housing TIF, and a Brownfield Revolving Loan; the Michigan State Housing Development Authority via a missing middle grant, and the federal government via a Michigan Community Project Funding Grant facilitated by Rep. Hilary Scholten.  

Magnus Capital Partners

IFF closed a $3.7 million loan through the Michigan Affordable Housing Loan Program that provided Magnus Capital Partners (Magnus) with financing for the acquisition of a property in Wyoming, MI, where the organization plans to build a mixed-use development with 257 units of quality rental housing and a 9,000-square-foot child care center. Of the 257 units at HōM Flats 28 West, 208 will be affordable to renters earning 40 to 80 percent of the Area Median Income, while 49 units will be leased at market rate. The development is the third phase of a broader project that has created 386 housing units to date. The City of Wyoming was recently awarded funding from Kent’s County’s share of American Rescue Plan Act (ARPA) funds, which is being used to create walkable trails, two pedestrian bridges, and civic space adjacent to the HōM Flats at 28 West project site. Additional sources of funding and financing for the $84.1 million project include Low Income Housing Tax Credits (LIHTCs), Michigan State Housing Development Authority grant dollars passed through IFF, and grant funds from the city, among others. IFF previously closed loans for Magnus in April 2024, April 2023, and March 2021.

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