July 2025 Loan Round-up August 1, 2025

In July, IFF closed loans totaling approximately $13.2 million for community-driven projects in the Midwest. We’ve included information below about many 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. 

African People’s Education and Defense Fund

IFF closed a $100,000 loan that provided the African People’s Education and Defense Fund (APEDF) with financing to complete the rehabilitation of four single-family homes on the north side of St. Louis, MO, to serve as affordable rental housing. IFF previously provided financing to APEDF to acquire and begin the rehab of the properties. Renovations to the properties include upgrades to HVAC systems and electrical services, plumbing, roofing, flooring, and drywalling. Two of the four properties have been completed and are being leased to tenants with limited income.

APEDF was founded in 1994 to defend the human and civil rights of the African community and to end the disparities faced by African people in health care, education, and economic development by establishing institutions and programs that put African people in control of their own community life. In addition to the loans for the four rental properties, IFF provided APEDF with financing in May 2024 for the Uhuru Bakery & Cafe. Renovations to the facility, which is located in north St. Louis in an area classified as a “food desert,” have been completed and operations are beginning in September 2025. 

All THAT

IFF closed a $50,000 Flex Loan to bridge grant funding awarded to nonprofit All THAT – Teens Hopeful About Tomorrow by Honda of America and the City of Columbus. The Flex Loan provided the organization with operating capital while awaiting the disbursement of the grant funds. Based in Columbus, Ohio, All THAT provides group mentoring; academic enrichment activities; workforce development opportunities; exposure to careers that pay a living wage; field trips into the local community and life skill development opportunities for more than 550 teens. A longtime IFF customer, All THAT used an IFF loan, which closed in November 2020, to acquire its headquarters facility and renovate the building to expand the organization’s ability to serve young people in its eastside community.

BELIEVE Schools

As part of an $8.1 million acquisition and renovation project, IFF closed a $593,000 loan that provided BELIEVE Schools with financing for the purchase of a 49,000-square-foot facility in St. Louis, MO, for the BELIEVE St. Louis Academy. Launched in the 2024-2025 school year, and initially operating in a leased incubator space at full enrollment capacity with a waitlist, the school currently occupies a small portion of its new facility while serving approximately 220 students in grades 9-11. In October, BELIEVE will transition fully into the renovated building, which will ultimately allow the school to grow to 440 students in grades 9-12 as phased renovations are completed. 

BELIEVE St. Louis Academy is one of three schools in the BELIEVE network, which also includes one additional school in Missouri and one in Indiana. The network has near-term plans for continued growth over the next five years. The school’s permanent facility is located near the original incubator site and in proximity to strategic partners such as BJC Healthcare, St. Louis Community College, St. Louis University, and Harris-Stowe State University—strengthening opportunities for collaboration and student pathways. 

Planned renovations to the school’s new facility include upgrades to create 20+ classrooms, administrative offices, community space, a multi-purpose room, a small gym, and restrooms. The building envelope will be refreshed in the first phase, with full rehab to be completed in a later phase, in addition to the installation of new fire sprinkler and alarm systems. Additional upgrades will include the creation of a secure entry vestibule, a new suspended acoustical ceiling in the hallways and new ceilings in the classrooms, new LED lighting throughout the facility, painting, and new flooring in classroom spaces. 

In addition to IFF’s loan, the project is being financed with a $6.73 million senior loan from Facility Investment Fund. Civic Builders previously provided BELIEVE Schools with a predevelopment loan for the project, which will create 75 jobs in St. Louis, MO. 

Carmen Schools of Science and Technology

As part of a $54.6 million development project, IFF closed a $7 million source loan for a New Markets Tax Credit (NMTC) deal that will enable Carmen Schools of Science and Technology (Carmen Schools) to acquire a vacant property and build a 119,750-square-foot facility in Milwaukee, WI, that will serve as a high school for 1,100 students. Carmen Schools is a public charter school network founded in 2007 with a mission to graduate all students as critical thinkers and self-directed learners who are prepared for success in college, meaningful careers, community involvement, and family life.  

Once the redevelopment of the property is completed, Carmen Schools will consolidate two existing schools in its network to the new location, which will include an on-site soccer field, a large gymnasium, and a STEAM lab. By consolidating the schools to the new location, Carmen Schools will be able to streamline its operations, maintain program continuity, and deliver a high-quality learning environment with enhanced STEAM, college, and career readiness offerings. 

The project will retain/create approximately 90 permanent jobs and 120 temporary construction jobs. In addition to IFF’s loan, sources of funding and financing for the project include a $38 million NMTC allocation from Civic Builders, Impact 7, and US Bank, which is also serving as the equity investor; loans from fellow Community Development Financial Institutions Low Income Investment Fund (LIIF) and Nonprofit Finance Fund (NFF); and owner’s equity. LIIF and NFF also provided credit enhancement to Carmen Schools for the project via the U.S. Department of Education’s Credit Enhancement program, which awards funding to organizations to address the cost of acquiring, constructing, and renovating facilities by enhancing the availability of loans and bond financing. Credit enhancement to charter schools seeking capital from the bond market and commercial banks helps to drive down their interest rates, provides debt service reserve funds, and makes it easier and more affordable for charter schools to borrow capital. 

Children of the Rising Sun Empowerment Center

IFF closed a $303,000 loan that will facilitate Children of the Rising Sun Empowerment Center’s (CRS) acquisition of a 4,080-square-foot building in Detroit, MI, that will house the nonprofit’s child care services. Formed in 2014, CRS currently provides high-quality early childhood education in a leased location to 56 children ages 0 through 5. By purchasing its first permanent facility, the organization will expand its enrollment capacity to 71 slots and expand its summer programming. CRS will leverage grant funding to complete renovations to the facility, with IFF serving as the owner’s representative and overseeing the interior improvements necessary for the organization’s child care operations to transition to the facility.

Newbridge Place

IFF closed a loan of approximately $211,000 that will enable nonprofit Newbridge Place to complete upgrades to two facilities the organization owns in Lodi, OH. Founded in 2006, Newbridge Place provides 24/7 residential care and supportive housing for adults with developmental disabilities and those living with chronic mental illnesses. Across the organization’s two properties—a 9,200-square-foot facility with residential, programming, and administrative spaces and a 2,800-square-foot facility where Newbridge Place serves higher-need and transitional residents—32 clients are served annually. Planned renovations to the facilities include HVAC replacement, new concrete driveways, waterproofing floors in the bedrooms, new siding, a new sewer line to the street, a kitchen remodel, replacing tubs with walk-in showers, and resurfacing a parking lot. An IFF customer since 2015, this is the fourth loan IFF has provided to Newbridge Place to expand its positive impact.

Raw Talent Performing Arts

IFF closed a $20,000 Flex Loan to support Raw Talent Performing Arts’ (Raw Talent) operational expenses and to ensure the continuity of the nonprofit’s programming during a period in the year when the organization has increased out-of-pocket expenses for staffing, programming, and community events. Founded in 2014 and based in Chicago’s Woodlawn neighborhood, Raw Talent provides diverse programs that support the unique needs and interests of its students. From multidisciplinary arts programming and academic courses to vocational training and career-focused education, each offering is designed to equip students with the knowledge and skills needed to excel in their chosen industry. In addition to its structured programs, Raw Talent provides personalized coaching and mentoring, ensuring students receive the guidance and support necessary to achieve their goals. With the Flex Loan, Raw Talent was able to maintain momentum in its youth workforce and arts education initiatives while awaiting pending grant disbursements and contract payments.

Renovare Development

IFF closed a $2.3 million loan that will facilitate the development of 28 for-sale homes in Benton Harbor, MI, that will be affordable to residents earning 60-120 percent of the Area Median Income. The $8.46 million project, which a joint venture between Renovare Development and Harbor Habitat for Humanity, will feature 14 two- and three-bedroom duplexes designed to serve as workforce housing. The homes are being developed to meet high standards for energy efficiency and are expected to sell for approximately $173,000 to $192,000, providing high-quality, mixed-income housing in a community with a documented need for affordable housing options.

Residents will have easy access to retail and child care in the sub-community where the homes are being built, which is on the brownfield site of a former hospital that served the community for decades before being demolished. By redeveloping the property, blight will be eliminated and neighborhood health outcomes improved. Additionally, the homes are part of a master plan for the City of Benton Harbor and will serve as a gateway to the community’s downtown area. Additional sources of funding and financing for the project include loans from Cinnaire and Opportunity Resource Fund, a TIF loan, a grant from Whirlpool, and energy rebates.

St. Mary’s South Side Catholic High School

IFF closed a loan of approximately $1.11 million to finance St. Mary’s South Side Catholic High School’s (St. Mary) purchase of a 22.5-acre property in the Dutchtown neighborhood of St. Louis, MO, where the school has been located since 1931. The property includes five buildings totaling 116,861 square feet, and the loan will also facilitate repairs to the roof of the school’s cafeteria. The school serves 235 students in grades 9-12.

In 2022, the Archdiocese of St. Louis informed school leaders that it intended to close the school at the end of the 2023 school year. St Mary’s leadership and alumni were determined to save the school and established a new independent nonprofit organization, an independent Board, a fundraising program for school operations, and a capital campaign to acquire the building, increase teacher salaries, and expand workforce and career programs. By acquiring the property from the Archdiocese, St. Mary’s will be able to establish new partnerships to benefit students, advance a concept to build a new facility on the property to support a pre-apprenticeship program in the trades, and to lease space on the property to a community partner focused on the development of quality affordable housing.

Vita Investment Holdings

IFF closed a $1 million loan that provided a subsidiary of Vita Investment Holdings (Vita) with predevelopment financing for an affordable rental housing project in New Haven, IN, where there’s significant need for affordable housing options for seniors. 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 mixed-income development for older adults (ages 55+) will include 28 market rate apartments and 103 apartments affordable for residents earning up to 60 percent of the Area Median Income, all of which will replace previously vacant farmland. The units will include 63 one-bedroom apartments and 68 two-bedroom apartments, with the development part of a larger campus that will also include assisted living and memory care units for seniors. All apartments will include electric utilities and EnergyStar appliances.

Additional sources of funding and financing for the $29.9 million project include 4% Low Income Housing Tax Credits allocated by the Indiana Housing & Community Development Authority (IHCDA), tax-exempt bonds, a permanent loan, and capital from the IHCDA Development Fund, among others. The project is expected to create three permanent jobs and 250 temporary construction jobs. IFF previously provided predevelopment loans to Vita for similar projects in Westfield, IN, and Lafayette, IN.