In June, IFF closed four loans totaling $4,839,515 for community-driven projects in the Midwest. We’ve included below a roundup with information about the organizations that received the loans and what they’re doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.
Atlas Public Schools
Atlas Public Schools is a nonprofit organization founded in 2019 that is launching a K-5 charter school in August 2021 in two leased facilities in St. Louis, MO. In its first year, the school will serve kindergarteners and first graders in a 13,225-square-foot building that is move-in ready. IFF closed a $698,515 loan to enable renovations to the second facility (in the photo above), a 5,175-square-foot former church nursery that will house five classrooms after construction is completed. Capital from the IFF loan will also be used to purchase equipment. IFF’s real estate team was involved in the project, helping identify the location, design the facility, and select a contractor to complete renovations. Once at full capacity, Atlas will provide 468 seats for students.
IFF closed a $210,000 loan for Community Response, a St. Louis, MO-based nonprofit that provides quality housing and support services which address social and mental health among young adults who are transitioning out of the Missouri foster care system and to military veterans. The loan will enable the organization to complete renovations on a previously acquired single-family home and facilitate the acquisition and renovation of two additional homes that will provide permanent housing to the organization’s constituents. Since its founding in 2001, Community Response has supplied homes, self-sufficiency, and life skills to more than 400 youth who have transitioned out of foster care.
Downtown Montessori Academy
IFF closed a $2.995 million loan for Downtown Montessori Academy (DMA) that will facilitate the development of a 11,456-square-foot, $3.85 million addition to the pre-K-8 charter school’s existing building in Milwaukee, WI. The addition will house six classrooms and a gym/multi-purpose room. Once completed, the project will enable the high-performing, mixed-income school to expand its existing enrollment of 314 students by adding 40 student seats and to improve ADA accessibility by adding an elevator to the facility. In addition to the IFF loan, the project is being financed with DMA equity.
Smart Development Inc
IFF approved a $250,000 loan in 2020 to provide Smart Development Inc with bridge financing for the acquisition and rehabilitation of 16 affordable rental row homes in Cleveland, OH. After the nonprofit secured additional capital for the project from other sources, IFF increased its loan amount in June 2021 to $936,000 for construction and permanent financing to streamline the project. Additional sources of funding for the project include the City of Cleveland, developer equity, and private foundations.