In June, IFF closed loans totaling approximately $12.5 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.
Affordable Dental Care
IFF closed a $900,000 loan that provided Affordable Dental Care (ADC) with financing for moving expenses and leasehold improvements to the organization’s new, 4,358-square-foot facility in Madison, WI. Founded in 2009, ADC is a bilingual, nonprofit dental clinic that provides quality care to individuals who are uninsured or underinsured. The renovated facility and dental equipment will allow for the integration of modern dental technology that will improve the accuracy and efficiency of diagnosis and enhance patient safety and comfort. Furthermore, ADC’s new facility will improve health equity in the area by reaching more members of underserved communities. Additional sources of funding for the $1.49 million project include agency equity and grants from private foundations.
Duo Development
IFF closed a loan of approximately $631,000 that provided Duo Development with financing for the construction of a new, 2,500-square-foot multipurpose building in the North Lawndale neighborhood of Chicago, IL, that will also include 400 square feet of outdoor space. To be known as “Starling,” the facility will be developed on a vacant lot to serve as a headquarters for Duo and will include a café and 10 spaces to be leased flexibly to community organizations. Duo was founded in 2019 as an innovation studio/lab that creates buildings, spaces, experiences, services, businesses, and artworks to improve our collective quality of life, and rethink how organizations (and society) use built assets. Part of the vision of the space stemmed from needs outlined in the North Lawndale Quality of Life plan, which places a focus on the need for arts and culture, economic and workforce development, and transit-oriented amenities in the neighborhood. Additional sources of funding for the $1.4 million, equitable transit-oriented development (ETOD) include developer equity and grants from the City of Chicago, Chicago Community Trust, and We Rise Together. IFF previously closed a loan with Duo Development in June 2023 to finance the acquisition of three residential properties that were used for affordable housing units.
Hope Street Ministry
IFF closed a $3 million loan that enabled Hope Street Ministry (Hope Street) to pay off a maturing construction loan used to build a multi-purpose community center in Milwaukee, WI, and convert the debt to a permanent loan. Founded in 1999, Hope Street provides housing, community, and healing to individuals experiencing homelessness, those working to overcome substance use disorder, citizens returning from incarceration, and people exiting toxic situations. The nonprofit’s community center – Shechem at Hope Street – was completed in 2022 and includes a gymnasium, classrooms, conference room/event space, a café and concession area, a resource center, and rooftop patio. Since opening, the facility has enabled Hope Street to expand its opportunities for both community members and those living at Homes at Hope Street. Additionally, the 12,990-square-foot facility provides quality space for physical activities, arts and crafts, and other programming, as well as workspace for community-based nonprofits with limited capacity to lease or purchase facilities of their own.
Open Door Health Center of Illinois
IFF closed a loan of approximately $1.11 million that provided Open Door Health Center of Illinois (ODHC) with the capital needed to consolidate and refinance two existing loans the nonprofit health care provider used to acquire and renovate its 8,960-square-foot headquarters in Elgin, IL, in 2014 and 2015, respectively. Founded in 1975, ODHC provides affirming services including education, prevention, diagnosis, and treatment services to those who have or are at risk for sexually transmitted infections, including HIV/AIDS, in addition to the greater LGBTQ+ community. By refinancing at a lower interest rate, ODHC will be able to save money on debt service that can be reinvested in the organization’s programming.
Raquan’s Haven
IFF closed a $59,000 loan that provided Raquan’s Haven with financing for the purchase of a 1,064-square-foot, single-family home in Mundelein, IL. The capital will also enable the nonprofit to complete repairs at a separate property in Waukegan, IL, that houses a transitional housing program for young women and children. Raquan’s Haven was founded in 2004 to offer housing and mentorship services to young women and their children experiencing homelessness. The single-family home being purchased will enable Raquan’s Haven to preserve an affordable housing unit in the community that will be supported by a housing voucher. At the second property housing the dedicated transitional housing program, participants will receive supportive counseling, legal advocacy assistance, basic necessities, and financial literacy workshops to support their transition to permanent housing. Additional funding for the $184,000 projects is being provided by a Lake County Housing Authority grant. IFF previously closed a loan for Raquan’s Haven in June 2022 that provided financing for the purchase and upgrades to another single-family home in Mundelein.
Tags: : Capital Solutions, Community Development, Health Care, Housing, Loan Round-ups