In May, IFF closed seven loans totaling $4,850,150 for community-driven projects in the Midwest. We’ve included below a roundup with information about several of 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.
Common Pantry
IFF provided $1.5 million in loans to Common Pantry for the acquisition and rehabilitation of a facility in Chicago’s North Center neighborhood (in the photo above) that will serve as the organization’s headquarters. Common Pantry is Chicago’s oldest continually operating food pantry, and the organization provides weekly food distributions, home delivery, hot lunch programs, and monthly distributions of fresh fruits and vegetables to approximately 10,000 people annually. Its new facility, which was identified by IFF’s real estate team, will enable the nonprofit to increase access to its services and improve its client experience. IFF’s loan is bridging funding Common Pantry was granted through the Illinois State Capital Bill.
Royal Capital Group
IFF closed a $1.5 million loan to facilitate Royal Capital Group’s acquisition of a 51-acre parcel of land in Milwaukee, WI, and to cover predevelopment costs associated with converting a former YMCA facility on the site into 200 affordable apartments for seniors and families. The development is phase 1 of a master plan, which will include in later phases an additional 400-600 affordable apartments, an early childhood education center, a school-age learning center, a fitness studio, and community space. The project, which is being financed with tax credits, tax exempt financing, and support from the City of Milwaukee Affordable Housing TIF program, is expected to catalyze much needed redevelopment on the city’s northwest side.
Modcon Living
IFF closed a $535,000 loan to enable Modcon Living to purchase and renovate a headquarters facility in Columbus, OH. Owning the facility will help the organization control expenses after a drastic rent increase for the facility it leased previously. Planned improvements include converting unused warehouse space into offices and workshops, as well as replacing the roof of the facility. Modcon Living is a volunteer-driven initiative focused on sustaining homes and neighborhoods by providing reliable, affordable home repair and modification services, and the purchase and rehab of the facility will make it possible for the organization to expand its service offering.
Urban Building Solutions
In May 2021, IFF closed a $300,000 loan for Urban Building Solutions to enable predevelopment work necessary to construct affordable housing in Kansas City, MO. The loan is designed to bridge Community Development Block Grant (CDBG) funding to remediate groundwork and create sidewalks for 10 lots in the South Vine community area on which affordable, single-family homes will be constructed. 125 new homes are expected to be constructed on the site in the next two years.
Tags: : Capital Solutions, Healthy Foods, Housing, Loan Round-ups