In November, IFF closed loans totaling approximately $6.1 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.
BandWith Chicago
IFF closed three loans totaling $3.25 million that provided BandWith Chicago (BandWith) with bridge financing while awaiting a City of Chicago grant awarded to the nonprofit for the acquisition and renovation of a 25,000-square-foot facility in Chicago’s Garfield Park neighborhood that the organization will operate as a performing arts hub. Founded in 2013 when the band program was eliminated by a local charter school, BandWith provides individual and small group music instruction, weekly ensemble play, and performance opportunities to young people through free in-school and after-school programs that serve 180 students annually. The organization’s new facility, a former factory, will be the first permanent location in its history and enable BandWith to serve 350 community members each year.
Planned renovations include upgrades to building systems and the build out of the facility to include rehearsal space; practice rooms for BandWith’s dance, drumline, band, and choir programs; a recording studio; a library; a community lobby; and an outdoor terrace for community gatherings and farmers markets. BandWith will also lease space in the facility to other community-based organizations, providing them with a high-quality rental option in the neighborhood. IFF’s Real Estate Solutions team provided predevelopment support for the project and will serve as the owner’s representative during renovations. In addition to the IFF loan and City of Chicago grant, sources of funding and financing for the $15.2 million, equitable transit-oriented development include a grant from The Chicago Community Trust, a donation from the Glasser/Rosenthal families, and other private philanthropic commitments. IFF previously provided BandWith with a $150,000 loan in February 2024 to support the predevelopment phase of the project.
Detroit Phoenix Center
IFF closed a $430,000 loan that provided Detroit Phoenix Center (DPC) with financing for the purchase of a customized recreational vehicle to be used as a mobile service unit. DPC provides critical resources, wrap around support, and a safe, nurturing environment to young people ages 12-24 that are experiencing homelessness, a housing crisis, or instability, with its drop-in services and need-based support. The new mobile unit will provide a flexible, responsive approach to expanding its reach to young people who cannot access DPC’s building for its services in the Detroit area. Fabrication and upgrades to the vehicle will include interior prep, a generator, electrical, ceiling, HVAC, divider walls, a waiting and gaming area, a restroom with a standup shower, and exterior graphics. DPC anticipates being able to serve hundreds of clients each week with the mobile unit.
Foundation for Homan Square
IFF closed a loan of approximately $2.28 million that enabled the Foundation for Homan Square (FHS) to refinance maturing debt on a commercial property comprised of 108 residential units in Chicago’s Homan Square neighborhood. Formed to oversee the redevelopment of the former Sears, Roebuck & Co. headquarters campus on Chicago’s West Side, since 1995 FHS has worked to build a vibrant and thriving community through asset-based development informed by extensive community engagement. In 2017, IFF formally partnered with FHS—bringing together technical real estate and construction expertise with deep rooted relationships in the community to further strengthen and stabilize the blocks surrounding the Homan Square campus. Today, the Homan Square campus includes a charter high school, a 70,000–square–foot community center, 300+ units of affordable housing, 14-story office building, and an elementary school.
The Main Stage, Inc.
IFF closed a $145,000 loan that provided The Main Stage, Inc. (Main Stage) with the capital needed to pay off a land contract, complete exterior and interior repairs to its facility, and purchase furniture, fixtures, and equipment (FF&E) for the space. Located in Mishawaka, IN, Main Stage is a nonprofit youth and community theater founded in 2006 that provides opportunities for children and adults to learn and grow as actors, singers, and dancers in musical theater. Main Stage produces several “student theater” performances each year, as well as a summer camp for children.
Tags: : Arts and Culture, Capital Solutions, Community Development, Loan Round-ups, Youth Services