An architect's rendering of the full-service grocery store being developed by Homefull in Dayton, OH.

October 2023 Loan Round-up November 1, 2023

In October, IFF closed loans totaling approximately $25.5 million for 12 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.

Clean Community

IFF closed a loan of approximately $119,000 that provided nonprofit Clean Community with bridge financing to acquire a property in Chicago, IL, that will serve as the organization’s Solar Training Center while awaiting the disbursement of a State of Illinois Capital Grant. Clean Community’s goal for the Solar Training Center is to support the development of a workforce capable of working in renewable energy fields. Established in 2017, the organization serves individuals in the Austin neighborhood on Chicago’s West Side. After completing the acquisition of the property, Clean Community will proceed with renovations to support its programmatic goals, as well as the installation of solar panels that will help power the facility and electric vehicle (EV) charging stations available for community use.

Gorman & Company

IFF closed three loans totaling $4.43 million that will facilitate the development of 48 units of housing in Green Bay, WI, 40 of which will be affordable to residents earning between 30 and 60 percent of the Area Median Income (AMI). The project, Bay City Lofts, is being developed by Gorman & Company in partnership with Lutheran Social Services of Wisconsin and Upper Michigan. The one-, two-, and three-bedroom apartments and two-story, three-bedroom townhomes will be housed in a four-story multi-family apartment building with ground floor resident amenities that include a community room, fitness room, bike storage, and secure parcel holding room, as well as surface level parking. The developer is working with Options for Independent Living to help build ADA-accessible units with income-qualifying community members who have physical disabilities. Bay City Lofts will provide residents with easy access to a grocery store, post office, dental clinic, and park – all of which are located less than a mile from the development. Lutheran Social Services will also have office space in the building.

Additional sources of funding and financing for the $14 million project include, Low Income Housing Tax Credits allocated by the Wisconsin Housing and Economic Development Authority (WHEDA), City of Green Bay ARPA and HOME Funds, and an Affordable Housing Program grant from the Federal Home Loan Bank of Chicago, among others. Gorman & Company is a longtime IFF borrower, with ten previous loans provided to the developer for housing projects in the Midwest. Read about one recent Gorman & Company project facilitated by an IFF loan here.


IFF closed a $7.5 million bridge loan that enabled nonprofit Homefull to close a New Markets Tax Credit (NMTC) transaction for the first phase of construction for a $50 million healthy living campus in in Dayton, OH. The project, which will revitalize a 16-acre property on the city’s west side, includes the development of a 49,000-square-foot facility that will house a full-service grocery store (featured in the architect’s rendering above), a wholesale food hub, a community health center and pharmacy, and high-quality space for social service organizations – including administrative and programmatic space for Homefull, which works to combat homelessness by addressing its root causes. In future phases of the project, the campus may grow to include an early childhood education center and approximately 144 one-, two, and three-bedroom apartments affordable to residents earning less than 80 percent of the Area Median Income. All told, the project will create 200 permanent jobs in the community and 300 temporary construction jobs, providing an important economic boost in West Dayton to deepen the project’s positive impact.

Additional sources of funding and financing for phase one of the project includes a federal appropriation facilitated by Sen. Sherrod Brown, American Rescue Plan Act (ARPA) funding via the City of Dayton and Montgomery County, New Markets Tax Credits (allocated by CityWide and PNC CDE, with PNC Bank serving as the investor), State of Ohio capital appropriation, City of Dayton and Montgomery County Community Development Block Grant (CDBG) funding, private foundation and corporate contributions, and a capital campaign. Learn more about the project by reading IFF’s recent story, “A $50 Million Healthy Living Campus Aims to Address Historic Inequities in West Dayton.”

Revolution Workshop

IFF closed a $500,000 loan that provided a special purpose entity controlled by Revolution Workshop (RW) with the capital needed to acquire an 11,000-square-foot facility in Chicago’s Pullman neighborhood and to replace the roof. RW is a nonprofit social enterprise that offers workforce development training designed to increase BIPOC participation in the construction trades. Ninety percent of the more than 200 RW trainees served annually secure sustainable employment in the construction industry after completing the organization’s programming. Prior to the acquisition of the new facility, RW leased a workshop in the community. By purchasing a building, the organization will ensure the long-term stability of its programming on Chicago’s South Side.

Third Coast International Audio Festival

IFF closed a $105,000 bridge loan that provided nonprofit Third Coast International Audio Festival (Third Coast) with working capital while awaiting the disbursement of grant funds awarded to the organization by the City of Chicago’s Department of Cultural Affairs and Special Events and Department of Commerce and Economic Opportunity. Based in Chicago, IL, Third Coast has served an ever-growing global community of storytellers, makers, and listeners since 2000.

Victory Christian Academy

IFF closed a loan of approximately $1.38 million that provided Victory Christian Academy (VCA) with the capital needed to complete the construction of a 9,500-square-foot multipurpose space that will serve as an auditorium, gathering, and play space for the K4-12 Choice School in Milwaukee, WI. The loan also enabled VCA to repair two boilers, replace one, and complete roof repairs. The multipurpose space will support VCA’s continued growth as the school expands its enrollment capacity by 300 student seats. IFF previously provided VCA with financing in 2018 to acquire its 2.5-acre campus and again in 2022 to facilitate additional renovations. IFF’s real estate team has also supported VCA by completing a facility assessment to determine the pacing and phasing of campus renovations. VCA’s expansion will create 42 high-quality jobs.

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