In September, IFF closed loans totaling approximately $26.3 million for community-driven projects in the Midwest. We’ve included information below about many 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.
Arbor Academy
IFF closed a $3.35 million loan that provided public charter school Arbor Academy with financing for the acquisition of a 6.15-acre property in Battle Creek, MI. The property includes three buildings totaling 23,679 square feet, two of which the school has leased since its founding in 1998. With an additional building in which to operate, Arbor Academy plans to expand its educational offerings, which will include adding two Pre-K classrooms and two K-8 classrooms. Arbor Academy currently serves 154 K-8 students and will increase enrollment to 234 Pre-K-8 students by the start of the 2026-2027 school year. Purchasing the property will also provide Arbor Academy with more flexibility to utilize the space for student activities and enable renovations to the facilities to create a stronger teaching and learning environment. Arbor Academy’s purchase was managed by Teachers First, Inc., a nonprofit specializing in providing tailored management solutions for educational institutions.
Brickton Montessori School
IFF closed a $6 million loan to facilitate Brickton Montessori School’s (BMS) renovation of a 19,550-square-foot facility in Des Plaines, IL. Established in 1986, the nonprofit Pre-K-8 private school currently leases a facility in Chicago and acquired the new property in 2024. After a loan from a traditional lender fell through immediately after the school purchased the property with cash, BMS sought financing from 10 banks, none of which provided a loan to the school because of their credit policies and loan-to-value requirements. By acquiring and upgrading the property with financing from IFF, BMS will be able to operate an on-site child care center and its K-8 school. The $6.9 million project will create 32 child care slots and 32 student seats to increase BMS’ total enrollment capacity to 192 students, while also creating six new full-time jobs.
First Community AME Housing, Inc.
IFF closed a term loan of approximately $102,000 through the Michigan Affordable Housing Loan Program to finance renovations to Allen Manor Senior Housing in Grand Rapids, MI. Owned by First Community AME Housing, Inc. and managed by nonprofit Samaritas, Allen Manor was built in 1989 and includes 24 one-bedroom apartments affordable to seniors earning 50 percent or less of the Area Median Income. The property has not been substantially renovated since opening, and IFF’s loan will enable kitchen and bathroom upgrades in each unit, along with the replacement of plumbing fixtures, appliances, and flooring. Communal spaces like a community room, kitchen, and public bathrooms will also be improved, increasing resident safety and comfort and improving energy efficiency in the facility. Additional sources of funding and financing for the roughly $809,000 project include a construction loan and donation from Mercantile Bank, an Affordable Housing Program grant through the Federal Home Loan Bank of Indianapolis facilitated by Mercantile Bank, project equity from Allen Manor’s HUD program accounts, and staff time to administer the project from Samaritas.
Kids Above All
IFF closed a loan of approximately $2 million that enabled nonprofit Kids Above All to refinance a line of credit from a traditional lender, as well as an existing loan from IFF, to strengthen the organization’s cash flow position. Based in Chicago, IL, Kids Above All was founded in 1894 to build better lives for children and families impacted by poverty, violence, and injustice. The organization provides early childhood education, safe, supportive housing, and trauma-informed counseling programs on Chicago’s South and West Sides, as well as suburban Cook, DuPage, Kane, and Lake counties. With improved access to working capital, Kids Above All is well positioned to continue investing in its team on the frontlines of this life-saving work, and supporting the kids and parents the organization serves, ensuring even more youth have the resources necessary to be safe, secure, and realize their full potential.
Magnus Capital Partners
IFF closed two loans totaling $11 million through the Michigan Affordable Housing Loan Program that provided a subsidiary of Magnus Capital Partners (Magnus) with financing for the construction of HōM Flats at 28 West in Wyoming, MI. HōM Flats at 28 West will include 200 units of workforce rental housing and an on-site child care center, Grō Childcare Academy, to provide residents with convenient access to high-quality early childhood education. Of the 200 units, 162 will be affordable to families earning 40 to 80 percent of the Area Median Income and 38 of the units will be rented at market rate. The development will feature indoor and outdoor playgrounds, outdoor seating areas, rooftop terraces, a game room, a resident café, a secure package delivery room, walking paths, dog parks, dog washing stations, and a pickleball court, as well as a complimentary fitness studio space that will enable residents to save money on gym memberships.
Additional sources of funding and financing for the $78 million project include 4% Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority (MSHDA), a MSHDA passthrough grant, and a permanent loan from Freddie Mac, among others. IFF previously provided Magnus with loans in July 2024, April 2024, April 2023, and March 2021.
St. Mary Community Development Corporation
IFF closed a $3.5 million loan that will facilitate the development of a 58-unit affordable housing project called Arrowhead Lofts in Maumee, OH. The project is being developed by a limited liability company associated with St. Mary Development Corporation, a faith-based nonprofit housing developer with a portfolio of 51 properties. Arrowhead Lofts will feature one-, two-, and three-bedroom apartments and will be affordable to families earning up to 30, 50, 60, and 70 percent of the Area Median Income. The four-story building, which is conveniently located near health care, banks, restaurants, a post office, and grocery store, will achieve Energy Star and Enterprise Green Community 2020 standards. Additional sources of funding and financing for the $19.9 million project include a construction loan from Fifth Third Bank and 9% Low-Income Housing Tax Credits allocated by the Ohio Housing Finance Agency and syndicated by CREA, LLC.
Urban Male Network
IFF closed a $50,000 Flex Loan to facilitate Urban Male Network’s purchase of a bus and a passenger van to support its programming. Formed in 2017, the nonprofit based in Chicago, IL, seeks to empower young men from urban communities through mentorship, education, and service. The organization’s new vehicles will enable Urban Male Network to expand its current services in a more cost-effective way by lowering rental expenses and vehicle maintenance costs. The purchases will also increase Urban Male Network’s ability to service more clients and create a new revenue stream to support its work by renting the vehicles to other organizations. This is the third Flex Loan provided to Urban Male Network by IFF, with the previous loans helping the organization bridge grant funding to accelerate its growth.