1st quarter newsletter

COMMUNITY BLUEPRINT:

CCLF’S NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES

Ascendance Partners Invests In Distressed Retail Center to Lead Community Transformation

1st Quarter/2016

In This Issue Ascendance Partners has transformed the retail center located on 51st St. and Cottage Grove Ave. in Chicago’s Grand Boulevard neighborhood.

Retail businesses in the center include Walgreens, Subway and a new local nail salon

In June 2015, Ascendance Partners (Ascendance) acquired title to the Washington Park Plaza located in Chicago’s Grand Boulevard community. Ascendance took control of the center, invested in repairs, and improved the quality of retail by working with existing tenants. It also identified new businesses and worked with local police to reduce illicit activity in and around the center.

In February, CCLF closed a loan for $2,750,000 with Ascendance, doing business as 5036-50 South Cottage Grove Avenue, LLC, to rehab the Washington Park Plaza. The changes made by Ascendance have resulted in an increase in the value of the investment. When considering the impact of this project, CCLF President Calvin L. Holmes added, “Under invested communities on the South Side are fortunate to have community visionaries like the Ascendance team. They balance the execution urgency of profit motive incredibly well with responsiveness to community needs and delivery of very high quality real estate assets without cutting corners in the way that other non-mission oriented developers and owners in lower-wealth communities do all too often.

This is the fourth project CCLF has financed with Ascendance and we look forward to doing more business with them.”

The transformation of the corner has been noticed by the community, including former 4th Ward Alderman William Burns. Burns recently stated “Ascendance Partners has done a great job turning around 51st and Cottage. The retail center looks and operates dramatically better than it did under previous ownership.” Craig Huffman, Ascendance Principal and Co-Founder, further emphasized this point by stating “We believe the community deserved a better retail experience than what was previously being provided. In partnership with CCLF, we have invested time and capital to bring higher quality retail in a safe, customer-friendly environment to the community.”

Ascendance Partners contributed to this story

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Ascendance Partners Invests in Distressed Retail Center to Lead Community Transformation

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Former CCLF Borrower Brings Green Energy Innovations to Southside Housing Congratulations to Chicago Neighborhood Development Award Winners

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CCLF Noteworthy CCLF Board of Directors

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CCLF Credit Memos

CCLF Staff

Former CCLF Borrower Brings Green Energy Innovations to Southside Housing Almost 20 years ago, Benjamin Van Horne started Greenline Development, Inc. While some Chicagoans may hear the company’s name and immediately think of the ‘L’ train, the name actually responds to redlining, the practice of denying services and capital to certain geographic areas based on race. Van Horne wanted to bring affordable housing to underserved areas in Chicago. Today, he continues this mission through the construction of energy efficient homes on Chicago’s South Side.

In February, a group of CCLF staff toured Greenline’s most recent project, a modern home in Chicago’s Woodlawn neighborhood that is targeting net zero energy. In a net zero energy building, the total amount of energy used by the building on an annual basis will equal the amount of energy created by the building.

Every part of the home, from the insulation to the ventilation system, was carefully chosen and implemented in order to reach the net zero goal. Most of Greenline’s constructions are LEED certified to a gold standard or higher, one of the most recognized ratings for energy efficiency in the United States.

CCLF staff visit Greenline Development, Inc.’s new net zero energy home in Woodlawn for a mid-construction tour

Congratulations to Chicago Neighborhood Development Award Winners

In February, LISC Chicago celebrated individuals and organizations in community development with its annual Chicago Neighborhood Development Awards (CNDA).

CCLF congratulates Ghian Foreman, the Executive Director of the Greater Southwest Development Corporation (GSDC), on receiving The PrivateBank Norman Bobins Leadership Award.

Foreman and GSDC are working with CCLF in its effort to create affordable housing land trusts in Cook County.

I wanted to focus on neighborhoods that had once been redlined - Benjamin Van Horne, Founder of Greenline Development, Inc.

CCLF staff listen to Benjamin Van Horne, Founder of Greenline Development, Inc., explain energy saving construction techniques Van Horne is no stranger to CCLF. Greenline Devel pment, Inc. has received two loans for the development of affordable condos in Chicago’s Woodlawn neighborhood. He also participated in many CCLF workshops, as well as a LEED training series that helped him gain a LEED Green Associate certification. Van Horne stands by the overwhelming benefits of building green homes, saying “the result is not only a home that is more energy efficient, healthy for the occupants, more comfortable, and better for the environment, but you also get a home of an overall higher quality.” This is due to the great detail the green building requires. All of these benefits have led Greenline’s homes to sell quickly once one hits the market.

CCLF is proud of the great work Van Horne is doing and hopes to continue its relationship in order to create more affordable and energy efficient housing throughout Chicago.

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CCLF also congratulates Landon Bone Baker Architects on receiving 2nd Place in the Richard H. Driehaus Foundation Award for Architectural Excellence in the Community Design category for the Dorchester + Housing Collaborative. This project holds both affordable housing for artists and community spaces and is the vision of CCLF borrower Theaster Gates, whose other recent successes include the Stony Island Arts Bank development.

CCLF Noteworthy Former CCLF COO Rob Rose Receives Men of Excellence Award A group of CCLF staff members attended the Chicago Defender’s Men of Excellence Awards in February to honor former CCLF Chief Operating Officer and Executive Vice President of Programs, Rob Rose. Rose is now the Executive Director of the Cook County Land Bank Authority (CCLBA). Rose and the CCLBA have partnered with CCLF in its aforesaid effort to create land trusts in Cook County, a project made possible by a $1 million grant from Bank of America.

Congratulations Rob!

CCLF Board of Directors Matthew R. Reilein, Chair O’Brien Staley Partners Thomas P. FitzGibbon, Jr., Vice Chair TAC II, LLC Charles S. Walls, Treasurer ComEd Mohammed M. Elahi, Secretary Consultant Patricia Y. McCreary, Assistant Secretary Office of the Clerk of the Circuit Court of Cook County Dorothy Abreu PNC Bank Jody Adler The Law Project

CCLF Staff & Board News

Robert G. Byron Blue Vista Capital Management, LLC

Sharnell Curtis - Martin joined CCLF in January 2016 as a Senior Loan and Program Officer. Her focus will be on extending CCLF’s reach in low and moderate income communities in need of affordable housing, commercial retail and social enterprises.

Sharnell has spent her career providing technical assistance and access to financial resources to small and mid-size businesses and not-for-profit organizations.

Prior to joining CCLF, Ms. Martin was the Director of Access to Capital Programs for the Women’s Business Development Center (WBDC). At the WBDC, Sharnell managed the organization’s loan fund, relationships with traditional bank partners and helped entrepreneurs launch new businesses and access financial resources.

Ms. Martin also served as a Finance and Management Consultant with Total Capital Solutions and spent several years as a Senior Funding Manager with the Illinois Finance Authority (IFA). Sharnell has a B.S. in Accounting and Finance and a MBA in Organizational Management from the Illinois Institute of Technology’s Stuart School of Business.

Congratuations to Matt Reilein, Chair of the CCLF Board of Directors, who recently joined the firm of O’Brien Staley Partners (OSP) as the Portfolio Manager. OSP is a world-class investment firm capitalizing on opportunities that are primarily comprised of commercial and industrial, small- and medium-sized enterprises and commercial real estate credits in overlooked financial markets. Reilein will lead Fixed Income Impact Investing after serving more than 15 years at JPMorgan Chase in community development. Reilein stated for OSP, “I’ve always been impressed by the firm’s innovation, leadership and core culture of fundamental credit analysis. I’m looking forward to building a business for OSP that focuses on credit opportunities at the top of the capital stack within established programs that benefit low-income communities, help striving families, and improve the environment.”

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Charles F. Daas University of Illinois at Chicago Erik Hall Grosvenor Capital Management, L.P. Ailisa Herrera MB Financial Bank Edward J. Hoynes Community Accounting Services Andrew W. Hugger US Bank Ed Jacob Franciscan Outreach Association Raymond S. McGaugh McGaugh Law Group LLC Eric S. Phillips Village Bank & Trust (a Wintrust Community Bank) Elias Rosario Ounce of Prevention Fund Mark C. Spears The PrivateBank Kathryn Tholin Center for Neighborhood Technology John L. Tuohy Chapman and Cutler LLP (retired)

Credit Memos: CCLF Lends $4.39 Million in 1st Quarter 5036-50 South Cottage Grove Avenue, LLC received a $2,750,000 mini-permanent loan to preserve commercial retail in the Grand Boulevard community area. This loan is part of CCLF’s Commercial Retail Initiative. Thanks to Christopher Butler and Thomas Dobleman of Kirkland & Ellis LLP for serving as CCLF’s counsel on this transaction.

Blue Chair Capital received a $130,000 mini-permanent loan to preserve 2 units of affordable housing in the West Pullman and Morgan Park community areas. This loan is part of CCLF’s Neighborhood Investor Lending Program and the Cook County Preservation Compact.

Thanks to Coree Smith and Sonia Fulop of Kirkland & Ellis LLP for serving as CCLF’s counsel on this transaction.

DPY Management received an $85,000 mini-permanent loan to preserve a unit of affordable housing in Burnham, Illinois. This loan is part of CCLF’s Neighborhood Investor Lending Program.

Thanks to Kris Curran of Nixon Peabody LLC for serving as CCLF’s counsel on this transaction.

Good News Partners received a $225,250 mini-permanent loan to preserve 4 units of affordable housing in the Rogers Park community area. This loan is part of the Cook County Preservation Compact. Thanks to Casey Judge and Mark O’Meara of Chapman & Cutler LLP for serving as CCLF’s counsel on this transaction.

ILRE, LLC received a $441,000 mini-permanent loan to preserve 20 units of affordable housing in the community areas of Marquette Park, South Shore and Auburn Gresham. This loan is part of the Cook County Preservation Compact. Thanks to Jeffrey P. Gray of Barnes & Thornburg LLP for serving as CCLF’s counsel on this transaction.

Interfaith Housing Development Corporation received a $500,000 construction loan to preserve 135 units of affordable housing in the South Shore community area. This loan is part of the Cook County Preservation Compact. Thanks to George Houhanisin, Michael Boykins and Kyle McHugh of McDermott Will & Emery for serving as CCLF’s counsel on this transaction.

Rimland Services NFP received a $260,000 mini-permanent loan to preserve supportive housing for adults with autism in Evanston, Illinois. Thanks to Heidi Azulay of DLA Piper LLP for serving as CCLF’s counsel on this transaction.

Thank You to Funders and Investors

For their recent grants, CCLF thanks: ComEd, First Midwest Bank and JPMorgan Chase Foundation.

For their recent investment renewal, CCLF thanks: Episcopal Diocese of Iowa.

CCLF Staff Calvin L. Holmes President Bob Tucker Chief Operating Officer/ Executive Vice President of Programs Jane I. Ames Vice President of Finance Juan Calixto Vice President of External Relations Maurice Williams Vice President of Economic Development Wendell Harris Director of Lending Operations Lycrecia Parks Director of Portfolio Management Deborah Sabol Director of Operations Angela Dowell Controller Evelyn Turner Senior Loan Closing Officer Kevin Truitt Senior Loan/Program Officer Sharnell Curtis-Martin Senior Loan/Program Officer Shanna Love Loan Closing Officer Deandre Tanner Finance & Accounting Associate Elizabeth Ginsberg Portfolio Management Associate Lincoln Stannard Portfolio Management Associate Aaron Akers Portfolio Management Assistant Hannah Bernard Marketing Assistant Cassandra Chan Program Assistant

Consultants Chelsi Cicekoglu Lender

The mission of the Chicago Community Loan Fund is to provide flexible, affordable and responsible financing and technical assistance for community stabilization and development efforts and initiatives that benefit low- to moderate-income neighborhoods, families and individuals throughout metropolitan Chicago.

@cclfchicago 4

Sean Harden TA and Special Initiatives

Newsletter Credits Compiled by: Hannah Bernard Juan Calixto Calvin Holmes Bob Tucker Printed by: Salsedo Press