CHICAGO, IL --(Marketwired - April 19, 2016) - Midwest nonprofit lender IFF closed its 14th Investor Consortium note sale this month, bringing the total private capital raised through the investment vehicle to $216.7 million since 2004.
Twelve financial institutions participated in the $21.5 million note sale, including Scottrade Bank, the first St. Louis-based financial institution to become a member of IFF's Investor Consortium. Participating banks are:
- BMO Harris Bank
- Byline Bank
- Evergreen Bank Group
- First Savings Bank of Hegewisch
- MB Financial Bank
- Northern Trust
- PNC Financial Services Group
- Scottrade Bank
- The PrivateBank
- TIAA-CREF Trust Company, FSB
- Town Bank
- U.S. Bank
The note included real estate loans to nonprofit health and human services providers, charter schools, and housing developers in Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin.
"I'm pleased to welcome Scottrade Bank to our Investor Consortium," said IFF CEO Joe Neri. "Raising capital from Scottrade supports our commitment to the St. Louis region, where we have made over $75 million in loans. I'm grateful to all our bank partners, especially those -- like BMO Harris Bank, MB Financial Bank, and Northern Trust Bank -- that have been with us since the beginning."
The Consortium helps banks comply with the Community Reinvestment Act, a federal law that encourages them to offer credit in all the communities in which they do business. IFF packages existing loans as collateral in note sales to investors and uses the proceeds to provide long-term financing to other nonprofits.
The funds from the Investor Consortium form the primary source of IFF's debt capital, supporting the nonprofit lender's financial stability and growth throughout the Midwest. IFF remains one of the few mission-driven lenders nationally to maintain a top-level AERIS® AAA+1 rating for financial performance and impact.
About IFF
IFF is a mission-driven lender, real estate consultant and developer that helps communities thrive by creating opportunities for low-income populations and individuals with disabilities. From child care to senior housing, IFF works closely with clients from every sector, offering affordable, flexible financing; full-scale real estate consulting; and community development services. Since 1988, we have made over $620 million in loans, leveraged $1.9 billion in community investments and grown our total managed assets to $486 million.
Contact Information:
CONTACT:
Jose Cerda III
jcerda@iff.org
312-629-0060