New Loan Closings: BANANAS, Compass Health, Safe Parking LA
BANANAS: Nurturing family wellness in California’s East Bay Area
$500,000 construction loan (August 2023)
BANANAS partners with families and childcare providers to raise happy, confident children in the Northern Alameda County cities of Oakland, Berkeley, Albany, Piedmont, Emeryville, and Alameda. Through its childcare referrals, payment assistance programs, parent education workshops, playgroups, and professional development, BANANAS serves almost 2,000 children, 12,000 adults, and 800 childcare providers each year.
BANANAS operates out of an office building that was built in 1958 and is currently vulnerable to earthquake damage. This loan will support BANANAS with construction efforts to make the building more earthquake-resistant and strengthen the connections between the roof and walls to ensure its structural integrity. This loan helps BANANAS make an essential investment in their space that will allow the organization to focus on its essential work of supporting working families on their parenting journeys.
Compass Health: Expanding behavioral healthcare services in Northwest Washington
$4.725 million participation in a $19.43 million construction loan with Capital Impact Partners as the lead lender and Craft3 as a fellow participating lender (September 2023)
With 26 locations across Northwest Washington, Compass Health is a leading behavioral healthcare provider that delivers comprehensive mental health treatment in the North Puget Sound region of Washington State. In 2022, Compass Health served approximately 13,500 adults and 4,300 youth through a range of services including outpatient care, substance use treatment, emergency services, inpatient care, and supportive housing. In 2021, 97% of its patients were covered under Medicaid reimbursements.
This financing supports the second phase of a three-phase construction project, involving the construction of a four-story facility with approximately 71,000 square feet of inpatient and outpatient behavioral health care. The expansion will allow Compass Health to serve even more community members, with a goal of adding over 1,000 new patients and increasing overall patient visits from 23,700 to 31,500 per year.
Safe Parking LA: Fostering a sense of dignity in Los Angeles
$500,000 working capital loan (September 2023)
Founded in 2017, Safe Parking LA (SPLA) bridges a gap in services by addressing the needs of people whose only source of shelter is their vehicle. Their programs provide secure overnight parking, much-needed access to restrooms and running water, and strengths-based case management that facilitates pathways to health and stable housing. SPLA operates in six lots that together can accommodate 144 vehicles each night, and they recently announced the opening of a seventh lot with the capacity to park an additional 50 vehicles.
Around 65% of Safe Parking LA's revenue comes from government contracts. Program costs are billed every month, and reimbursement is usually expected within 30 days. However, since SPLA is often reimbursed late, this financing will help cover their operating costs for about 1.5 months while it awaits payment. Supported by the Hilton Foundation, this zero-interest loan will also support SPLA as they establish themselves as a standalone organization, independent of their fiscal sponsor. With more sustained, reliable funding, SPLA can continue investing in critical programs that restore safety and dignity to Angelenos.
Learn more about NFF’s loan products on the financing page of our website.