August Loan Closings: Boys & Girls Clubs of Puerto Rico, Community Mediation Services, SunLight General Capital

$3.7 million participation in a $14.8 million loan led by Local Initiatives Support Corporation (July 2024)

Boys & Girls Club of Puerto Rico (BGCPR) was created in 1967 to promote the social, educational, vocational, and character development of young people living in low-income communities throughout Puerto Rico. For over 50 years, the organization has worked with more than 90,000 youth and their families – and it has expanded to twelve clubs across the island. With programs built on the three pillars of education, social support, and economic development, BGCPR is dedicated to closing the education gap, assisting clients in times of crisis, and increasing economic mobility.

BGCPR’s commitment to investing in its community is reflected in the Oasis Hub, a project which will convert an abandoned public school in San Juan into a modern, energy-efficient 136,000-square-foot facility that will offer spacious classrooms, community meeting spaces, roof-mounted solar panels, water recycling systems, and a health clinic that will provide vital preventative health services to an estimated 4,000 patients annually. The site will provide BGCPR’s Vimenti School with 90,000 square feet of facility space to serve 650 students – a significant increase from the 275 students currently enrolled at its two current temporary sites. Additionally, the Oasis Hub will house BGCPR’s workforce training and business incubator programming and will be engineered to withstand catastrophic weather events common in Puerto Rico.

NFF’s $3.7 million participation in a $14.8 million loan led by Local Initiatives Support Corporation bridged an Elementary and Secondary School Emergency Relief (ESSER) grant to support the expansion of Vimenti School, the first public charter school in Puerto Rico and the primary tenant for the Oasis Hub project. $43 million in total project financing includes $25 million of New Markets Tax Credits from Civic Communities and Capital One Financial Corporation and $15.2 million CDBG Disasters Recovery Program loan.

The Oasis Hub, with Vimenti School as its anchor, will bring high-quality education and holistic resources to the Villa Prades neighborhood of San Juan, a community that has banded together despite the impacts of natural disasters, the pandemic, and decades of disinvestment.

$4 million bridge loan (July 2024), $500,000 line of credit (July 2024)

Founded in 1983, Community Mediation Services (CMS) fosters effective problem-solving for adolescents and families throughout all five boroughs of New York City. Headquartered in Jamaica, Queens, CMS provides dispute mediation, mentorship, therapy, educational support, and housing programs at three schools, two churches, and four homeless shelters, impacting nearly 16,000 individuals annually.

CMS’s Sanctuary Housing program provides a refuge for those facing housing insecurity, including migrant communities, by providing secure and welcoming spaces for temporary shelter, necessities, and a sense of stability. With $4.5 million in loans from NFF, CMS can continue operating its programming, which includes four sanctuary shelters for asylum seekers in Brooklyn, Queens, and Long Island City while it waits for delayed payments on its city government contracts. This financing will allow CMS to focus on its mission of strengthening neighborhoods with a holistic, peaceful approach.

“We are thrilled to take a moment to recognize and express our deepest gratitude to the Nonprofit Finance Fund. Their critical guidance, dedicated staff and steadfast support have been pivotal in strengthening our capacity to serve the vulnerable families and communities of New York City. NFF has been a lifeline during the recent contracting delays and their dedication to our mission has made a profound impact on our ability to pursue our goals.

We are proud to partner with such a committed ally and look forward to continuing our collaborative efforts to create meaningful change and opportunities for all New Yorkers. Thank you NFF for your invaluable support and for standing with us in our mission to serve those who need it most.” John Harrison, CEO, Community Mediation Services

$6.4 million participation in an $8 million loan led by New York City Energy Efficiency Corporation (July 2024) 

SunLight General Capital develops, finances, and operates solar energy projects with a focus on Northeast New York, promoting access to clean and affordable renewable energy. SunLight General Capital owns one of the largest and most diverse solar portfolios in the Northeast – they have developed and acquired over 500 projects totaling more than 130 megawatts since 2009. 

NFF’s $6.4 million loan will fund the construction of two ground-mount solar arrays in Holland Patent and Barneveld, NY. The two community solar projects are estimated to generate over $13 million in utility cost savings for low-income residents through National Grid’s utility community solar program. With this financing, SunLight General Capital can continue investing in solar energy projects that make clean energy accessible to even more households. 

Learn more about NFF’s loan products on the financing page of our website.