• 37 Total Loans Closed
  • $337M Total Financing Provided
  • 4,423 Happy Employees
  • 2,001 Upgraded Housing Units

Revitalizing communities

M360 Community Development Fund helps revitalize communities by providing innovative capital to help build and improve community infrastructure properties to promote access to good jobs, schools, transportation and healthy living environments.

Impacting and Investing in Communities
Impacting and Investing in Communities
Being a Catalyst of Change
Being a Catalyst of Change
Empowering Communities to Improve
Empowering Communities to Improve

Impact Stories

Our Vision:

M360 Community Development Fund, an affiliate of Money360 Inc., has a team of seasoned professionals with deep experience in all forms of commercial real estate lending, investment management and technology development. Our vision and mission is to apply our passion and skills to promote economic development in underserved communities throughout the United States. We seek to add value where we can and seek active participation from those who share our vision. We want to use our expertise to improve communities that traditional lenders and investment managers have historically avoided.

Multifamily Property

Loan Amount: $28 Million

Hattiesburg, MS

Challenges
The borrower was looking to pay off a previous lender by year end and the lender they were working with backed out at the last minute. Our borrower had little time before their loan matured.

Solutions
Money360 provided a rate and term refinance loan on a newly constructed 288-unit multifamily complex located in Hattiesburg, MS. The loan paid off the borrower’s previous lender that was due at the end of the year. When the borrower’s current lender was unable to perform, the broker called Money360 because of our proven track record of success and we got the deal done on schedule.

Office Property

Loan Amount: $32 Million

Akron, OH

Challenges
The borrower acquired the subject property which had been the Goodyear Tire and Rubber Company’s world headquarters which had moved to a new location approximately one mile from subject’s location. The borrower planned to completely renovate and reposition the subject property, involving 1.4 million square feet, to include office space, 105-unit apartment complex, a 139-room Hilton Garden Inn, a 1,458-seat Goodyear Theater, Goodyear Hall with a capacity of 3,500, restaurant and retail space as well as the Rubber City Sports complex comprised of 20,000 square feet. A ground lease with the local Development Finance Authority of Summit County (DFA) was established to allow the borrower tax exemption on construction sales tax.

Solutions
Money360 provided a $10.2 million Phase I interest-only loan to reimburse invested capital to the borrower. The loan was supported by a tax credit investment.  A $3.5 million Phase II loan was provided one year later to provide funds to prepare a 172,962 square foot space for the relocation of the corporate headquarters of Babcock & Wilcox, a global leader in advanced energy and environmental technologies. Funds were also made available for pre-development work which includes historic window replacement to conform with historic preservation regulations.

Impacts
The East End project has and will provide substantial benefit to the Akron area.  To date, the development has moved in excess of 250 employees to the area.  Just recently the City of Akron voted to create the new East End Entertainment District, spanning about 80 acres at the subject’s site. The district will be the third entertainment district in Akron, but the first outside of downtown.  

According to a 2015 Ohio Historic Preservation Tax Credit Economic Impact Study prepared for the Ohio Development Services Agency Report,

“The importance of the Goodyear Tire & Rubber Company to Akron’s economic, social and historic fabric cannot be overstated, and ties between the company and the City of Akron run deep. As Peter Goffstein (Senior Vice President, IRG), the developer of Goodyear Hall, notes: ‘Goodyear is Akron’s history. There is no other Fortune 500 company that is more Akron than Goodyear.’ Goodyear, the third-largest tire manufacturer in the world, was founded in Akron in 1890. The company has a deep commitment to the city, staying in Akron while all of their competitors moved or closed operations in the 1980s. The adaptive reuse of Goodyear Hall, a 292,000 square foot building, has been central to the multi-year economic revitalization of Akron’s East End. The project also carries symbolic importance for the City of Akron with portions of the building becoming public spaces for the greater Akron community. The Goodyear Hall project reflects a shift in Ohio’s urban economies from an era of heavy manufacturing and industrial production to mixed-use neighborhoods that blend corporate headquarters, business services, high-quality residences, retail, and recreation.

Multifamily Property

Loan Amount: $5 Million

Memphis, TN

Challenges
The borrower sought funds to refinance maturing debt on the subject 436-unit apartment complex. The property had challenges in that 136 of the units were “”down-units”” in need of renovation. The borrower was in progress on renovating 32 of the units. The borrower had provided $1.8 million in sponsor equity to accomplish the renovation; however, additional funds were required to complete the project.

Solutions
Money360 provided an interest-only loan to retire the existing debt, address immediate property repairs as well as provide additional funds to complete the renovation of the units.

Impacts
The transaction was supported by the Memphis Health Educational and Housing Facility Board’s PILOT (Payment In Lieu Of Taxes) program. This program freezes the property’s assessed value for a period of ten years. In return, the sponsor must maintain a certain number of affordable housing units. The estimated tax savings for the first year of the program alone almost completely offset that year’s real estate tax liability.

The completion of renovation of the down units will provide an additional 136 units of quality housing to this market in need of living units. The planned renovations include complete unit interior renovation, parking improvement, breezeway repairs, mold remediation and installation of GFCI outlets throughout the entire complex.

Multifamily Property

Loan Amount: $3 Million

Detroit, MI

Challenges
The borrower was in the midst of “gut renovating” the subject property which had been vacant at the time of acquisition. They sought to pay off the existing construction loan and secure additional proceeds to complete renovations at the property. The borrower received a 10-year Tax Abatement under the State of MI’s Obsolete Property Rehabilitation Act (“”OPRA””) due to the capital improvement funds utilized to renovate the units. The project was also awarded a performance grant from the Michigan Economic Development Corporation’s Strategic Fund.

Solutions
Money360 provided a new loan to retire the existing construction loan which was structured with interest-only payments at a fixed low rate to allow for property stabilization and provide cash flow during the stabilization period.

Impacts
The State of Michigan’s Obsolete Property Rehabilitation Act (OPRA), PA 146 of 2000 provides property tax exemptions for commercial and commercial housing properties that are rehabilitated and meet the requirements of the Act. Properties must meet eligibility requirements including a statement of obsolescence by the local assessor. The property must be located in an established Obsolete Property Rehabilitation District.  The borrower accomplished the renovations utilizing not only the real estate tax abatement exemptions, but also by offering tax credits to investors to provide the equity required for the up-front capital commitment.

The completion of the project brought 30 quality housing units into the market complete with amenities including a new roof as 2well as new electrical, front façade, forced mini-split in unit HVAC, elevator, cabinets, plumbing, hard wood floors, drywall, paint, fixtures and appliances.  The property is now occupied at market rates and levels.

Office Property

Loan Amount: $8.5 Million

Salem, OR

Challenges
The borrowers were in the midst of developing/renovating the subject property and were looking for funds to pay off their construction loan as well as provide tenant improvement funds in order to prepare it for occupancy by Marion County Health Services.    

Solutions
Money360 provided a new loan replacing the existing construction loan and provided $3.5 million for tenant improvements and other renovation costs as well as an interest reserve to conserve borrower cash during the renovation period. The finished clinic space includes office space, exam rooms, a nursing station, conference rooms, single and multi-user restrooms, records room and a break room for staff.

Impacts
As part of Marion County’s Community Health Improvement Partnership (CHIP), a countywide collaborative effort to improve the health of the county residents, the county identified four areas, among others that needed to be addressed: early access to prenatal care, obesity
prevention, smoking and depression counseling services.  

In partnership with the City of Salem’s Urban Development Department, Marion county leased the subject property which now houses the following CHIP programs: Alcohol and Drug Prevention, Chronic Disease Prevention, Gambling Prevention, Suicide Prevention, Tobacco Prevention and Education Program.  The newly renovated property also provides office space for Ride Rite, a local non-profit that has contracts with Marion County to provide shuttle services for Marion County.

Multifamily Property

Loan Amount: $2 Million

Kansas City, KS

Challenges
The borrower sought purchase financing to acquire the subject 64-unit apartment property in need of management attention and minor repairs. Part of the borrower’s plans were to acquire the subject and then acquire an adjacent 12-unit property that had historically been a part of the subject; however, the building was damaged by fire three years prior and was sitting vacant (this property was not collateral for the subject loan).

Solutions
Money360 provided an interest-only loan for the acquisition along with additional funds to address minor capital improvement items. With the available loan funds, the borrower plans to install/upgrade the property’s ADA, paving and Fire Safety components. Structured reserves will provide future funds for replacement of gas-fired furnaces, window/wall air conditioning replacement, carpet replacement, refrigerator and range replacement. In addition, the subject had 2 down units which will be prepared for occupancy.

Impacts
The transaction was supported by the Wyandotte County Neighborhood Revitalization Program (NRP) that provides property owners incentives to rehabilitate existing improvements. The program provides a rebate of 95% of property taxes on the improvements assessed value of any increase over 15% annually.

The completion upgrades and the planned acquisition and renovation of the fire damaged building will bring an additional 14 units of quality housing to this market in need of living units.

Multifamily Property

Loan Amount: $3 Million

Detroit, MI

Challenges
The borrower needed an acquisition loan to purchase an unstabilized 54-unit multifamily property in Detroit, MI. As part of their business plan, they needed capital to stabilize the property in order to qualify for agency financing.

Solutions
We understood the borrower’s business plan and created a flexible loan structure that provided acquisition capital and Capex funds used to stabilize the property.

Multifamily Property

Loan Amount: $5 Million

Memphis, TN

Challenges
The borrower sought funds to refinance higher cost debt on the subject 200-unit apartment complex. The property had recently exited the City of Memphis’ PILOT (Payment In Lieu of Taxes) Program and required further stabilization in order to meet lower cost Agency financing requirements. It should be noted that the borrower purchased the subject property out of foreclosure.

Solutions
Money360 provided an interest-only loan to retire the existing debt as well as address immediate property repairs. The loan was structured with a 12-month maturity to provide the borrower flexibility to refinance into Agency debt as soon as practicable.

Impacts
The property’s improvement had been supported by the Memphis Health Educational and Housing Facility Board’s PILOT (Payment In Lieu Of Taxes) program. This program freezes the property’s assessed value for a period of ten years. In return, the sponsor must maintain a certain number of affordable housing units. The tax savings during the term allowed the borrower the flexibility to improve the property, increase occupancy and achieve the planned refinance into Agency financing.

The completion of renovation of the property provided an additional 200 units of quality housing to this market in need of living units. Once the Agency refinance takes place, the property will be stabilized to provide long term housing for the community.

Retail Property

Loan Amount: $23 Million

Christiansburg, VA

Challenges
The borrower planned to acquire the 253,551 square foot Christiansburg Marketplace, a retail center, in Christiansburg, VA. The center had been a long-time eyesore in the community sitting vacant for the better part of 10 years. The sponsors had prior experience turning around centers, such as the subject, in Richmond and the District of Columbia. The borrower partnered with the Town of Christiansburg in order to work together to turn the center into a productive contributor to the community. The borrower spent nearly $2.5 million in pre-development costs and the town committed to provide an additional $1.38 million towards redevelopment costs. They were in search of a lender that not only believed in the plan but could structure a loan to accommodate the substantial funds necessary to complete the renovations which were in excess of $12 million.

Solutions
Money360 provided an interest-only loan to acquire the property and provide capital for additional construction and the substantial leasing costs to install tenants. The loan was structured with a future funding commitment of $12.25 million, including a debt service reserve to carry the interest during the construction and lease up phases.

Impacts
Christiansburg Mayor Mike Barber said the redevelopment will bring not only these new shops and revenue, but about 400 to 500 jobs. Further, Mayor Barber commented, “With the new tax revenue generated by meals tax alone, we can recover our $1.3 million in a little over three years.

Office Property

Loan Amount: $7 Million

West Lafayette, IN

Challenges
• The Borrower had a maturing loan and needed to pay the bank
• The Borrower was looking to convert part of an existing fitness facility into profitable office space due to high demand in a
smaller market
• The Sponsors wanted to increase revenue by leasing the new office space

Solutions
• Money360 provided a bridge loan for a maturing loan on a 2-story, 66,868 square foot multi-tenant office building
• Money360 provided enough initial funding to pay off the maturing loan and ample funds for the both the conversion into office space and TI/LC for the new tenants

Multifamily Property

Loan Amount: $26 Million

Philadelphia, PA

Challenges
The borrower planned to dispose of the subject 120-unit multifamily asset; however, the sale was conditioned upon the property changing from 90% leased to 100% vacant. Unfortunately, the sale fell through. Borrower changed plans and decided to reposition the property, increase the unit count to 174 and thereafter apply to the city’s tax abatement program the goal of which assist in the redevelopment of existing housing structures in the city. The borrower’s current bank financing’s approaching maturity date compounded the challenges of a refinance.

Solutions
Money360 provided an interest-only loan to retire the existing debt and provide and additional $15.2 million in additional capital for construction and rehabilitation of existing units.

Impacts
Throughout the Philadelphia Metropolitan Area, there is only a limited number of sites that are
available with multi-family zoning. Additionally, most communities are not receptive to re-zoning
of land for apartment use. Thus, market forces are a predominant barrier to additional multi-family development. With the subject renovation, the number of living units will be increased and the subject will be reconfigured from 3-bedroom predominance to studios, 1-bedroom and 2-bedroom units allowing for a broader tenant profile. Stabilization is projected for September 2020.

Management Team

Lisa Hill

Program Manager

Lisa Hill is currently working at Money360 as a CRE Loan Administrator. Money 360 provides Bridge Loans that range from $3,000,000 to $25,000,000 with a term of 1-3 years.

Money360 is applying for a Community Development Financial Institution (CDFI) certification. Lisa’s position will be shifting to Program Manager where she will be working on the CDFI certification and building out the department to increase their lending products that will be benefitting community and economic development projects which do not qualify by traditional bank requirements. She has worked in banks and private financial companies for over 27 years.

She was the first employee at the Clearinghouse CDFI where she played an integral part in developing and implementing lending policy and procedures. She was successful in funding all the loans funds received in the first year of becoming a CDFI. She worked at First Bank as an underwriter, providing seasonal lines of credit and construction loans for churches and schools. She also worked at Opus Bank where they started a Structured Lending Department, she closed and managed a portfolio of $500,000,000 of short-term loans.

She is a commissioned Notary Public of California and has a California broker’s license. She has experience in property management of affordable housing properties. She completed her education at Cal State Dominguez Hills University where she earned her Bachelor of Science in Public Administration and a Master of Science in Public Administration with an emphasis in Nonprofit Management. She choice her field of study because she worked with many nonprofits that struggled to qualify for a loan based on traditional bank requirements. She made it her personal mission to understand nonprofit organizations internal and external dynamics and how they impact the community around them. It is her goal to help bridge financial resources to these organizations to help further their impact and mission in the community for the betterment of families and individuals that want to live and work in a safe and thriving community.

Paul Cleary

Chief Operating Officer

Paul Cleary serves as the Chief Operating Officer of Money360 and oversees ongoing business operations within the company.

Paul has 20 years of experience in commercial real estate financing for all types of commercial properties, including multi-family, office, retail, industrial, hotel, self-storage, mobile home parks, and assisted living facilities.

Prior to joining Money360, Paul was a founding member and the EVP, National Production Manager for Cherrywood Commercial Lending, a national small balance commercial real estate lender. Paul has held management or production positions with Kinecta Federal Credit Union, Impac Commercial Capital, Hawthorne Savings, Fremont Investment and Loan as well as FINOVA Realty Capital. He brings a broad base of knowledge and experience given his prior management roles spanning from credit and underwriting, operations and sales and marketing.

Paul earned a B.A. from the University of California, Santa Barbara, a J.D. from the University of San Diego, School of Law and an M.B.A. from the University of California, Irvine, Merage School of Business. He is a licensed attorney as well as a licensed real estate broker in California.

Advisors

Mark Wilson

Mark Wilson has been CEO of Southeastern Housing Foundation, Inc. for the past 10 years. Based in Duluth, Georgia, Southeastern Housing Foundation, Inc. specializes in providing affordable housing for families, seniors, and military veterans, with a primary focus being home ownership. They developed an award-winning “H2O Housing Program” to meet affordable housing demands.

Prior to his tenure with Southeastern, Mr. Wilson was President and CEO of Southeastern Partners, Inc., a real estate investment firm specializing in developing and managing single- and multi-family housing. They also developed an expertise in providing consulting for not-for-profit organizations throughout the US.

Mr. Wilson holds a Bachelor of Science in Accounting/ Finance Management from Gardner-Webb University

Delores Brown

Delores A. Brown has more than 35 years’ experience in the private and nonprofit sector in the fields of banking/financial administration, community and economic development (specializing in organizational development), fund development, financing, and project management for housing, childcare and youth facilities.

As a trained banker, Ms. Brown built her career serving as SVP of Administration and Branch acquisition for numerous institutions including Home Savings, Gibraltar Savings, Great Western Savings, and First Interstate Bank. After transitioning into community development, she served as Executive Director for several non-profit agencies as well as President of Community Development and Associates, a successful consulting firm working with jurisdictions outside of LA, such as North Las Vegas and New Orleans.

Ms. Brown currently serves as the President of the Institute for Maximum Human Potential (IMHP) and has maintained long term client relationships with several other prominent non-profit organizations including: Concerned Citizen of South-Central Los Angeles, Jeffery Foundation, and Shields for Families, Inc.

With a passion to combine her banking skills with Real Estate and Community development, Ms. Brown served as the Director of Fund Development and program operations for the Good Shepherd Center (Catholic Charities of Los Angeles) a mixed-use 61-unit housing project which included transitional and permanent housing, an economic development center and childcare facilities. She funded the first two phases, with a total cost of $15.5 million and annual operating budget of $1.8 million.

Ms. Brown was also instrumental in the famed Jordan Downs Housing Development, creating programs for relocation and home ownership, as well as community design review for the early phases of the 700-unit Affordable Housing Project. Furthering her reach in Real Estate and Community Development, Ms. Brown sits on the Board of Clearinghouse CDFI New Markets Tax Credit Committee, USC LUSK Real estate Development Program, and Resources for Infant Educators.

More recently following “The Great Recession”, Ms. Brown created The Affordable Housing Recapture Initiative (TAHRI). Working with major banks such as Chase and Wells Fargo, the TAHRI program was developed as part of a strategy to mitigate and reduce the number of vacant and abandoned properties, reduce the absorption period for sales of foreclosed properties, and stabilize home values in target neighborhoods. To date, under CEDC, 55 homes with a retail value of $5.5 million have been purchased,
rehabbed and sold to first-time home buyers in under-served communities.

Given her years of experience and success in community service, Ms. Brown shares her knowledge as the Director of The Center for Social Enterprise, a division of the non-profit 501c3 Community Economic Development Corporation (CEDC). The Center for Social Enterprise acts as an intermediary, providing capacity building technical assistance to non-profit and government agencies fostering housing, economic development and social services in underserved communities within the counties of Los Angeles and
Fresno, California, as well as the cities of Atlanta, Georgia and New Orleans, Louisiana.

Working in partnership with scholars, economists, politial representatives, business executives and nonprofit industry leaders, the center offers its services through a series of symposiums and workshops designed to provide capacity development at every organizational level.

In an attempt to maximize community impact and diversity, Ms. Brown, a Woman Minority in Business (WMBE) is also working closely with The National Association of Minority Contractors to identify and procure the numerous unmet job opportunities totaling approximately $4.4 billion annually in minority setasides for participation in construction projects.

Ms. Brown attended the University of California, Northridge majoring in business administration, followed by the Institute of Financial Education for banking operations and finance. She was also one of the first graduates of the USC Lusk Minority Real estate Development Program and has raised more than $80 million dollars for community-based organizations.

Chuck Depew

Chuck Depew has over 30 years of experience in public finance, housing, economic and community development. He is currently a Senior Director for the National Development Council, a national non-profit that provides economic and community development assistance to local governments. For more than 30 years NDC has worked with local jurisdictions on multiple housing and economic development efforts. Chuck provides technical assistance in project finance, development negotiation and housing finance to
communities throughout the Northwest, including Utah and Wyoming and Northern California. In addition, he teaches commercial and housing real estate finance nationwide in NDC’s leading training program. Prior to his tenure at NDC, Chuck was Deputy Director of the Office of Economic Development for the City of Seattle.

Mr. Depew has a Bachelor’s Degree in Environmental Planning from the University of California, at Santa Cruz; and a Master’s Degree in Urban Planning from the University of Washington.

Christopher Earley

Christopher Earley is a Vice President of Development in the Michaels Development Group’s Mid-Atlantic region, based in the Washington, D.C. office. He brings over 15 years of affordable housing experience to the Washington D.C. market, with in-depth knowledge of project underwriting, financing and development. Christopher joined MDC after 5 ½ years at Capital One Bank, where he served as a Senior Manager in the bank’s Community Finance group, focusing on underwriting LIHTC and tax-exempt bond-financed transactions. Prior to that, Christopher spent 9 years serving in various roles with the D.C. Department of Housing and Community Development, last serving as Chief Program Officer for the agency.

In addition to his affordable housing experience, Christopher has strong community ties in Washington, D.C. A Ward 7 resident, Christopher actively participates on the board of directors for various healthcare, housing and economic development non-profit organizations that focus their efforts on improving the quality of life for residents of Ward 7 and Ward 8.

Mr. Earley holds an MBA with a concentration in Finance and Real Estate from The University of Texas at Austin and a Bachelor’s Degree in Finance from Morehouse College.

Katia Izyumova

Katia Izyumova is a development finance professional with over twelve years of experience working in various capacities including three years of direct lending, retail microfinance, and credit training in Central Asia and Sub-Saharan Africa followed by over eight years underwriting and portfolio management experience in the US. Her primary areas of expertise are underwriting and structuring small business, nonprofit sector, affordable housing, and commercial and mixed-use transactions including through New Markets Tax Credits program executions. She also has a background in portfolio/asset management including construction lending, bank sector regulatory environment, savings and microcredit product design and evaluation and credit analysis training for loan officers (design and delivery).

Ms. Izyumova is currently a Senior Loan Officer working out of the New York office of Enterprise Community Partners, a Columbia, Maryland based nonprofit organization that works with partners nationwide to finance, build and advocate for affordable housing for low- and moderate-income families. Founded in 1982 by developer/philanthropist James Rouse and Patty Rouse, Enterprise has worked with community-based nonprofit organizations to develop nearly 470,000 homes, investing $28.9 billion throughout the United States.

The Enterprise family of companies is comprised of Enterprise Community Partners (the parent nonprofit organization) and its related organizations: Enterprise Community Investment (a financial services company), Enterprise Community Asset Management (a multifamily asset management firm), Enterprise Community Loan Fund (a certified Community Development Financial Institution), Enterprise Homes (a housing developer) and Bellwether-Enterprise Real Estate Capital (a multifamily and commercial mortgage originator). The organization has 10 regional offices across the country, including a team in Washington, D.C. that advocates for changes to federal affordable housing policy.

Prior to Enterprise, Ms. Izyumova held sales, credit and asset management positions at Low Income Investment Fund and Seedco Financial. In these positions she was responsible for originating and underwriting financing in support of acquisition, pre-development, construction, and term loans for development of affordable housing, child care facilities, charter schools, health clinics and other community facilities.

Ms. Izyumova holds a Master’s in Public Administration with an emphasis in Development Economics and International Development from Columbia University as well as a Bachelor’s Degree in Commerce and International Business from McGill University.

Events

Subscribe to Our Newsletter

Stay up to date on the latest CRE news and trends

Our site uses cookies. By continuing to use our site, you are agreeing to our Privacy Policy

Ok, I understand