Hartford nonprofit real estate developer secures $45M credit line for national expansion
Keith Claytor Photography
A CIL-developed home in Springfield, Massachusetts.
The Corporation for Independent Living (CIL), a nonprofit disability-focused real estate developer based in Hartford, has obtained a $45 million line of credit to expand its footprint across the country.
CIL’s model is to partner with nonprofit service providers to develop community-based housing for individuals with intellectual and developmental disabilities, acquired brain injuries, and behavioral health conditions, among other things.
CIL offers behind-the-scenes support to acquire, renovate and construct supportive housing, which is typically leased by a nonprofit services provider. At the end of the lease, CIL donates the home to its partner.
Previously, CIL’s line of credit required it to obtain permission for projects outside of Connecticut and Massachusetts.
The new agreement, with KeyBank, removes those limitations, giving CIL the ability to work anywhere in the United States.
“This is more than just a financial tool – it’s a platform for impact,” said Kent Schwendy, CIL’s president and CEO. “Now, we’re free to say ‘yes’ to partners in any state who are ready to build community-based housing.”
The line of credit also features a $20 million incremental facility.
Maria Green, CIL’s chief financial officer, said CIL selected KeyBank as its lead lender because the bank “understands the complexity and mission-driven nature of our work.”
Webster Bank, Westfield Bank and Rockland Trust are also providing backing.
CIL said that its new national capabilities come as the disability services sector faces “mounting challenges around staffing, funding and access to suitable housing.”
CIL currently has active projects or leases in six states: Connecticut, Massachusetts, Pennsylvania, Vermont, Delaware and Tennessee, along with consulting projects in New Jersey and Maine. It is looking at sites in Pennsylvania, Massachusetts, Vermont and New Jersey for future projects.
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