Portfolio Partner Profile
Age Strong (FPIF, LLC) is an investment opportunity that funds critical services and programs for older adults who need support. The sustainable investment initiative goal is to raise more than $70 million to invest in organizations and projects that transform the long-term care system and support age-friendly communities. Spearheaded by AARP Foundation in partnership with Capital Impact Partners and Calvert Impact Capital, Age Strong is an innovative social impact investment fund that raises dollars and supports resources and solutions in communities that need the help most. Age Strong illustrates Calvert Impact Capital’s strategy at work–leveraging the power of our investment platform to both enable a new audience of investors to invest to support an issue area they care about and to efficiently scale community development financing benefiting vulnerable older Americans through a scaled deployment partnership with Capital Impact Partners.
Featured Impact Story
In June 2016, Capital Impact Partners completed a $4.5 million loan to The Harry & Jeannette Weinberg Green House at the Thome Rivertown Neighborhood, a wholly owned subsidiary of Presbyterian Villages of Michigan. The loan will finance the acquisition of a 20,000-sq. ft. building in Detroit, MI and its conversion to two assisted living Green House homes and a ground floor retail space. The Green House project is the final phase of the Thome Rivertown Neighborhood, a community that currently serves 370 low-income elders through affordable and independent assisted living, supportive services and a PACE (Program of All-Inclusive Care for the Elderly) day center. When completed, the Green House will serve 21 low-income, Medicaid-eligible elders. Currently these elders live in skilled nursing facilities despite not needing such a high level of care, or they live in their own homes and are at risk. When older persons experience being a valuable part of the community, their health and well-being flourish. Through volunteering, socializing and otherwise contributing they meaningfully connect across generations, thereby enriching the community. A radical new model for skilled nursing care, Green House homes are designed to provide individualized care in an environment that looks and feel like a real home, thus returning control, dignity and a sense of well-being to residents and their families. Presbyterian Villages of Michigan (PVM), the operator of the Green House, is a faith-based organization established in 1945 that serves seniors of all faiths.
Colorado has one of the fastest growing aging populations in the U.S. Through the Age Strong initiative, Capital Impact Partners and Calvert Impact Capital recently made a $2.2 million loan for the reconstruction of a new nursing home in the Washington County town of Akron, CO. The construction will replace an outdated traditional nursing facility with a radically new, national model for skilled nursing care called the Green House. These homes are designed from the ground up to look and feel like a real home, returning control, dignity and a sense of well-being to elders and their families while providing high-quality, personalized care. This is the seventh GreenHouse project funded by Capital Impact Partners. The loan through Age Strong is part of a larger $10 million construction loan for the project, which will include homes for 40 residents, 60% of whom are low-income people covered by Medicaid. The project will also create eight permanent jobs and 140 construction jobs, helping to boost the local economy. The project broke ground in July 2015 with a ceremony that brought together 60 people from the area, including county commissioners, board members, nursing home staff, elders and community members.