2014 Appreciations

Calvert Foundation closed out last year with our highest portfolio balance ever: $229 million. I wanted to share a few notable examples of the incredible effort that the Investments team made in Q4 2014 to reach this milestone.

$3.3 million disbursed to Urban Land Conservancy (ULC) as part of their $10 million acquisition facility in Denver. This $3.3 million disbursement supports ULC's preservation of 19,000+ square feet of affordable office space in Denver's Capitol Hill neighborhood, housing six nonprofits who provide critical community services, many of which are focused on immigration and refugee support. Big thanks to Andrew Schlack for his work on this closing and to Andrew, Margot Kane, and Beth Bafford, for their combined work on this new anchor partnership for the Denver Ours To Own initiative.

$2.5 million loan closed as part of a $30 million total New Market Tax Credits (NMTC) financing package for Remington Row project in Baltimore. Our financing plays a critical role in paving the way for construction of this new development: 108 new workforce housing units (21 of which will be affordable to low-income renters), ground floor retail, and a 30,000 square foot community health center operated by John Hopkins. This is one of our first anchor investments for the Baltimore Ours To Own initiative, so thanks to Margot Kane and Najada Kumbuli for establishing this relationship.

$4.9 million disbursed in a NMTC-leverage loan participation with The Reinvestment Fund (TRF). Marking our first participation loan with TRF, this loan will enable the build-out of the basement space in the Monarch Public Charter School in Baltimore, creating room for a community health and dental clinic center and three new classrooms in this expanding K-7 charter school, as well as additional playground space. Thanks to Kevin Fanfoni for successfully leading this transaction, and thanks to Beth Bafford for your on-the-ground TRF relationship management.

$2 million in increased funded for Century Housing, a long-time affordable housing lender and developer in California. Thanks to Lucas Pappas and Andrew Schlack for managing this investment, and for their ongoing relationship management.

$1 million loan funded for Envirofit, providing just-in-time working capital that enabled them to enter into supplier contracts to keep inventory and sales flowing for its new, lower price cookstove for sale in Africa (and other stove products in India and Latin America). This loan is supported by Shell Foundation, thanks to Songbae Lee's relationship building with Shell Foundation over the course of the past year.

While juggling negotiation of a ground-breaking partnership agreement with the Inter-American Development Bank, Christina Conrad completed a renewal of our lending participation facility with Alterfin. This deal ensures that Costa Rican coffee cooperative Café de Altura has available working capital when it needs it in advance of the next coffee harvest.

Jacqueline Wesley led a very quick turn-around approval and funding of new investment for Iroquois Valley Farms just before year-end for the Monarch portfolio. Iroquois Valley Farms acquires small farms and leases the land back to young, family farmers to support their sustainability.

Needless to say, we completed some exciting new transactions last quarter. Looking at our investment pipeline for the coming months, there is much, much more to come. Check out our global portfolio map to see some of the great stories from our portfolio partners.

A big thank you to our Risk team, for your patience and guidance as you assess each and every investment we make. Along these lines, especially critical to execution on each and every one of these transactions was Sheila Saxton. Without your calm, detail-oriented, can-do approach to all things, we would be lost. Thank you! Finally, thank you to the Finance Team, who ensures the money reaches our partners so they can fulfill their critical missions.

Reflecting on the past year and all we have accomplished, and anticipating all the amazing work before us in 2015, I feel so lucky to do the work we do, with the entire Calvert Foundation team. Thanks for everything and happy New Year!