Hartford’s real estate developer, the non -profit real estate developer for $ 45 million for national expansion

The Corporation for Independent Living (CIL), a real estate developer based in Hartford for non-profit organizations, has received a credit line of $ 45 million to expand its footprint across the country.

CIL’s model is to work with non -profit service providers in order to develop community accommodation for people with intellectual and developmental disorders, acquired brain injuries and conditions of behavior.

CIL offers support behind the scenes to acquire supportive apartments, renovate and construct, which is usually rented out by a non -profit service provider. At the end of the rental agreement, Cil donates the house to his partner.

Previously, CIL’s credit line required permission for projects outside of Connecticut and Massachusetts.

The new agreement with Keybank eliminates these restrictions and gives CIL the opportunity to work everywhere in the United States.

“This is more than just a financial instrument – it is a platform for effects,” said Kent Schwendy, President and CEO of CIL. “Now we can say partners in every state” yes “who are willing to build parish base.”

The credit line also has an incremental setting of 20 million US dollars.

Maria Green, Chief Financial Officer from CIL, said that CIL has selected Keybank as a senior lender because the bank “understands the complexity and the mission -driven nature of our work”.

The Webster Bank, Westfield Bank and Rockland Trust also offer support.

CIL said that his new national skills as a disability sector are “increasing challenges in relation to personnel, financing and access to suitable living space”.

CIL currently has active projects or leasing contracts in six states: Connecticut, Massachusetts, Pennsylvania, Vermont, Delaware and Tennessee as well as advisory projects in New Jersey and Maine. It examines the websites in Pennsylvania, Massachusetts, Vermont and New Jersey for future projects.