In a recent partnership announced with Sharing Connexion, FirstBank is continuing their support of nonprofit capacity building and affordable housing projects. A key funder of the Colorado Gives Day and a contributor to many local affordable housing projects and initiatives, FirstBank remains dedicated to serving the nonprofit and affordable housing industries. This shared passion aligned well with Sharing Connexion’s mission and programs.
FirstBank submitted a letter of intent to Sharing Connexion for short-term credit facilities, up to an aggregate amount of $30,000,000, for the purpose of acquiring regional real estate. A loan term sheet was approved by senior management and will provide precedence in the individual project application process. This intended support demonstrated in FirstBank’s letter of intent provides Sharing Connexion with increased capacity to pursue new projects.
“FirstBank is excited to partner with Sharing Connexion and continue to support affordable housing in Colorado,” said Ryan Sahd, Executive Vice President of FirstBank’s Denver Market. “With real estate prices hitting record numbers, we need to collectively work to provide safe and affordable housing options within our community. Through their work with so many amazing organizations, Sharing Connexion makes purchasing real estate possible for countless individuals.”
Ryan Sahd, Executive Vice President of FirstBank’s Denver Market
These short-term credit facilities will be used to help underwrite program costs for the Real Estate Rescue program. Through this program, we aim to preserve and protect affordable housing and nonprofit real estate assets from displacement through our short-term acquisition solution. This agreement with FirstBank gives us the flexibility to act fast. When a nonprofit is being displaced from their facility or affordable housing is nearing the end of its restricted term, Sharing Connexion can quickly purchase, enter into an agreement, and hold the valuation constant while the partnering nonprofit or housing organization is given time to assemble fundraising and financing for purchase. In 2018, Extended Hands of Hope, a nonprofit that offers safe housing and supportive services to sex trafficking survivors, was faced with a notice of sale from their landlord. Sharing Connexion was able to quickly purchase the property, and with this stability, Extended Hands of Hope is now running a capital campaign to raise funds for ownership. Support from organizations such as FirstBank will help scale this program, so Sharing Connexion can take on more Real Estate Rescue projects and replicate this model with other housing organizations and nonprofits.
These funds may also assist with certain Real Estate Donation projects. Through Sharing Connexion’s unique Real Estate Donation program, our organization assists and facilitates real estate donations for institutional nonprofits. In order to maximize the value of these donations, Sharing Connexion uses in-house real estate expertise to identify prudent property improvements. By outsourcing this process, nonprofits can have an easy and transparent external manager growing their assets, with associated costs recycled back into the nonprofit’s mission-focused programs, such as Real Estate Rescue. The Real Estate Donation program gives nonprofits the ability to increase their financial resources, and thus ability to serve their constituents. FirstBank has been a great champion of the nonprofit sector, and these funds will further that legacy.