CareSource Joins New Downtown Dayton Investment Fund

December 29, 2020 DAYTON, Ohio —CityWide Development Corporation today announced the launch of the Downtown Dayton Investment Fund 2 (DDIF2.)   

Building on the success of the Downtown Dayton Investment Fund 1 launched in 2017, Fund 2 fuels new and expanded financial tools that will participate in catalytic projects that will enliven the Greater Downtown Dayton area. The mission of the fund is to meet the needs of prospective businesses, developers and entrepreneurs and grow jobs in downtown and surrounding low to moderate income communities.    

DDIF2 is broadening lending for commercial real estate and mixed‐use development projects in the Downtown area and expanding into other low to moderate income neighborhoods or areas targeted for redevelopment by the City of Dayton near downtown. The fund will expand CityWide’s tenant improvement and subordinate debt loan products available through its affiliate Dayton Region New Market Fund, a Community Development Financial Institution (CDFI).   

Several local companies have invested in the DDIF2, including: CareSource, Kettering Health Network, Wright-Patt Credit Union, DayAir Credit Union, Minster Bank, First Financial Bank, and WesBanco Bank Community Development Corporation. Investors have made significant progress in meeting the $5M fund goal.  Additional investors continue to be recruited to grow DDIF2.  

“The continuation of the successes of Fund 1 with the implementation of the DDIF2 is a critical step to maximize downtown Dayton’s potential for continued growth. The investment will increase creative, flexible financing structures to projects and is aligned with other existing economic development resources available through the City of Dayton, CityWide and other related development entities,” said Steve Skerl, VP, Treasury for CareSource.  Mr. Skerl added, “As a participant in Fund 1, CareSource was excited to build on the successes achieved and maintain strong momentum going forward.” 

Michael Mewhirter, Chief Financial Officer and Senior Vice President of Kettering Health Network, commented, “With the success of Fund 1, Kettering Health Network is excited to join other key community organizations in supporting the newly developed DDIF2. This fund represents another great avenue to support the exciting economic development happening in and around the Greater Downtown Dayton area.” 

“As a financial cooperative focused on improving the lives of our members and the communities they live in, DDIF2 is a great fit for our mission. It has never been more important for local organizations to support outreach and project financing in the Greater Downtown Dayton area. We are particularly excited that DDIF2 expands upon the success of Fund 1 by offering access to surrounding low to moderate income census tracts,“ said Scott Everett, Vice President of Member Business Services of WPCU.