Many of you may remember the story we did about Community Vision’s consulting work with Destiny Arts. Now Community Vision’s Lending Department is helping the organization finalize their journey to their new home.
Destiny Arts Center – Destiny standing for De-Escalating Skills Training Inspiring Non-violence in Youth – is a nonprofit organization founded in 1988 that offers violence prevention and arts education through dance, theatre and martial arts. In 2009, Destiny began working with Community Vision’s Consulting Department to find a new facility that was financially feasible and could accommodate its programming needs. We conducted a financial assessment to determine their financial health and readiness to purchase a new facility. Through a facility strategic planning process, Destiny Arts refined its priorities for their new home.
The organization looked at over fifty different sites, but kept coming back to the building at 967 Stanford Avenue in Oakland. The building met their facility needs; a raw space with high ceilings, wide open space for dance studios, and located in an area that will easily serve the high-risk youth their programs target. At 9,500 square feet, the space was more than they could afford or needed. However, the owner of the building decided to split the space up into two units, creating a 7,755 sq. ft. space that met both their financial and facility needs.
When Destiny Arts found the perfect space that matched their needs, the organization was ready to begin the process of purchasing and renovating the building. Once again, the organization turned to Community Vision, this time working with our Lending Department. Community Vision provided two loans to Destiny Arts; a $725,000 acquisition loan to finance a portion of the facility purchase and a $200,000 construction loan to finance the renovation of the facility. The separation of the loans allowed the organization to qualify for a one year 0% interest acquisition loan in the first year of the loan.
Destiny Arts received all of the pivotal services Community Vision provides to nonprofits when they are ready to expand; financial health assessments, facility acquisition consulting, and a loan to purchase and renovate their new facility. With Community Vision’s guidance and expertise, Destiny Arts can focus on what they do best; provide violence prevention training, youth development and arts education to Alameda County’s youth.
