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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

Warner Norcross + Judd LLP served as legal counsel to Calvert Impact Capital, Inc. (“Calvert Impact Capital”) in its 2025-26 offering of up to $750 million in aggregate principal outstanding of Community Investment Notes®.

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For nearly three decades, <a href="https://calvertimpact.org/" target="_blank" rel="noreferrer noopener">Calvert Impact Capital</a> has connected investors with opportunities to generate both financial returns and measurable social impact. A 501(c)(3) nonprofit based in Bethesda, Maryland, Calvert Impact Capital works with mission-driven borrowers and partners throughout the United States and around the world to increase access to capital and strengthen communities.

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Calvert Impact Capital deploys the proceeds from the Community Investment Note® primarily to make mission-aligned loans and investments to domestic and international organizations that work to support affordable housing, small business development, renewable energy projects, community facilities and other initiatives that expand economic opportunity in underserved communities.

For the 2025-26 offering period, Calvert Impact Capital offered direct Community Investment Notes for purchase directly from Calvert Impact Capital as issuer, as well as brokerage Community Investment Notes for purchase through lead selling agent InspereX LLC, a registered broker-dealer based in Delray Beach, Florida. This national securities offering was made pursuant to federal exemptions from securities registration available for charitable organizations and pursuant to registration or exemption of the securities in each of the applicable jurisdictions.

Warner provided securities, regulatory and compliance counsel in support of the offering. The legal team was led by partner Corinne Curtis and included associate Christian Rhoades, associate Lauren Maliszewski, senior compliance consultant Dana Dawe, securities filing + compliance specialist Alex Rey and securities filing + compliance consultant Sherri Van Eck.

Warner’s Impact Investing Group As one of the largest and most successful impact investing groups in the country, we have developed unparalleled expertise over our more than 30 years representing nonprofit organizations in securities offerings that range from limited private placements to international public offerings of debt securities. Our impact investment team consists of accomplished attorneys, experienced paralegals and seasoned compliance consultants who advise nonprofit clients as to federal and state securities registration and exemption requirements, underwriting arrangements, placement agent engagements, broker-dealer and agent registration issues, and marketing and advertising impact investment offerings in compliance with state and federal securities laws. We take pride in helping our clients fully utilize the unique securities law exemptions available for charitable organizations while complying with the complex securities law requirements in all 50 states, Washington, D.C. and the U.S. territories. We know that, with our help, our clients are well positioned to raise the capital they seek to serve the greater good.

Funds and Investments

Partner

Corinne N. Curtis

Senior Compliance Consultant

Dana R. Dawe

Associate

Lauren M. Maliszewski

Christian D. Rhoades

Impact Investing

Warner Represented Calvert Impact Capital in $750 Million Community Investment Note Offering

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Warner Represented Calvert Impact Capital in $750 Million Community Investment Note Offering

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