I recently finished up a loft playroom for a family needing a lot of organization, comfy seating, and a place to do homework and crafts. We created two zones..one for play and one for watching TV/lounging. All this on a budget!
Walls: Hale Navy, Benjamin Moore
Bookcases: IKEA Expedit
Chairs (pushed together): IKEA
Bunching Tables: Target
Yellow Chevron Fabric: Hancock Fabrics
Craft Table: Pottery Barn
Navy Rugs: Target