Cinnaire has closed a $12 million Low-Income Housing Tax Credit (LIHTC) equity investment as well as $23.5 million loan with their partners CPC Mortgage Company to support the preservation and rehabilitation of Countryside Townhouses, a 146-unit affordable housing community in Kentwood, Michigan.
The financing package also included a nearly $3 million equity bridge loan, underscoring Cinnaire’s ability to provide multiple funding sources to meet complex project needs. Countryside Townhouses, located at 700 48th Street SE, was originally built in 1971 as a Section 8 property.
The property consists of 24 buildings with 18 one-bedroom, 78 two-bedroom, and 50 three-bedroom two-story townhomes—each with a full basement—serving residents of all ages. “Countryside Townhouses represents exactly the type of impact Cinnaire strives for—preserving quality, affordable homes for families while investing in the long-term health of the community,” said Ben Stehouwer, Senior Vice President, Business Development at Cinnaire.
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