Cinnaire closed a $12 million Low-Income Housing Tax Credit (LIHTC) equity investment as well as $23.5 million loan with its 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. Today, 100% of the units are restricted to families earning no more than 60% of Area Median Income (AMI), and all but five units are covered by a long-term Housing Assistance Payments (HAP) contract, ensuring lasting affordability for residents. 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.
The community was in significant need of rehabilitation after more than 50 years in service. Through HUD’s 221(d)(4) program, Cinnaire, through its cooperative ownership in CPC Mortgage Company, provided a $23.5 million loan to facilitate the acquisition and renovation of the property by Vitus, a mission-driven national developer and owner of affordable housing. Cinnaire also syndicated $12 million in LIHTC equity to finance critical improvements, along with the equity bridge loan to ensure project stability during construction.
When renovations are complete, the property will feature upgraded kitchens, bathrooms, flooring, and energy-efficient systems, as well as exterior improvements to enhance curb appeal and long-term durability. The rehabilitation will ensure the community remains safe, modern, and affordable for decades to come.
