CPC Mortgage Company Secures $42M to Rehabilitate Michigan Housing Property
CPC Mortgage Company, a subsidiary of The Community Preservation Corporation, has structured a $42.1 million loan for the preservation and rehabilitation of Parkside Estates and Demby Terraces, a 315-unit affordable housing community in Inkster, Michigan.
Developed by Good Housing Partnership in partnership with the Inkster Housing Commission, the properties will undergo a full rehabilitation and conversion under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program, transitioning from public housing to Section 8.
CPC Mortgage Company provided the permanent financing through a Freddie Mac Targeted Affordable Housing forward commitment structured as a tax-exempt loan. The financing structure includes Huntington Bank, which served as the lead arranger and agent of the construction loan, with Deutsche Bank and Associated Bank as co-lenders. Cinnaire acted as the Low-Income Housing Tax Credit syndicator. The rehabilitation will include extensive upgrades to both the site and residential units.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout