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River Caddis Closes $59M Financing for MI Apartments
River Caddis Communities, in partnership with the Capital Area Housing Partnership, has closed the financing for The Dean – Apartments at Eastlawn (The Dean), a $59 million affordable and workforce housing development that will transform a former school site into a residential community in Michigan.
The Dean will be built on a 6.4-acre site once home to Eastlawn School, which served the community from 1947 to 2017. Upon completion in 2027, the development will feature six three-story residential buildings with 204 units, a clubhouse and a leasing center. This project’s development partners include Oakwood Construction, Integrated Architecture, CBRE Affordable Housing, City of Midland and Cinnaire Title.
In addition to the approximately $37 million construction loan, the development team secured a commitment for approximately $21 million with CPC Mortgage Company through Cinnaire’s cooperative ownership and Freddie Mac to serve as the permanent Tax-Exempt Bond Purchaser. The development’s funding also includes $30 million provided by MSHDA in tax-exempt bonds, while other private and public financing supported the land acquisition and predevelopment funding.
