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CPC Mortgage Company Secures Financing for Michigan Workforce Housing Project
CPC Mortgage Company, a subsidiary of The Community Preservation Corporation (CPC), has structured an $8.018 million permanent loan for Riverbend at Capital, a to-be-built 80-unit affordable and workforce housing community in Battle Creek, Michigan.
Developed by Edison Community Partners, Riverbend at Capital will transform a long-vacant former Kmart site into a new mixed-use community located at 10 W. Fountain Street, near the Kalamazoo River and downtown Battle Creek. The approximately $30.2 million project includes a four-story residential building with 80 one- and two-bedroom apartments, as well as a multipurpose community center.
The project is expected to be completed in 2027. CPC Mortgage Company provided the permanent financing through a Freddie Mac 9% LIHTC Unfunded Forward loan, facilitated by Cinnaire. Additional support comes from the Michigan State Housing Development Authority.
Riverbend at Capital is the first phase of a broader redevelopment strategy for the approximately 10-acre site. Future phases are anticipated to introduce additional mixed-income housing, retail and small-scale commercial space.
