Cinnaire has announced the closing of 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.
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.
“CPC Mortgage Company was established to provide innovative financing solutions for mission-driven developers, and this project reflects that purpose perfectly.” said Susan Frank, Executive Vice President, Agency Lending at Cinnaire. “By leveraging HUD’s 221(d)(4) program, we were able to structure a loan that accommodates the complexity of combining multiple funding sources—ensuring that Vitus could both acquire and rehabilitate this essential affordable housing community.”
“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. “Our ability to bring together agency lending, LIHTC equity, and bridge financing demonstrates the depth of our resources and our commitment to working through complex projects to deliver results for our partners and residents.”
“This transaction reflects Cinnaire’s deep commitment to preserving affordable housing for our clients and the residents they serve,” said Monty Childs, Senior Vice President, Business Development – Agency Multifamily at Cinnaire. “It also highlights our ability to collaborate with a wide range of partners and bring together multiple financing tools to achieve this important goal.”
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.
