Midwest

Haven-on-Main
Affordable HousingDevelopmentFinanceMidwest

Cinnaire Raises $340 Million Fund for Affordable Housing Development in 11 States

by Lynn Peisner

LANSING, MICH. — Cinnaire, a nonprofit financial services company based in Lansing, has raised $340 million, which will finance 33 affordable housing developments in 11 states. Dubbed Fund 43, the LIHTC financing will back a total of 2,455 affordable housing units. Haven on Main in La Crosse, Wisconsin, will be one of the projects. It will be a 70-unit community including 59 affordable units and 11 market-rate units. Eighteen units will be reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the total …

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Tommy-Lowmon-
Affordable HousingCompany NewsMidwestNewsOhio

Woda Cooper Hires Former Georgia DCA Finance Director

by Lynn Peisner

COLUMBUS, OHIO — Woda Cooper Cos. has hired Tommy Lowmon as senior vice president. In this role, he will help lead the company’s affordable housing development in Georgia, North and South Carolina. Lowmon comes to Woda Cooper from Sugar Hill Capital, Georgia’s state housing tax credit syndicator. Prior to that, he was the housing finance division director with the Georgia Department of Community Affairs (DCA). Woda Cooper Cos. and its affiliates specialize in the development, design, construction and management of affordable and senior housing communities as well as single-family homes. …

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Eastpointe-Commons-Jonathan-Thrasher
Affordable HousingDevelopmentMichiganMidwestNews

Eastpointe Commons Redevelopment Opens in Grand Rapids

by Lynn Peisner

GRAND RAPIDS, MICH. — Eastpointe Commons, Hope Network’s $40 million redevelopment of an affordable housing complex in Grand Rapids, held its grand opening May 20. The 118-unit community now is 100 percent occupied. Located at 1460 E. Fulton St., Eastpointe Commons includes 79 one-bedroom units, 34 two-bedroom units and five three-bedroom units, catering to a variety of income levels. Construction and renovation of the former Fulton Manor property began in June 2023, led by DeStigter Architecture and Pioneer Construction. Financing sources for the project include UnitedHealth Group, which provided a …

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Shubhra Jha
From the MagazinesIndianaMarket ReportsMidwest

‘Steady Eddie’ Reputation of Indianapolis is Well-Deserved

by Channing Hamilton

With a new presidential administration comes new policies and new economic uncertainties. But trying times such as these are no match for the consistency of the Indianapolis multifamily market. The metropolitan area’s “steady eddie” performance and resiliency during the tumultuous period of the COVID-19 pandemic has proven its staying power. Population, Job Growth Signal New Opportunities Metro Indianapolis, with a population base of 2.2 million people, experienced a sizeable population increase over the past four years. The metro area added more than 85,000 people during that period, with a good mix …

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The-Union
DevelopmentIndianaMidwest

Thompson Thrift Starts Final Construction Project at Indianapolis Mixed-Use Site

by Lynn Peisner

INDIANAPOLIS — Thompson Thrift has broken ground on The Union at Fishers District, the final phase of the developer’s master-planned development in the Indianapolis suburb of Fishers. This phase will include luxury multifamily as well as 57,000 square feet of retail, restaurant and entertainment space; 70,000 square feet of Class A office space; and a 135-room AC Hotel by Marriott. The multifamily component is called Union Flats. It is a 251-unit community with ground-floor retail space that is slated for completion by late 2026, which is approximately when the rest …

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Columbus-Renaissance-Housing
Affordable HousingDevelopmentMidwestOhio

Woda Cooper Cos. Opens Affordable Housing in Columbus, Ohio

by Lynn Peisner

COLUMBUS, OHIO — Woda Cooper Cos. and co-developer Community Development for All People have opened Columbus Renaissance Housing, a 46-unit affordable housing property in Columbus. Units are reserved for tenants earning up to 60 percent of area median income, which amounts to an annual salary of $61,980 for a family of four. The development of Columbus Renaissance Housing was funded by a combination of public and private investment from entities including the City of Columbus, Franklin County, the Ohio Housing Finance Agency, the Affordable Housing Trust for Columbus & Franklin …

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FinanceIllinoisMidwestNews

Essex Capital Markets Arranges Refinancing for Six-Unit Chicago Asset

by Channing Hamilton

CHICAGO — Essex Capital Markets has arranged a refinancing for six-unit property located at 2216 West 21st Place in Chicago’s Pilsen neighborhood. The financing package includes a $795,000 fixed-rate bank loan with a 5-year term. Quinn Keenan of Essex Capital Markets arranged the loan on behalf of a local private investor. The property offers two-bedroom floor plans. The building underwent a significant renovation in 2023, including new kitchens and updated bathrooms.

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Stonebriar Woods
FinanceKansasMidwestNews

Northmarq Secures $52 Million Loan for Refinancing of Asset in Metro Kansas City, Missouri

by Channing Hamilton

OVERLAND PARK, KAN. — Northmarq has secured a $52 million Freddie Mac loan for the refinancing of Stonebriar Woods, a 476-unit property in Overland Park, about 13 miles south of Kansas City, Missouri. The garden-style community features a mix of one-, two- and three-bedroom floor plans. Amenities include a pool, clubhouse, tennis court, fitness center and green space. Greg Duvall of Northmarq arranged the loan on behalf of the borrower, Price Brothers, a Kansas City-based real estate investment and development firm.

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Riverwood Apartments
Investment SalesMidwestNewsWisconsin

CBRE Arranges Sale of Two Properties in Wisconsin for $10.1 Million

by Channing Hamilton

MAUSTON AND RACINE, WIS. — CBRE has arranged the sale of Riverwood Apartments and Biscayne Apartments, two multifamily properties totaling 112 units in Mauston and Racine, for $10.1 million. An Iowa-based multifamily investor and developer purchased the assets from an Iowa-based multifamily investor. CBRE’s Max Colby, Sean Beuche, Matson Holbrook, Patrick Gallagher and Gretchen Richards represented the seller. Riverwood Apartments is proximate to I-90 and minutes away from Decorah Lake. Built in 1994, the 32-unit property features a mix of one-, two- and three-bedroom floor plans. Biscayne Apartments is located …

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IllinoisInvestment SalesMidwestNews

Woodland Rental Properties Acquires 22 Units in Marion, Illinois

by Channing Hamilton

MARION, ILL. — A division of Woodland Rental Properties LLC, managed by Heartland Realty & Rentals Inc., has acquired 22 recently built apartments situated near downtown Marion, a city located roughly 120 miles southeast of St. Louis, Missouri. The company states that the deal is part of a larger strategic investment. Roman Basi and Jason Powell represented Heartland on an internal basis. The units will be available for leasing as they come online.

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