**Cinnaire Commits $38M to Preserve Affordable Housing in Kentwood, Michigan**
Cinnaire has finalized a $12 million Low-Income Housing Tax Credit (LIHTC) equity investment, alongside a $23.5 million loan in partnership with CPC Mortgage Company, to support the preservation and rehabilitation of Countryside Townhouses in Kentwood, Michigan. The total financing package also includes a nearly $3 million equity bridge loan, showcasing Cinnaire’s comprehensive approach to funding complex housing projects.
Countryside Townhouses, located at 700 48th Street SE, is a 146-unit affordable housing community originally constructed in 1971 as a Section 8 property. The development features 24 residential buildings offering a mix of 18 one-bedroom, 78 two-bedroom, and 50 three-bedroom townhome units. Each unit includes a full basement and is designed to accommodate residents of all ages.
“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 of Business Development at Cinnaire.
This investment underscores Cinnaire’s commitment to maintaining affordable housing and enhancing community development in the Midwest.
