CPC Mortgage Provides $16.4M in Financing for Madison Affordable Housing Project
CPC Mortgage Company has structured a $16.4 million Freddie Mac Targeted Affordable Housing forward commitment for the permanent financing of Taking Shape B1, the initial phase of the Taking Shape, Our Triangle redevelopment project. This development is located in Madison, Wisconsin’s Triangle neighborhood.
Taking Shape B1 is a joint venture between the Community Development Authority of the City of Madison and New Year Investments. Once completed, the project will introduce 164 new affordable housing units at 755 Braxton Place. This marks the beginning of a multi-phase master plan to revitalize a group of older properties—Brittingham Apartments, Gay Braxton Apartments, Karabis Apartments, and Parkside Highrise and Townhouses.
The project brings together several key partners. The Wisconsin Housing and Economic Development Authority plays a critical role as the tax-exempt bond issuer. U.S. Bank serves as the construction lender, while the National Equity Fund provides support as the Low-Income Housing Tax Credit syndicator. Baker Tilly contributes its expertise as the development consultant.
Photo credit: Potter Lawson.
