Previously Vacant Historic Building Will House 25 Rental Apartments

By The Associated Press | Posted - Mar. 4, 2014 at 8:01 a.m.



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TO BUSINESS, CITY, AND REAL ESTATE EDITORS:

New Development in Midtown Detroit Further Highlights the City's

Revitalization

ARLINGTON, Va., March 4, 2014 /PRNewswire-USNewswire/ -- As yet

another symbol of the revitalization of Detroit's urban center,

Midtown Detroit will soon be home to an additional 25 rental

apartments, thanks to an important collaboration between the State of

Michigan, two community development finance institutions (CDFIs) and a

community organization. The 609 E. Kirby Project, made possible by the

Living Cities Catalyst Fund, will renovate a currently vacant historic

building that served as the first Hebrew School in the City of

Detroit. Originally constructed in 1922, the building sits in the

immediate vicinity of the Detroit Institute of Arts.

The two CDFIs-Capital Impact Partners and Invest Detroit-partnered

with the Michigan Economic Development Corporation and the University

Cultural Center Association, a subsidiary of Midtown Detroit, Inc., to

provide more than $4.25 Million in financing for the transaction.

"This was a complex deal that was not easy to get over the finish

line," said Ian Wiesner, Senior Loan Officer of Capital Impact. "But

we at Capital Impact and our partners stuck it out through a sometimes

bumpy process in order to bring a historic building back to life and

support a local developer. This project is one in a series that

Capital Impact has been involved with to bring continued investment

and vitality to the Woodward Corridor."

The Woodward Corridor has long been a main artery in the City of

Detroit that experienced significant decline during the City's long

term struggles with high unemployment and depopulation. To date

Capital Impact Partners has worked with its financing partners to

provide more than $55 Million in financing to 9 different projects

along the Woodward Corridor.

"The renewed faith in Detroit's revitalization is only made possible

by regular evidence of new projects," said Richard Hosey, the owner

and developer of the project and resident of Detroit. "The regular

evidence in Midtown Detroit has only been possible because of the

collaborative efforts of Capital Impact Partners, Invest Detroit and

their partner lenders. They mix prudence with market understanding to

achieve a workable financing package that makes projects happen."

About Capital Impact Partners: Capital Impact Partners, formerly known

as NCB Capital Impact, is a leader in financial and social innovation

for communities. A nonprofit organization and D.C. certified Community

Development Financial Institution, we bring our roots in cooperative

development, diverse network of partners and problem solving know-how

to connect communities to capital and capabilities that together

create social change. Learn more at capitalimpact.org.

About Invest Detroit Foundation (Invest Detroit) is a 501(c)(3)

organization and CDFI which serves as a leading source of private

sector financing utilizing a variety of funding tools through managed

for-profit and nonprofit targeted funds to support economic

development opportunities in underserved communities primarily in the

City of Detroit. Representing $140 million in funds and tax credit

allocations, Invest Detroit provides eligible projects or businesses

at various stages of development with access to capital. To date the

impact of Invest Detroit managed funds has resulted in the creation or

retention of more than 4,061 jobs, the creation or renovation of 2,865

housing units, the development of 3,636,037 SF of residential space

and 3,060,171 SF of commercial space. Since 1995, Invest Detroit's

managed funds have invested $164.5 million which leveraged total

investment of $958.0 million. The efforts of Invest Detroit are

intended to promote job creation, expansion of the tax base and an

improved quality of life for the communities it serves.

SOURCE Capital Impact Partners

-0- 03/04/2014

/CONTACT: Jeanne Molinari, 703.647.2316, jmolinari@capitalimpact.org

/Web Site: http://www.capitalimpact.org/

CO: Capital Impact Partners; Invest Detroit Foundation

ST: Virginia Michigan

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0000 03/04/2014 15:00:00 EDT http://www.prnewswire.com

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

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