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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
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