CORE assists its partners by providing them with flexible lending products and a variety of tools and services necessary to support the advancement of their own mission. Since the creation of CORE in 2019, CORE has loaned a substantial amount of its own capital along with providing its technical expertise to assist the following types of organizations and developments.
CORE has provided predevelopment loan funding to neighborhood-based, non-profit organizations to assist with the preservation of multi-family affordable housing transactions. In addition to its predevelopment lending, CORE is also currently assisting these non-profit organizations with technical assistance, construction, and property management. The developments are expected to close on their tax-exempt bond, 4% LIHTC, and gap financing in 2020, and will be fully completed with the rehabilitation of the development in 2021.
CORE has provided construction lending to an experienced, for-profit developer in Northern Michigan. The property experienced significant damage due to a fire, which took a number of units offline. CORE was able to quickly provide capital, allowing the rehabilitation of the property to get underway sooner than it would have otherwise, thereby ensuring affordable housing units are available and ready for the community and the property owner.
CORE has provided an acquisition loan to a faith-based, non-profit organization for the acquisition of a vacant property in Detroit. The non-profit partner is currently in the process of securing the necessary financing to construct 60 new units of senior, multi-family affordable housing units for future residents to reside in. Additionally, CORE is also assisting with technical assistance in the development process, construction, and providing long-term asset management. It is anticipated that the development will begin construction early in 2021.
CORE is assisting the for-profit owner of a high-profile redevelopment project located in downtown Detroit, Michigan. The highly complex mixed-use, mixed-income development involves the use of tax-exempt bond financing, Low Income Housing Tax Credits, Historic Tax Credits, secondary gap financing, local tax incentives, and other sources. When completed, the project will have rehabilitated commercial space, 340 new housing units, and a parking structure in a highly visible location. The project is anticipated to begin construction in 2020.
CORE is assisting a community foundation in the new construction of a mixed-use, mixed-income transaction in Sterling Heights, Michigan. When complete, the development will provide 135 new units of housing, resident community space, and commercial space for the community, which is anticipated to be occupied by a health services provider. The development will involve the use of tax-exempt bond financing, 4% LIHTC, subordinate gap financing, and other local support, and is anticipated to begin construction in 2020.
32600 Telegraph Rd., Suite 102
Bingham Farms, MI 48025
