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R4 Capital Finances New Affordable Housing in Historic Mount Clemens, MI
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Comerica (NYSE: CMA) has invested over $8 million in Edison Crossing, a new 30-unit supportive housing complex in Mount Clemens, MI, developed by Woda Cooper Companies. Funded by part of R4 Capital's$262 million multi-investor fund, the project aims to serve low-income residents, including the chronically homeless. Construction is anticipated to finish within 15 months, addressing the pressing need for affordable housing in the area.
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Comerica is providing an interest-only construction loan of more than $7 million for Edison Crossing.
Edison Crossing is part of R4 Capital's $262 million multi-investor fund, enhancing long-term investment in affordable housing.
The project includes eleven units designated as Permanent Supportive Housing for chronically homeless individuals.
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— Specific Set-Aside for Chronically Homeless —
NEW YORK--(BUSINESS WIRE)--
R4 Capital, a national affordable housing tax-credit syndicator, lender, and asset manager, arranged more than $8 million in gross tax credit equity financing to build a new 30-unit supportive housing apartment complex, Edison Crossing, situated within walking distance to downtown Mount Clemens, MI and 20 miles northeast of Detroit. R4’s equity investment in Edison Crossing is one of 18 expected property investments for R4 Housing Partners XVII LP (“Fund XVII”), a $262 million national multi-investor fund.
Rendering of Edison Crossing, the new construction of a 30-unit supportive housing apartment complex located in Mount Clemens, MI, is projected to be completed within 15 months. (Photo: Business Wire)
Edison Crossing is being developed by Columbus, Ohio-based Woda Cooper Companies, one of the nation’s top affordable housing developers. In the past 30 years, Woda has successfully financed more than 11,000 affordable rental units with housing tax credits across 15 states. Woda will also be serving as the general contractor and management agent of this property. The property will be restricted to residents earning up to 80% of the area median income utilizing income averaging and will include ten one-bedroom units and 20 two-bedroom units in one four-story elevator-serviced residential building. Eleven units will be set-aside as Permanent Supportive Housing units for chronically homeless individuals and households and benefit from project-based Section 8 vouchers provided by Michigan State Housing Development Authority (“MSHDA”). These units are expected to be pre-leased given the significant need for housing for the homeless. Macomb Homeless Coalition will provide on-site services to the PSH tenants and will coordinate with outside service agencies such as AMVETS Department of Michigan. They will also provide social services including employment related services including employment related services, mental health services, and financial management and budget counseling. Additionally, residents can be referred to service agencies for benefits counseling, employment training, literacy services, assistance with obtaining transportation, training in the use of public transportation, and any other resident needs.
In addition to the R4 tax credit equity, other financing partners include Comerica Bank, RiverHills Bank, Erie Capital CDFI Fund, LLC, and a supportive services contribution in the form of reinvested developer fee.
Comerica Bank ("Comerica"), one of the investors in Fund XVII, will provide an interest-only construction loan of more than $7 million to Edison Crossing.
“Investing in affordable housing initiatives positively impacts underserved communities,” said Beatrice Kelly, Senior Vice President of Community Development Lending, Comerica Bank. “This partnership, led by R4 Capital, represents the type of resources needed to help overcome many challenges people face. Our goal in supporting the Edison Crossing development is to remove barriers and improve our communities where we live and work.”
Notes R4 Capital Executive Vice President, Jason Gershwin, “We are proud to partner with our developer and investor partners to fund safe, quality affordable housing and even more so to have the supportive services available for residents who need and want it. It’s what community building is all about.”
Edison Crossing closed in December 2021, and construction is projected to be completed within 15 months.
About R4 Capital
R4 Capital is a nationwide syndicator, lender, loan servicer, and asset manager. Founded in 2011, the firm manages more than $6.5 billion of affordable housing equity and debt investments, including more than $4.3 billion of LIHTC equity and $2.2 billion of tax-exempt debt. R4 Capital’s growing investment portfolio spans 48 U.S. states and territories, and consists of more than 50,000 units of affordable housing. R4 Capital has offices in New York, NY, Boston, MA, Newport Beach, CA, and Austin, TX.
About Comerica
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $94.6 billion as of Dec. 31, 2021.
