5,935 loans and investments totaling $218.2 million in the district in 2022
Stories from the District
Argonaut
Detroit,
Michigan
Capital Impact Partners, Enterprise Community Loan Fund, Local Initiatives Support Corporation
An arts and design College and dorm, Charter Middle/High School and business accelerator: Located in downtown Detroit, MI, The Argonaut project converted a historic GM building into a 760,000 sq. ft. mixed-use educational facility. The College of Creative Studies’ expansion campus features educational facilities for undergraduate and graduate programs, residential facilities for up to 300 students and an arts and design middle and high school serving approximately 900 students annually. The project achieves LEED Certification for Existing Buildings, incorporates sustainability features, and may incorporate alternative energy generation once construction is complete. Six NMTC allocatees were involved in the transaction to overcome long-standing development hurdles.
Casamira Apartments: Bringing Affordable Homes to Detroit
Detroit,
Michigan
Capital Impact Partners
For years, the historic Casamira Apartments in Detroit sat vacant with fire damage. Central Detroit Christian Community Development Corporation took on the huge task of bringing the four-story, 42,200-square-foot property back to life. Securing financing to rehabilitate the property was a massive challenge for CDC. By the time the project was completed, CDC had brought in seven layers of financing and incentives to invest $10.4 million in the building. The result created 29 new market-rate and 15 affordable apartments available to the community - a much-needed injection into that part of Detroit. Capital Impact Partners came in with a $3.8 million construction loan. But for Johanon, it was as much Capital Impact's guidance as its financing that made the project ultimately happen.
Dakkota Integrated Systems, a company that supplies assembly and sequencing services for the OEM automotive market, constructed a 300,000 sq. ft. manufacturing facility on a portion of the former Kettering High School and Rose Elementary School sites in Detroit, Michigan.
Detroit CDFI coalition amplifies positive outcomes in communities across the city
Detriot,
Michigan
Cinnaire, Invest Detroit
Throughout Michigan, there are more than 55 community development financial institutions, with 47 of those CDFIs headquartered in the state. These mission-driven financial institutions provide support for consumers, businesses, and real estate projects where traditional funding isn’t available.
Local Initiatives Support Corporation, Michigan Community Capital, National Cooperative Bank
This project will finance the construction of a 31,000 sq. ft. multi use development of a co-op grocery store in the Central Woodward neighborhood of Detroit, Michigan. The co-op will provide a grocery store, café, incubator kitchens, community event space, vendor space and administrative offices. The project will also be home to a cohort of entrepreneurs, doers, and community leaders focused on increasing access to healthy sustainably grown foods while building community ownership and empowerment
