Baptist Terrace


Baptist Terrace Apartments, located at 414 E Pine Street, Orlando, FL, is a 197-unit affordable senior living building located in downtown Orlando, Florida. This 14-story high rise was originally built in 1969 under HUD’s 202 program.  In July 2020, Baptist Terrace was sold by First Baptist Housing, Inc. to Orlando Neighborhood Improvement Corporation (ONIC), a nonprofit developer.  As part of the acquisition, the apartments are now subsidized with federal rent subsidies.

Chesapeake Community Advisors, as development consultant, in conjunction with ONIC Senior Affordable Housing, an affiliate of ONIC secured complex financing to substantially rehabilitate Baptist Terrace, which had not undergone significant rehabilitation since the construction of the building in 1969. The cost of construction to preserve this much needed affordable housing was $13 million and included new kitchens, windows, flooring, bathrooms, as well as, updated common areas, elevators and HVAC systems. Furthermore, 10 accessible units were established and four were modified for the sensory-impaired.

In order to fund this redevelopment effort, the development team worked with Bank of America to obtain a $7.2 million construction loan in taxable bonds and $21.5 million construction loan in tax-exempt bonds from Orange County Housing Finance Authority.  Western Alliance purchased those tax-exempt bonds which will remain in place for the next 30 years.  Other sources of financing include 11.9 million in LIHTC equity from Red Stone Equity Partners, LLC. In order to maximize the capital improvements made, ONIC provided a $4 million loan to the project, deferred $4.5 million of developer fee, and contributed $1.1 million from the operations of the project.

Baptist Terrace offers a variety of services to its tenants including social and fitness programs, a food pantry, a medical equipment bank, health and wellness programs and congregate meal programs twice  weekly. The acquisition and rehabilitation of Baptist Terrace will continue to have a substantial impact in the community as it provides safe, decent and modernized housing to Orlando’s most vulnerable senior population while residents pay no more than 30% of their income in rent.

New Parkridge Homes


New Parkridge is the redevelopment of a site that consists of obsolete public housing where CCA worked with the Ypsilanti Housing Commission (YHC) to help them determine a strategy by which they could successfully finance and convert all units through HUD’s Rental Assistance Demonstration (RAD) Program. New Parkridge is the second of two YHC projects for which CCA secured financing and RAD approval.

Currently Parkridge Homes consists of 80 townhome units in 20 buildings originally built as military housing in the 1940s and converted to public housing in the 1950s. The new duplexes, townhomes and multifamily buildings will provide greatly improved housing and meet Enterprise Green standards. The site plan incorporates New Urbanism concepts with the street grid reconnecting to the surrounding neighborhood, housing facing the street with porches and sidewalks to encourage an active neighborhood.

The YHC has partnered with Avalon Housing to provide much needed Permanent Supportive Housing (PSH) units with 25% of the units set aside for families or individuals that have been formerly homeless, have special needs or are survivors of domestic violence. Avalon Housing will provide case management services for the PSH residents and also assist the YHC to expand their Family Empowerment Program (FEP). The FEP includes a partnership with Eastern Michigan University and will bring extensive programming such as afterschool tutoring, job counseling, financial counseling, healthy eating and living activities such as a community garden fitness classes.

501 Eastern


501 Eastern Apartments was an infill new construction multifamily development comprising 65 housing units provided for amongst 2 4 story buildings in southeast Grand Rapids. To meet the zoning ordinance the first-floor space, which included common area amenities, office etc, was also dedicated as 6 large ground level units as live work units for small business owners or self-entrepreneurs.

CCA was brought in to partner with an established local nonprofit based group, Inner City Christian Federation (ICCF), to help them assemble a development plan that could be executed upon after they had spent nearly 10 years working on assembling multiple land parcels and trying to develop the project on their own.  CCA was able to help ICCF bring this project to reality while also helping them nearly double the size of their conceptual initial plans for the project. 

The 501 Eastern project was made up of two unique mixed-use, mixed-income buildings with 65 total residential rental units providing for 1BR – 3BR units, 6 of which were live work units while 4 were market rate and 61 were affordable units serving families in the 30% AMI – 60% AMI range.  ICCF partnered with a local service provider whereby 17 of the 61 affordable units were dedicated to be housed by homeless youth.

CCA assembled a financially feasible development plan and was able to help secure a 9% LIHTC reservation from MSHDA for the project and ultimately secured and closed on all financing for the project in addition to assisting ICCF during the development process thru lease up, stabilization and conversion to perm financing.  The project was LEED Silver certified with many high end market rate finishes and brought together housing opportunities for a uniquely wide range of families in the area.

415 Franklin


415 Franklin is a comprehensive redevelopment of a historic, 3-story school building located in southeast Grand Rapids. Constructed in phases beginning in 1892, 415 Franklin was previously the home of Grand Rapids Christian High School and later used by the Michigan Department of Human Services until it was vacated around 2009. This redevelopment has 3 distinct uses that were incorporated within this one building that used to stand vacant and unused. (1) LIHTC affordable housing (2) nonprofit office space (2) worship space. Through a partnership with Madison Square Church, the Inner City Christian Federation and Chesapeake Community Advisors were the development team that developed the space for 2 of these 3 building uses. On floors 2 and 3, there are 41 units of affordable housing. On the first floor, separated from Madison Square Church’s space, there is approximately 10,000 square feet of community service facility space, in which Inner City Christian Federation occupies as their office space.

In partnership with the prior owner, Madison Square Church, ICCF envisions 415 Franklin as a catalyst for truly equitable community transformation. Housing + services + worship under one roof. A mixed-use building that is vibrant and active and engaging at all hours of the day; a walkable, beautiful, safe place that evokes a sense of community pride and investment. The rebirth of a historic building and a rewriting of a story marked by disinvestment. 415 Franklin has been repurposed to promote equity, offer new housing opportunities, and stimulate reinvestment in this community in ways that are inclusive.

On the ground floor of 415 Franklin, an outreach program of Madison Square Church will occupy approximately 14,000 sq. ft., offering designated spaces for worship, fellowship, and childcare opportunities. The church has retained ownership of this first floor space as an individual condominium unit. Separate from the church space, approximately 10,000 sq. ft. of the first floor will be dedicated as a community service facility that primarily serves low income households (80% AMI and below) as permitted by the IRS tax code, as 415 Franklin is located within a Qualified Census Tract. The services offered will focus on education, counseling, and training that improves the lives of community residents.

On the second and third floors, across approximately 43,000 square feet of floor space, forty (41) new affordable housing units will serve households at or below 80% of area median income. Of the forty (41) housing units, thirty-one (32) will be one-bedroom units and nine (9) will be two-bedroom units. One of the one-bedroom units will be a non-revenue on-site manager’s unit. A community space will be incorporated on the 3rd floor, accessible for the benefit of all residents of the apartments.

River Crest Apartments


Formally named Colony & Fisher Arms was an acquisition and historic rehabilitation consisting of 161 family apartment homes, including 9 efficiency units, 104 one-bedroom units and 48 two-bedroom units. The property is adjacent to the “Gold Coast” historic neighborhood of the East Jefferson Avenue corridor. The property is surrounded by the many iconic properties in the City of Detroit, including the Detroit Water Works Park, the Berry Subdivision of the Mayoral Residence, the Manorial Mansion.

The property was originally built in 1924 and was improved with a moderate rehabilitation in 1985 with no significant improvements having been made since. This historic renovation will be a rehab of the existing structures only with no additional square footage being added.
The development is bringing over $24million of investment to the City of Detroit. Cinnaire provided Housing tax credit and Federal Historic Credits as a source of financing, covering $18 million of total development costs.

Hamilton Crossing Phase I & II


Hamilton Crossing Phases I and II are the transformation of the former Parkview Apartments, a boarded-up, derelict property in Ypsilanti, Michigan, into 144 units of family housing.  This property sat essentially vacant for several years until the remaining few tenants sued HUD to force a foreclosure. The YHC had engaged Chesapeake Community Advisors (“CCA”) as the development consultant and CCA worked with the YHC from 2004 to 2010 when the foreclosure and sale to the YHC for $1 finally occurred.

The property was redeveloped in two phases, using both 4% and 9% LIHTC from the Michigan State Housing and Development Authority.  As part of the Parkview Tenants Association settlement agreement, HUD provided an Upfront Grant in the amount of $40,000 per unit and 144 new Section 8 vouchers.  The creative financing structures allowed for the properties to be well reserved for the long term.

The property is primarily townhouse units with full basements.  The substantial renovation included new roofs, windows, HVAC systems, drywall, kitchens and baths and extensive site work and landscaping. Each unit offers the original hardwood floors and in-unit washers and dryers.  A community building on site provides a community room, a computer lab and management offices.

The Phase I property also offers the Family Empowerment Program in partnership with Eastern Michigan University, Washtenaw County, the Washtenaw County United Way and funding through the Kresge Foundation.  This program allows each family to work with the on-site social worker to formulate and individual plan for self-sufficiency.  It brings programs such as after school tutoring, healthy cooking, Zumba and Yoga classes to the site along with job readiness training, access to dental care and summer camp for kids. 

The project was recently awarded the Charles Edson Tax Credit Excellence Award for a HUD Preservation Property.

Cedar River Tower Apartments


Cedar River Tower is CCA’s first LITHC transaction in Iowa.  The property is located in Waterloo IA and consists of 85 one-bedroom apartments contained within one nine-story elevator building that serves elderly and people with disabilities.  All units are subsidized by a Project Based Section 8 Contract.  The Development team was able to extend the Real Estate Tax Exemption and increase the Section 8 rents to post renovation market levels.  The financing structure allowed for over $4.4 Million in renovations.

St. Regis House


St. Regis House is located in Berlin, NH which is New Hampshire’s northernmost city sitting at the edge of the White Mountains.  The availability of safe, high-quality and affordable housing for the senior and disabled population is limited.  Chesapeake Community Advisors (“CCA”) and the Berlin Housing Authority (“BHA”) were able to make a substantial impact on the community and preserve this much need housing through the acquisition and rehabilitation of St. Regis.  

St. Regis is a unique building with great historic significance for the surrounding community. The former school, St. Regis Academy, is a large three-story, flat-roofed, Romanesque-style, brick building. In 1981 the building was converted to affordable housing with few alterations to the historic footprint including the addition of a stair tower.  The project had not received any type of renovation in 40 years leaving the building in great disrepair. Taking a structure that was built in 1910 and modernizing it along with converting it to include an energy efficient, Enterprise Green-compliant building was a large undertaking all while meeting the SHPO’s and NPS’s requirements.     

The financing structure was complicated.  The primary sources of financing included a 9% LIHTC allocation, historic tax credits, construction financing provided by New Hampshire Housing Finance Authority (“NHHFA”) and a permanent loan from by Mercy Loan Fund (“MLF”).  This project received MLF’s first long-term loan.  All of the existing, restructured HUD debt was assumed by the new ownership while BHA, the qualified non-profit sponsor, became the noteholder of that debt.  The project received a CDBG award, assumed an existing HOME loan and received a new 20-year HAP contract.

Although there were many challenges during the project from working through the HUD financing to addressing significant structural issues that were well-beyond the original scope of work to having a completion and lease-up impacted by a pandemic-induced shutdown, St. Regis has been beautifully restored and has made a tremendous impact on the community and provided the residents with safe, sanitary and modernized housing.  The project is well-positioned for successful operations for at least the next 20 years and has served as an excellent addition to the BHA’s portfolio.

vPoint Apartments


The new vPoint Apartment complex was completed in December 2011 and includes 116 units with 70 affordable and 46 market-rate units, located within half a block of the Clarendon Metro Station.

The new vPoint Apartments are part of the Arlington County’s vision to be a diverse, inclusive and sustainable urban community.  The project demonstrates innovative approaches to providing affordable housing in a core urban area on several levels – incorporating innovative partnership, energy efficient and sustainable design, mixed income and mixed uses, proximity to transit, and strategies to serve a diverse tenant community.  The project also is an example of repositioning of an aging underutilized church building into a vibrant mixed-use community asset.

Residents benefit from environmentally-conscious features and products including bike storage, carpool drop-off areas, ENERGY STAR appliances, dual-flush toilets, low VBOC paints, Green Label Plus carpet and recycling center on each floor.  vPoint is expected to achieve a LEED Silver certification.

vPoint Apartments is an example of the success of the Section 1602 tax credit exchange program.  Due to a difficult tax credit market in 2009, VHDA exchanged 100% of the project’s tax credit allocation for grant funds to allow it to move forward.  As a result, hundreds of jobs were created and 116 units of wonderful, transit-oriented housing now exist!

Shalom Square


The Shalom Square project is the substantial rehabilitation of a fifty-unit project located in the Long Reach Village of Columbia.   The thirty-five one-bedroom and fifteen efficiencies were originally built in 1979.  The rehabilitation will include new kitchens, bathrooms, roofs, windows, flooring and substantial energy efficiency upgrades.  The property will provide five barrier-free units and eight (15%) units set aside for the disabled.   The project sponsor, Heritage Housing Partners (HHP), has owned the development since its original construction and will continue to provide property management and social service connections to the property. HHP has brought together a strong development team including Chesapeake Community Advisors as development consultant, Wiencek + Associates, architect and Southway Construction, general contractor.

The project construction will be financed with tax-exempt bond financing from DHCD, CDBG funds from Howard County, seller-take back financing and 4% tax credit equity through Cinnaire.

HHP had struggled to finance the much needed renovation for serval years before engaging CCA.  CCA was able to structure a deal that was acceptable to both Maryland DHCD and the tax credit investor that allowed HHP to maintain both the general partner role and property management, both important to HHP.

In addition, acquisition proceeds substantially enhanced HHP’s balance sheet.