Projects

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.

Specifications

Development Type
1 BDRM, 2 BDRM, 3 BDRM
Number of Units
65
Development Cost
$17.75M
Location
Grand Rapids, Michigan
Project Start
January 2018
Project Complete
January 2020
Development Role
Co-Developer/Co-General Partner
Unit Mix
1 BDRM, 2 BDRM, 3 BDRM
Architect
Destigter Architecture
Contractor
Rockford Construction Company
Developer
Inner City Christian Federation , CCA
Owner
Inner City Christian Federation
Investor
Chemical Bank, Insite Capital
Lender
Love Funding, Chemical Bank, City of Grand Rapids, MDEQ

What Others Are Saying About Us

“RPS engaged CCA in 2005 to assist in the disposition of RPS’s affordable housing portfolio, which consisted of over eighty properties, located throughout the country. The successful conclusion to our portfolio disposition is in large part attributable to Ben and David and their team at CCA. Though faced with a multitude of problems, including properties with extensive deferred maintenance, difficult regulatory agencies and severely distressed financial markets, CCA brought resolutions to our issues that were consistently satisfactory to all parties concerned. The depth and scope of CCA’s expertise in the many facets of the affordable housing industry proved invaluable. It has been a privilege and a pleasure to work with such a group of professionals.”