Projects

Coogan Terrace

The Coogan Terrace project is the rehabilitation of 199 existing public housing units located in Melvindale, Michigan.  The existing ten story building consists of eight residential floors and the ninth floor contains boilers and the tenth floor is the elevator control tower/room.  The building, Additionally the building includes common facilities such as a community room, a library and computer room, a resident services coordinator office and management offices on the first floor. 

The building, originally built in 1984, is in need of updating to improve resident safety and energy efficiency.  Units will receive new kitchens and bathrooms, flooring, doors, and windows, if not recently replaced.  The elevators will be refurbished and the roof repaired.  Safety improvements include replacement of tubs in the barrier free units with showers and replacement of potentially unsafe unit breaker panels.  The rehabilitation will meet Enterprise Green Standards.   Ample parking is provided in a surface lot which is on three sides of the building.  There are 146 parking spaces.

The project is the conversion of public housing through HUD’s Rental Assistance Demonstration (RAD) Program.  Due to the low rents of the RAD Program, the project is financed with a small first mortgage from Capital Impact Partners, a mix of the remaining capital and public housing reserve funds provided by HUD to the sponsor Melvindale Housing Commission, and 9% tax credits from Cinnaire.  All financing and loans were closed in May 2019.  The project is currently under construction.

Specifications

Development Type
1 Bedrooms
Number of Units
199
Development Cost
16000000
Location
Melvindale, Michigan
Development Role
Development Consultant and Co-General Partner
Unit Mix
1 Bedrooms
Architect
Robert C Wakely, AIA
Contractor
G. Fisher Construction Company
Developer
Melvindale Housing Commission
Owner
Coogan Terrace LDHA Limited Partnership
Investor
Cinnaire
Lender
Capital Impact Partners

What Others Are Saying About Us

“I have worked with the principals of Chesapeake since the inception of Cinnaire in 1993. They have proven to be the most highly skilled and knowledgeable group of professionals we have ever worked with in this industry. Their creative and entrepreneurial approach to real estate development and finance have made them the number one choice for Cinnaire to assist us in complex and difficult real estate transactions. The use of Chesapeake in our Housing Tax Credit Year 15 disposition strategies has produced results for our investors that were beyond their expectations and has been a model we use in all of our disposition strategies. They are real estate experts extraordinaire with the added benefit of being socially minded. They not only care about the investor and owner benefits but also take into account a positive outcome for the residents.”