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

We were aspiring to take one of our HUD projects through a LIHTC transaction to receive much needed rehab of a senior building in Detroit.  We weren't equipped to handle the process ourselves and not knowing where to turn, CCA came highly recommended by a colleague.  We haven't looked back since.  David Prout and the CCA team guided us and the nonprofit owners through the full development process.  They took the worries out of our hands and led us down the path.  Their vast knowledge of the LIHTC process; working with he governmental agencies; obtaining LP investors and the smooth construction process during the tenant in place rehabs were over the top.  They are true leaders in the industry.  We have since taken three other projects through the process and another in the pipline. 

Margaret Davey, Paragon Management, Inc.

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