Projects

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.

Specifications

Development Type
EFF-Two BDRM
Number of Units
161
Development Cost
$24M
Location
Detroit, Michigan
Development Role
Development Consultant and Co-General Partner
Unit Mix
EFF-Two BDRM
Architect
Fusco, Shaffer & Papas, Inc.
Contractor
G. Fisher Construction Company
Developer
Building Blocks Non Profit Housing Corp/CCA
Owner
Colony & Fisher Arms LDHALP
Lender
Red Mortgage Capital
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Colony
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What Others Are Saying About Us

Gorman Management Company (GMC) is a legacy Section 8 owner/manager in Oklahoma that was established in 1978.  We were introduced to CCA through Ben Etheridge in 2012 and closed our first two 9% LIHTC deals that year.  Since then, we have closed an additional nine deals that are a mix of for-profit and non-profit owned properties (and three in process).  Most of our deals are complicated and require expertise in all levels of affordable housing (HUD, LIHTC, FNMA, etc.).  CCA has brought expertise as our development partner to all of these deals that was essential to their success.

Tom Gorman, Gorman Management Company

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