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
Colony-4-red-scaled
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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.”

Mark McDaniel, Cinnaire

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