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

We have worked on numerous types of financing with Chesapeake Community Advisors over the past ten years.  They have ranged from FHA mark-to-market loans to Fannie Mae financing with various levels of renovations on  developments across the country.  What we have found is that there are very few advisors and partners like CCA who have the expertise to guide a deal literally from day one when looking at the feasibility of a deal  through to the construction and lease-up of a property.  We value working with CCA for their knowledge, ingenuity, dedication and hard work to come up with the best possible outcome for their partners and residents.

Tracy Peters, ORIX Real Estate Capital

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