Affordable Housing Loans

Creston I & II – Grand Rapids, MI

Creston exterior

Through the Positive Social Purpose Lending Program and in partnership with Cinnaire, participations in two separate loans were purchased – Creston Landing I and II – located in Grand Rapids, MI. All units are restricted under the Low Income Housing Tax Credit Program to households with incomes up to 60% of the area median income. Common area amenities include a clubhouse and playground.

Transaction Summary:

Property Name: Creston I & II
Location: Grand Rapid, MI
Units: Creston I: 50
Creston II: 50
Loan Amount: Creston I: $1.18 million
Creston II: $1.15 million
Term: 18 years
Purchase Date: January 30, 2017


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