CPC Mortgage Company Secures $8.018 Million Loan For Riverbend At Capital In Battle Creek, MI

The asset involved in the transaction is a multifamily development located at 10 West Fountain Street, Battle Creek, MI, featuring 80 units on a 10.0-acre site. The total investment for the project is estimated at $30.2 million, primarily aiming to provide affordable and workforce housing by redeveloping a vacant Kmart location into apartments and a community center. Completion is projected for 2027.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,018,000
• Market: Battle Creek, MI
• Lender: CPC Mortgage Company
• Landlord: Edison Community Partners
• Units: 80
• Acres: 10.0
• Loan Type: Permanent

CPC Mortgage Company facilitated the financing for this project by securing an $8.018 million permanent loan aimed at supporting the redevelopment efforts led by Edison Community Partners. The financing is part of a broader initiative to revitalize the local housing market through the construction of affordable living spaces.