Celebrating the Financial Closing of Labelle Towers in Highland Park, Michigan
Enterprise wants to congratulate CSI Support & Development Services on the financial closing of Labelle Towers in Highland Park, Michigan! The development will renovate an existing 10-story building to preserve 210 affordable homes for seniors.
The renovation will update apartment interiors; improve building systems; and provide enhanced common spaces for resident engagement. CSI will provide services that include a transportation van, a resident-led convenience/sundry store, supplemental food programs, and service coordination. A variety of grocery, retail and health care centers are within walking distance of the property.
Construction Financing includes $14.05 million from the Michigan State Housing Development Authority (MSHDA). Permanent Financing includes $15.5 million from MSHDA and $1.29 million in seller financing. Enterprise is excited to provide $7.01 million of equity.