MADISON, WIS. — CPC Mortgage Co., a subsidiary of The Community Preservation Corp., has provided a $16.4 million Freddie Mac Targeted Affordable Housing (TAH) forward commitment for the permeant financing of Taking Shape B1, the first phase of Taking Shape, Our Triangle, a redevelopment project in Madison’s Triangle neighborhood. Developed through a partnership between the Community Development Authority of the City of Madison (CDA) and New Year Investments, Taking Shape B1 will provide 164 affordable housing units at 755 Braxton Place. The project is part of a multi-phase plan to reimagine and revitalize the Brittingham Apartments, Gay Braxton Apartments, Karabis Apartments and Parkside Highrise and Townhomes — collectively known as the CDA Triangle Sites.
Key partners in the financing and development of Taking Shape B1 include the Wisconsin Housing and Economic Development Authority, serving as the tax-exempt bond issuer; U.S. Bank, acting as the construction lender; National Equity Fund, the project’s low-income housing tax credit syndicator; and Baker Tilly, providing expertise as the project’s consultant.
The 10-acre site is shared with the Bayview Foundation and two medical buildings. All of the units will be designated as affordable for households earning at or below 60 percent of the area median income. A groundbreaking ceremony took place on Aug. 13.