MIDLAND, MICH. — River Caddis Communities (RCC), in partnership with the Capital Area Housing Partnership, has received construction financing for The Dean – Apartments at Eastlawn in Midland. The project will transform a former school site into an affordable and workforce housing community. The Dean will be built on a 6.4-acre site once home to Eastlawn School, which served the community from 1947 to 2017. Upon completion in 2027, the development will feature six three-story residential buildings with 204 units; a clubhouse and leasing center; a community hub with gathering spaces, outdoor amenities and walking/biking connections; and sustainable features such as bike repair stations, energy-efficient design and solar investment supported by federal clean energy tax credits. The Dean will provide housing for families earning up to 40, 60, 80 and 120 percent of the area median income. All utilities will be covered by the landlord. The Michigan State Housing Development Authority awarded $30 million in tax-exempt bonds via the Pass Through Bonds program, utilizing low-income housing tax credits to finance costs of constructing the development. Through a private placement, Huntington Bank will serve as the construction lender. The Sturges Company underwrote the short-term cash-collateralized tax-exempt bonds with institutional lenders. In …
