Casamira Apartments: Bringing Affordable Homes to Detroit

For years, the historic Casamira Apartments in Detroit sat vacant with fire damage. Central Detroit Christian Community Development Corporation took on the huge task of bringing the four-story, 42,200-square-foot property back to life. Securing financing to rehabilitate the property was a massive challenge for CDC. By the time the project was completed, CDC had brought in seven layers of financing and incentives to invest $10.4 million in the building. The result created 29 new market-rate and 15 affordable apartments available to the community - a much-needed injection into that part of Detroit. Capital Impact Partners came in with a $3.8 million construction loan. But for Johanon, it was as much Capital Impact's guidance as its financing that made the project ultimately happen.