Transforming a Historic Midland Site into a Vibrant New Community
Cinnaire is proud to partner with River Caddis Communities (RCC) and the Capital Area Housing Partnership (CAHP) to finance The Dean – Apartments at Eastlawn (“The Dean”), a $59 million affordable and workforce housing development that will transform the former Eastlawn School site in Midland, Michigan, into a thriving new neighborhood.
A New Chapter for a Historic Site
Located on 6.4 acres once home to Eastlawn School—which served Midland families from 1947 to 2017—The Dean represents an investment in the city’s future. Upon completion in 2027, the development will feature:
- 204 modern apartments across six three-story residential buildings (102 one-bedroom and 102 two-bedroom units)
- A state-of-the-art clubhouse and leasing center
- A community hub with gathering spaces, outdoor amenities, and walking/biking paths that connect to the existing neighborhood network
- Sustainable design features, including bike repair stations, energy-efficient systems, and solar investment supported by federal clean energy tax credits
“The Dean Apartments represent more than just bricks and mortar—they embody progress, partnership, and the power of community,” said Katlynn Kretz, SVP Underwriting at Cinnaire. “This site once fostered learning and growth as Eastlawn Elementary, and now it will again serve as a place where lives are shaped—through safe, quality, affordable housing. Cinnaire is proud to partner with River Caddis Communities, Capital Area Housing Partnership, and our financing partners to bring this vision to life and create lasting opportunity for families in Midland.”
The Dean is designed to serve families earning 40%, 60%, 80%, and 120% of the Area Median Income (AMI)—ensuring that working households across Midland, from entry-level employees to middle-income families, have access to safe, high-quality housing.
The Dean’s success reflects the power of collaboration among public, private, and mission-driven partners. Cinnaire played a central role in assembling a multi-layered financing package that made this transformative project possible.
Key financing components include:
- $22 million in federal tax credit equity from Cinnaire Equity Partners, marking the start of a promising new syndicator relationship.
- $21 million mortgage loan provided by CPC Mortgage Company through Cinnaire’s cooperative ownership and Freddie Mac.
- $9 million in predevelopment funding from Cinnaire Lending and CASE Credit Union, helping move the project from concept to construction.
- A $3.25 million Revitalization and Placemaking (RAP) Grant from the Michigan Economic Development Corporation (MEDC).
- A $1 million impact investment from the Midland Area Community Foundation, supporting the Foundation’s commitment to building a more inclusive and resilient community.
- Over $500,000 in land acquisition financing from Eaton Community Bank.
“The Dean is a powerful example of how mission-driven capital can help bring ambitious, community-focused developments to life,” said Steve Getz, Managing Director and Head of Affordable Lending at CPC Mortgage Company. “We’re proud to support projects that expand access to affordable housing while strengthening local economies. Our partnership with River Caddis Communities, CAHP, and Cinnaire reflects our shared vision for inclusive growth and long-term neighborhood resilience.”
The Dean brings together a team of dedicated partners, including Oakwood Construction, Integrated Architecture, PM Environmental, TriTerra, CORE Design and Management, Maner Costerisan, Honigman LLP, Harvest Solar, Source Advisors, Wade Trim, SME, Medallion Management, CBRE Affordable Housing, the City of Midland, and Cinnaire Title.
