Cinnaire Lending has announced the closing of a $5 million revolving pre-development line of credit to The Michaels Organization, a national leader in residential real estate with full-service capabilities in development, property management, construction and investment.
The line of credit will enable Michaels to advance its mission of creating sustainable, affordable housing solutions for communities in need, supporting the development of more than 700 affordable apartment homes across three multi-family properties located in Camden, NJ; Honolulu, HI; and Guaynabo, PR. These targeted developments will address the critical shortage of affordable housing in these regions, offering high-quality, safe, and affordable homes to families and individuals.
“We are thrilled to partner with Cinnaire on this transformative initiative,” said Kelly DeJoy, Vice President – Capital Markets at Michaels. “This funding is crucial in our efforts to develop affordable housing that meets the diverse needs of our communities. With this support, we can ensure that more families have access to safe, stable, and affordable homes in Camden, Honolulu, and Guaynabo.”
The financial closing occurred on June 26, 2024, and represents the first transaction of its kind between Michaels and Cinnaire.
Cinnaire’s investment underscores its commitment to fostering community development and economic growth through strategic partnerships and financial support. The organization’s focus on high-impact investments aligns seamlessly with Michaels’ vision of building communities that lift lives for all residents.
“Supporting Michaels in their efforts to create affordable housing is aligns ideally with our mission at Cinnaire,” said Jake Stern, SVP Business Development at Cinnaire. “We are proud to provide this line of credit to facilitate the development of these essential housing projects. Together, we are making a lasting impact on communities and improving the quality of life for countless individuals and families.”
The three developments will include a variety of amenities and services designed to enhance residents’ quality of life, including community centers, recreational spaces, and access to essential services. By focusing on holistic community development, Michaels and Cinnaire aim to create vibrant, thriving neighborhoods that foster economic stability and social well-being.
