Cinnaire (Cinnaire) is pleased to announce the closing of its most recent fund, Cinnaire for Housing Limited Partnership XXVIII, or Fund 28, with $109 million raised to support affordable housing across the Midwest.
Seven investors contributed to Fund 28, comprised of 5 banks and 2 insurance companies. One investor is a first time Housing Tax Credit investor, and contributed $25 million to the Fund. The funds will support seventeen community development projects in Michigan, Illinois, Indiana, and Wisconsin. The community development projects will add 1,040 units of affordable housing to the Cinnaire portfolio, which now totals over 31,000 housing units. Fund 28 includes ten multifamily properties, two senior living properties, two properties serving those with special needs, two projects that combine multifamily and senior living, and one project that combines multifamily and special needs.