Fund 29 Delivers Essential Equity to 23 Projects in Five States
Cinnaire (Cinnaire) is pleased to announce the closing of its most recent fund, Cinnaire for Housing Limited Partnership 29, or Fund 29, with $138.5 million raised to support affordable housing across the Midwest.
Thirteen investors contributed to Fund 29, comprised of 12 banks and 1 insurance company. Two investors are new to Cinnaire’s housing equity funds. “Great communities depend on great places to live, and with this much equity, we are in a position to finance a lot of great places to live,” President and CEO Mark McDaniel remarked. “Equity from this Fund will support thousands of families, seniors, and citizens with special needs, in twenty-three different communities across the Midwest.”
The funds will support twenty-three community development projects in Michigan, Illinois, Indiana, Minnesota and Wisconsin. The community development projects will add 2,119 units of affordable housing to the Cinnaire portfolio, which now totals over 35,000 housing units. Fund 29 includes twelve multifamily properties, six senior living properties, three projects that combine multifamily and senior living, and two projects that combines multifamily and special needs.
