Detroit
A troubled Detroit apartment community has been given a second chance by Building Blocks Non-Profit Housing Corp. and Chesapeake Community Advisors. They completed the rehabilitation of the newly named River Crest Apartments in 2016.
Before being rehabilitated and repositioned, the old Colony and Fisher Arms was infamous for its crime and poor condition. Undeterred by its reputation, developers have renovated the property and upgraded security to turn the community around.
Residents have a new lobby at the River Crest Apartments.
Financing the $24.4 million project involved multiple sources of funding, including historic and low-income housing tax credits syndicated by Cinnaire. The developers took the project through the federal Mark-to-Market program for mortgage restructuring to accompany a new 20-year Sec. 8 contract.