CPC Mortgage Company Secures $42.1M Freddie Mac Loan for 315-Unit Affordable Housing Preservation in Inkster, Michigan

CPC, a subsidiary of The Community Preservation Corporation, has structured a $42.1 million permanent loan for the preservation and rehabilitation of Parkside Estates and Demby Terraces — collectively known as Parkside Demby — a 315-unit affordable housing community in Inkster, Michigan, the firm announced July 13, 2026.

The financing supports a full rehabilitation and conversion of the properties under the U.S. Department of Housing and Urban Development's Rental Assistance Demonstration (RAD) program, transitioning the community from public housing to Section 8. All 315 units will remain affordable to households earning at or below 60 percent of the area median income.

Financing Structure and Capital Stack

CPC Mortgage Company provided the permanent financing through a Freddie Mac Targeted Affordable Housing forward commitment, structured as a tax-exempt loan. The construction capital stack included Huntington National Bank as lead arranger and agent of the construction loan, with Deutsche Bank and Associated Bank serving as co-lenders. Cinnaire acted as the Low-Income Housing Tax Credit syndicator, and the Michigan State Housing Development Authority served as the bond issuer.

"Parkside Demby represents the kind of impactful, mission-driven preservation effort that is critical to maintaining and improving our nation's affordable housing stock," said Nicole Ferreira, Head of CPC Capital. "By combining a comprehensive rehabilitation with a RAD conversion, this transaction will not only modernize these homes but also secure their long-term affordability for current and future residents. We're proud to partner with Good Housing Partnership, the Inkster Housing Commission, and the full financing team to bring this important project to fruition."

Rehabilitation Scope and Property Details

The properties are located at 3703 South Henry Ruff Road and 28078 Annapolis Street in Inkster, Michigan, and were developed by Good Housing Partnership in partnership with the Inkster Housing Commission. The rehabilitation program encompasses both exterior and interior improvements across the community.

Planned exterior work includes new roofs, doors, windows, exterior lighting, masonry and siding repairs, fresh paint, enhanced signage, and landscaping upgrades. Interior renovations will include new flooring, lighting fixtures, water heaters, HVAC condenser and furnace replacements, and modernized kitchens and bathrooms. Accessibility upgrades will also be incorporated throughout the community.

"This redevelopment for Demby Terrace and Parkside Estates has been a long time in the making," said Sheena Wells, IHC Acting Executive Director. "Reaching this milestone is incredibly exciting, not just for our agency, but for the residents who call these communities home. It reflects the dedication and the tireless efforts of our staff, consultants and attorneys who worked relentlessly to bring this vision to life. We are proud to move forward in strengthening housing opportunities and enhancing the quality of life for the Inkster community."

Lender and Syndicator Commentary

Mike Land, Huntington Bank Southeast Michigan and Northwest Ohio Regional President, commented on the broader community impact of the transaction.

"Having a dependable, safe place to live can create a financial pathway for people and families to plan for the future and put themselves in a stronger economic position over time," Land said. "Developments like Parkside Demby help make that possible, while improving quality of life and creating long-term stability for individuals, families and communities. We're honored to work alongside like-minded partners to support this affordable housing rehabilitation."

The Michigan State Housing Development Authority also commented on the transaction. "MSHDA is proud to be part of the partnership supporting the rehabilitation of Parkside Demby," said Tony Lentych, MSHDA Chief Housing Investment Officer. "This investment will enhance the quality of life for residents, preserve long-term affordability, and help ensure these homes remain a valuable community asset for generations to come."

About CPC Mortgage Company

CPC Mortgage Company describes itself as one of the nation's only nonprofit-owned Agency mortgage lenders. The company is co-owned by The Community Preservation Corporation, Cinnaire, and National Equity Fund, and offers Freddie Mac, Fannie Mae, and FHA multifamily finance products. Revenue generated by CPC Mortgage Company supports its partners' work in housing and community development.

Sources: CPC Mortgage Company press release, July 13, 2026