Investing in Projects that Deliver Opportunity for Detroit’s Neighborhoods
For nearly a decade, Capital Impact Partners has developed its place-based strategy in Detroit to deliver financial and social impact to the city’s residents and neighborhoods. In Detroit, we partner with local developers, community-based organizations, city departments, and mission-driven lenders to increase residents’ access to services and amenities.
Since 2010, Capital Impact Partners has committed over $250 million of financing towards projects in the city, providing quality and affordable housing for more than four thousand residents.
The $30 million Detroit Neighborhoods Fund, supported by JPMorgan Chase, is a critical part of this work in Detroit.
Through this Fund, we have been able to provide financing to 11 high-impact projects in seven neighborhoods. As part of our strategy into 2025, we are looking to provide additional financing for multifamily residential properties and mixed-use real estate developments.
Our goal is to partner with developers across a variety of Detroit neighborhoods, including areas the city has targeted as priority neighborhoods for development. Through this effort, we can return vacant properties to productive use, underwrite “missing middle” projects that fill gaps in the neighborhood fabric, increase access to neighborhood retail, and provide housing for residents across the income spectrum.
Detroit Neighborhood Fund Highlights:
- Supporting multifamily rental housing and mixed-use real estate developments located within the city of Detroit.
- Conforming loans made to eligible borrowers to finance construction and/or permanent loans.
- Preference given to projects that make at least 20 percent of units available to people with low and moderate incomes and projects with a food component that are located in areas shown to have low access to fresh, healthy foods.
- Preference given to projects that are led by developers of color.
Advantages of borrowing through Capital Impact Partners:
- With an office in Detroit, we have invested more than $250 million locally to projects including mixed-use developments, multifamily affordable and workforce housing, health care facilities, healthy food businesses, and education facilities.
- Through our Equitable Development Initiative, we are experienced in working with developers of color in Detroit and are familiar with local market conditions.
- Our on-the-ground team and local partnerships allow us to leverage our networks and resources for broader impact.
- As a mission-driven organization, we are committed to supporting projects that create social and economic justice.
It’s our mission to continue providing strong support and advocate for Detroit’s economic future, working with Capital Impact Partners to help create and maintain thriving communities. This fund not only contributes to vital development projects, but it is a catalyst for job creation, affordable housing and economic opportunities for the Detroit community. We’re committed to ensuring that all Detroit residents have access to lasting opportunities to benefit from the city’s ongoing recovery.
Community Development Banking, Chase
Financing Projects that Support Inclusive Growth:
|DETROIT NEIGHBORHOOD FUND FINANCING
Construction and Permanent Loan Examples
|Deal Name & Location||Loan Amount||Impact|
|The Garland Building
|$1,030,000||First mixed-use development on the Kecheval commercial corridor, including a butcher shop|
|The Coe at Van Dyke
|$1,906,000||Ground-up construction of a mixed-use development led by a developer of color|
|B. Siegal Detroit
|$2,875,000||First mixed-use development on the Livernois Avenue of Fashion, including multiple local retail tenants|
|$2,440,000||Gut rehab of the former Packard Plant Automobile Showroom into a 38-unit multifamily development|
|655 W. Willis
|$1,750,000||Ground-up construction of a mixed-use development led by a developer of color|
|Murray Townhomes Hubbard Farms||$1,600,000||Gut rehab of a historic row of townhomes in Southwest Detroit led by a developer of color|
Stories of Impact
In addition to our work through the Detroit Neighborhoods Fund, Capital Impact works throughout the city to support community efforts for continued inclusive growth. These are just a few examples of that work or how we can support your project.
Partnerships Hold Immense Power in Redeveloping Cities
Learn more about how our partnerships with mission-aligned organizations like JPMorgan Chase have helped support change throughout Detroit.
Looking for a Partner to Support Your Project?
We can do everything from acquisition through permanent financing, with a focus on real estate-backed loans of $1 million and up.