50 new residential units coming to downtown Cadillac
FOR IMMEDIATE RELEASE April 22, 2025
LANSING, Mich. – Michigan Community Capital is proud to announce the groundbreaking of Cadillac Lofts Phase II. From the exterior, the Phase II building will mirror the existing Cadillac Lofts building that was completed in 2020. Inside, the second 37,000-square-foot building will offer 50 middle-income residential units and 1,300 square feet of commercial space.
The 50 middle-income apartments in the Phase II building will include studio, one-bedroom and two-bedroom units starting at $950/month. Resident amenities include a first-floor fitness room, interior mail/package room, onsite parking, electronic key-fob entry, security cameras, and access to full-time onsite staff. Apartment amenities include stainless steel appliances, in-unit washer/dryers, large windows, and modern finishes.
“This project expands the much-needed housing options in downtown Cadillac for middle-income professionals in the area,” said Marilyn Chrumka, vice president of development at Michigan Community Capital. “We are grateful for the steadfast support of the Cadillac Brownfield Redevelopment Authority, the City of Cadillac, and our funding partners, whose collaboration has been instrumental in bringing this vision to fruition.”
The Cadillac Brownfield Redevelopment Authority (BRA) and the City of Cadillac have been longstanding supporters of the redevelopment. To support this investment in their downtown, they approved an amendment to their brownfield plan adding housing as an eligible activity. The BRA also applied for funding from Michigan Department of Environment, Great Lakes, and Energy (EGLE) on behalf of the project. Additionally, the City will complete public infrastructure improvements adjacent to the project to create additional public parking and improve the sidewalks and streetscape.
“Housing is a critical issue in our community, and the Cadillac Lofts development is helping address it with a transformative multi-family, mixed-use downtown development,” said Marcus Peccia, city manager at the City of Cadillac. “This project will continue to stabilize and grow our base and make our community a destination for those looking to enjoy city life in a rural setting.”
With the support of Congressman Moolenaar, the project was approved for a $2.9-million Community Project Funding grant administered by the Department of Housing and Urban Development (HUD).
“As Michigan’s only member of the House Appropriations Committee, I am proud to support communities across the Second Congressional District with funding to improve our cities and towns. The Cadillac Lofts development project will help revitalize downtown, address the need for affordable housing for young professionals and families in the area, and strengthen the local economy,” said Congressman Moolenaar.
Phase I of the Cadillac Lofts project was completed in 2020, and all residential units were leased within 6 months of opening. The second phase of Cadillac Lofts completes the redevelopment of a contaminated site in the heart of downtown replacing a vacant grocery store and dry cleaners. Once complete, the two-phase, $24-million Cadillac Lofts development will have created 92 year-round, middle-income residential units and roughly 8,800 square feet of commercial space. The project has allowed other local investors to see the demand for rental housing in the city of Cadillac.
The Michigan State Housing Development Authority (MSHDA) supported the project with a $5-million Missing Middle Grant. This funding has allowed the project to create housing for households earning between 60-120% of the area median income (AMI).
“Expanding housing options for Michigan’s workforce is critical to strengthening communities and supporting local economies,” said MSHDA CEO and Executive Director Amy Hovey. “Cadillac Lofts Phase II will provide much-needed, high-quality rental housing for middle-income residents, helping to ensure they have access to safe, modern, and affordable places to live. We look forward to seeing the positive impact this development will have on the city’s downtown and its residents.”
Additional funding supporting the Cadillac Lofts Phase II development includes:
A $817,925 grant to support cleanup of existing contamination at the site from EGLE.
$2.5 million in Revitalization and Placemaking (RAP) grant funds from Michigan Economic Development Corporation (MEDC).
West Shore Bank is providing a construction loan for the project.
See available units at the Cadillac Lofts Phase I development here.
Stay tuned for updates on leasing opportunities and commercial space inquiries.
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. michigancommunitycapital.org
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Hillsdale, Midland, and Rochester Hills welcome ALDI Grocery Stores
FOR IMMEDIATE RELEASE February 20, 2025
LANSING, Mich. – ALDI is investing approximately $13 million to bring new locations to Hillsdale, Midland, and Rochester Hills in eastern Michigan. ALDI will build and equip the three new stand-alone grocery stores which combined will comprise approximately 61,000 square feet of space and feature a range of products including fresh meat and seafood, organic produce, and pantry essentials with approximately 30% of each store’s floor area dedicated to fresh food. The developments are being supported with a $12-million New Markets Tax Credit (NMTC) allocation from Michigan Community Capital (MCC). The new ALDI location in Midland opened in November 2024, while the upcoming stores in Hillsdale and Rochester Hills are slated to open later this year.
The three ALDI stores in Michigan will address the critical need for affordable, fresh food in one non-metro and two metro communities that experience high rates of food insecurity. Each store within the Project Area qualifies as an “Area of Greater Economic Distress” as defined by the Community Development Financial Institution (CDFI) Fund.
ALDI, America’s fastest-growing retailer, offers shoppers groceries at everyday low prices in more than 2,400 stores nationwide. ALDI focuses on the groceries commonly purchased by shoppers, primarily under its exclusive brands, and is committed to providing customers with quality products at the lowest possible prices. ALDI strives to reduce the company’s impact on the environment through an energy efficient store design, including state-of-the-art lighting and refrigeration systems that have reduced energy features and environmentally friendly building materials.
Approximately 27 new full-time equivalent positions will be created to support the new stores. All positions will be accessible to individuals without a four-year degree and will provide industry-leading benefits including competitive wages, health insurance, 401(k) program and paid time off.
“We are thrilled that ALDI continues to invest in Michigan,” said Eric Hanna, president, and CEO at Michigan Community Capital. “At a time when groceries are expensive, ALDI uses its skills in supply chain management and store efficiency to deliver affordable and healthy food where it’s most needed.”
New Markets Tax Credits are a federal subsidy tool administered by the U.S Department of Treasury and designed to attract capital to projects that support low- and moderate-income households and communities. Michigan Community Capital is the only Community Development Entity (CDE) that deploys this resource entirely in Michigan. Since the organization’s formation in 2005, MCC has secured $570 million in NMTC allocation through competitive rounds to support Michigan businesses and communities. MCC uses NMTC’s to support job creation, access to healthy food, and mixed-use projects that include mixed-income housing and commercial businesses that benefit low-income households.
U.S. Bancorp Impact Finance, a U.S. Bank subsidiary, is serving as the New Markets Tax Credit investor on this project. Impact Finance provided $3.65 million in Federal New Markets Tax Credits.
About ALDI
ALDI is America’s fastest-growing retailer, serving millions of customers across the country each month. Our disciplined approach to operating with simplicity and efficiency gives our customers great products at the lowest prices of any national grocery store.* ALDI strives to have a positive impact on its customers, employees and communities by being socially and environmentally responsible, earning ALDI recognition as a leading grocer in sustainability.** In addition to helping protect the planet, ALDI helps customers save time and money through convenient shopping options via in-store, curbside pickup or delivery at shop.aldi.us. For more information about ALDI, visit aldi.us. *According to the 2025 ALDI Price Leadership Report. **According to Progressive Grocer’s 2023 and 2024 Top 10 Most Sustainable Grocers list.
Michigan Community Capital
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. Michigancommunitycapital.org
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Precision Hardwoods production expected to increase by more than 8x.
FOR IMMEDIATE RELEASE January 16, 2025
LANSING, Mich. – Precision Hardwoods Inc., a well-established name in the hardwood production industry, is undergoing a $13-million expansion with New Markets Tax Credit (NMTC) support from Michigan Community Capital (MCC) and PNC Bank. Locally owned in rural Onaway, Michigan, Precision Hardwoods has over 30 years of experience in the forestry industry and specializes in producing high-quality, locally sourced wood products.
With shutdowns of multiple mills across the state over recent years, the company is looking to fill the void and address the increasing need for both softwood and hardwood material. $10 million in New Markets Tax Credit allocation from Michigan Community Capital will be used for the purchase of new advanced equipment, which is expected to increase the company’s production capacity from about 25,000 to approximately 220,000 board feet daily.
In 2024, Precision Hardwoods constructed a new 45,000-square-foot building to house the sawmill equipment purchased with the equity generated from the NMTC allocation including a HewSaw sawline, a debarker, a Carobotech Log system, Pendu Autostacker, and a Pendu CutStock Line. By increasing industrial and grade-lumber to roughly 30 million board feet annually, Precision Hardwoods hopes to provide lumber to 25-30 different companies in 5 different states.
“Being awarded the NMTC is a recognition of Precision Hardwood’s commitment to growth, sustainability, and our community. With this opportunity, we will not only invest in the future of the lumber industry, but also our local community by creating and retaining meaningful employment opportunities that empower individuals and strengthen our economy,” said owner of Precision Hardwoods, Mike Sturgill on behalf of the Precision Hardwoods team. “Together, we are building a foundation for progress-one that supports both industry and the people who drive it forward! Thank you for the opportunity!”
The project is set to retain 7 jobs and create approximately 20 new positions in a NMTC-qualified census tract with a poverty rate of 17.8%. All jobs will be accessible without a four-year degree, and the company will provide specialized training to all employees to help them develop relevant skills. Precision Hardwoods will prioritize local hiring, partnering with Michigan Works! to recruit and hire from the surrounding populations.
Michigan Community Capital contributed $10 million in NMTC allocation to support the expansion.
“Supporting entrepreneurs who are close to their community and also integral to the global supply chain is how we will make Michigan a top 10 state for growth,” said Eric Hanna, president & CEO at Michigan Community Capital. “This is what the New Market Tax Credit program and our work at MCC is all about.”
PNC Bank is providing $3.2 million in NMTC allocation in the deal and will serve as the NMTC investor.
Precision Hardwoods was awarded 2 grants in 2024: one from the Food and Agriculture Investment Program Grant by the Michigan Commission of Agriculture & Rural Development, and another from the Michigan Economic Development Corporation’s Michigan Business Development Program.
Michigan Community Capital
Michigan Community Capital is a 501(c)(3) nonprofit that exists to promote community and economic development, the creation of wealth and job opportunities; and to facilitate investment of private and public capital in Michigan. MCC is focused on driving economic mobility of low- and moderate-income Michigan residents and drives community development impacts in three key areas: Real Estate Development, CDFI lending, and New Markets Tax Credits. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Since 2005, MCC has supported over $1.4 billion in project financing, successfully attracted $510 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units and facilitated the creation and/or retention of over 5,000 high-quality, accessible jobs. michigancommunitycapital.org
