Renovation of a long-vacant building will create new apartments, short-term rentals in a commercial zone, and flexible space for local nonprofits in Muskegon’s Midtown district.
FOR IMMEDIATE RELEASE December 16, 2025
LANSING, Mich.– Michigan Community Capital (MCC) is supporting the transformation of a long-vacant roughly 26,500-square-foot building at 1095 3rd Street into the Muskegon Midtown Center, a 63,000-square-foot mixed-use development that will bring new housing, tourism-focused lodging, and community-serving space to a deeply distressed commercial corridor. MCC is providing $12 million in federal New Markets Tax Credit (NMTC) allocation as well as a source loan through its lending subsidiary, Magnet Lending Corporation.
“This project is more than bricks and mortar for us – it’s an opportunity to create new housing options, support small businesses, and make space for organizations that serve our neighbors every day,” said Frank Peterson, Operating Partner at WheelFish Group, LLC. “Muskegon Midtown Center represents the kind of layered, community-driven investment that can expand opportunity for people who live and work in this district.”
WheelFish Group, LLC will renovate the existing structure and construct a sizable addition to create 56 residential units, 17 of which (30%) will be affordable at or below 80% of area median income (AMI). In addition to apartments, the project will include commercial space for a short-term vacation rental business that is intentionally located in a commercial district, flexible meeting and classroom space for local nonprofits and grassroots groups, and back-of-house space that will support operations at the nearby Hackley Castle Inn and Suites boutique hotel.
“Muskegon Midtown Center is exactly the type of catalytic, mixed-use investment that New Markets Tax Credits were designed to support,” said Eric Hanna, president and CEO at Michigan Community Capital. “By pairing our NMTC allocation with a loan from our subsidiary Magnet Lending Corporation, we are able to help bring new homes, responsibly located short-term rental services, and community-centered nonprofit space to a corridor that has experienced disinvestment for decades.”
The project is located in a census tract which qualifies for NMTC as a “deeply distressed” tract with a poverty rate of 33.7%, median family income at 36% of the area median, and an unemployment rate more than twice the national average. The site is also in an Opportunity Zone and a CDFI Investment Area, underscoring the need for reinvestment and accessible opportunities for residents.
Dudley Ventures / Valley National Bank is serving as the NMTC investor.
“We are proud to be the NMTC investor in the Muskegon Midtown Center. This mixed-use development will create needed quality housing and nonprofit space, as well as support long-term community revitalization,” said Troy McClelland, Vice President of Tax Credit Services at Dudley Ventures. “Our commitment reflects a belief in Muskegon’s future and the power of strategic partnerships to create lasting economic and social impact.”
Muskegon Midtown Vacation Rentals, LLC will lease space for 11 short-term vacation rental units within the mixed-use building. This model aligns with the City of Muskegon’s approach of treating vacation rentals as commercial enterprises and locating them in appropriate commercial zones. Concentrating short-term rentals in the Midtown commercial district helps direct tourism spending toward local businesses and restaurants while preserving the peace and character of residential neighborhoods.
Reset Ventures, a local nonprofit that has deployed more than $3 million to support community organizations since 2021, plans to lease space for community-oriented meeting and classroom facilities. The space will be available to smaller nonprofits and grassroots groups that often lack access to affordable, professional venues for their work. Planned uses include neighborhood organizing meetings, skills-building classes, nonprofit retreats, and community forums that strengthen local networks and civic engagement.
Hackley Castle Inn and Suites, a boutique hotel under construction in a former 1890s school building across the street, is expected to lease lower-level space in Muskegon Midtown Center for storage, staff training, and other operational needs. This arrangement will help preserve guest-facing areas in the historic hotel while supporting efficient day-to-day operations.
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 Entity (CDE) and through its affiliate, Magnet Lending Corporation, a certified Community Development Financial Institution (CDFI). 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.
###
Renovation of Shed 7 will modernize Detroit’s historic food hub, expand refrigerated space for urban growers, and strengthen regional food system.
FOR IMMEDIATE RELEASE September 30, 2025
LANSING, Mich. – With support from Michigan Community Capital (MCC), the Eastern Market Partnership (EMP), together with its subsidiary Eastern Market Development Corporation (EMDC), is renovating and expanding the outdated Shed 7 building to create an approximately 43,000-square-foot cold chain- and Food Safety Modernization Act-compliant space. MCC has provided $10.75 million in New Markets Tax Credit (NMTC) allocation in addition to a bridge loan.
NMTC proceeds from MCC will fund upgrades to the facility to ensure cold chain compliance, installation of additional refrigeration to support smaller growers, security improvements to protect food safety, and upgrades to mechanical and electrical systems. Magnet Lending Corporation, a subsidiary of MCC, will provide a bridge loan of approximately $5.26 million for a $12-million grant from Michigan Department of Agriculture and Rural Development (MDARD).
“Michigan Community Capital is proud to support the Shed 7 redevelopment with both New Markets Tax Credits and bridge financing,” said Liz Alexandrian, Vice President of Lending at Michigan Community Capital. “This project not only strengthens Detroit’s historic Eastern Market but also expands opportunities for small growers, urban farmers, and food entrepreneurs who are vital to the city’s future. By modernizing this facility, we are helping ensure food safety, preserving critical jobs, and investing in a food system that delivers fresh, healthy produce to communities across the region.”
The Shed 7 project is vital to the Eastern Market area and Detroit’s Eastside. It will retain the building’s primary tenants, including RJR Distribution, LLC (RJR), Frank’s Deli and Grill, and Tocco’s Fresh Produce, while providing affordable refrigerated space to regional farmers and 20+ urban farming organizations. Detroit’s historic Eastern Market is a wholesale food hub where over 54 million pounds of produce were sold in 2023. The organization also operates seasonal markets and partners with groups such as the Detroit Black Farmer Land Fund and Oakland Avenue Urban Farm to expand access to minority- and women-owned growers.
Eastern Market Partnership, acting as the economic development organization for the greater market district under a management agreement with the City of Detroit since 2006, created EMDC as a nonprofit real estate development organization to serve as the direct sponsor of the project.
“Eastern Market is an anchor of Detroit’s economy, a platform for local entrepreneurs, and a catalyst for regional food systems,” said Katy Trudeau, President and CEO of Eastern Market Partnership. “Shed 7 brings our mission to life by creating space that reflects the diversity and talent of our food economy and by removing barriers for growers who’ve long been underserved.”
The project will track produce volume and transportation efficiency, including pallets moved and truck logistics. EMP anticipates the investment will double food volume sold at the market and expand its Mobile Markets program from 15 to over 40 locations across Wayne County, increasing fresh produce accessibility in underserved areas.
Located at 3445 Russell Street, Detroit, the project qualifies for NMTC in a “deeply distressed” census tract with a median family income at 33% of the area median, a 44.8% poverty rate, and 22.8% unemployment (over four times the national average). The project is expected to create 17 construction jobs and retain or create 36 permanent positions through the facility’s tenants.
“For J.P. Morgan, supporting the renovation and expansion of Shed 7 reflects our commitment to Detroit,” said Melissa Pillars, Executive Director of Community Development Banking, J.P. Morgan. “This facility is an investment in Detroit’s food businesses and urban farmers and strengthens Eastern Market as a space where local entrepreneurs, culture, and community come together. We’re proud to partner with Michigan Community Capital and Eastern Market to create new opportunities.”
Project Financing Overview
MCC NMTC allocation: $10.75 million
Invest Detroit NMTC allocation: Approximately $4.65 million
NMTC investor: Chase Community Equity, LLC
Other loan sources include grants from MDARD and the Gilbert Foundation.
“Invest Detroit has been a proud partner of Eastern Market for many years, and we are thrilled to help finance this important project,” said Marcia Ventura, Senior Vice President of Lending at Invest Detroit. “By providing subsidized cold storage space, especially for Detroit’s urban farmers, we’re helping more locally grown produce reach consumers quickly and safely. This investment is expected to triple sales for local growers, strengthening the food system and creating new opportunities for small- and mid-sized producers across the city.”
The Shed 7 renovation represents a significant step in strengthening Detroit’s regional food system, providing modern, scalable infrastructure for urban and minority-owned farmers, ensuring food safety, and catalyzing economic development in a historically underserved community.
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.
###
This project will renovate five buildings and 22 residential units in Detroit.
FOR IMMEDIATE RELEASE August 6, 2025
LANSING, Mich. – Michigan Community Capital provided a $2,250,000 real estate construction loan to finance capital improvements to five existing affordable rental properties, preserving affordability for nearly 50 low-income residents across 22 units in the city of Detroit. The redevelopment is being led by the Church of the Messiah Housing Corporation (CMHC) and Capital Area Housing Partnership (CAHP). The loan was provided to Bridgeview III Limited Dividend Housing Association Limited Partnership (BV III) through the Low-Income Housing Tax Credit structure.
“Rising rents and the limited supply of affordable housing has resulted in an affordable housing crisis in Detroit. We are deeply grateful to our funding partners the Opportunity Resource Fund, City of Detroit, Marble Cliffs Capital, Michigan Community Capital (Magnet Lending Corporation), Cinnaire Lending, and Enterprise Community Partners for making this project a reality,” said Richard Cannon, executive director at the Church of the Messiah Housing Corporation.
Additional funding for the project includes an investment of more than $1.9 million in tax credit equity from Marble Cliff Capital and permanent financing from Cinnaire through a new small loan program geared specifically for developments such as Bridgeview III. The Opportunity Resource Fund provided more than $250,000 in predevelopment funding that was paid back at closing. Other predevelopment funds were provided by Enterprise Community Partners, Inc. through the City of Detroit’s Preservation Program and a HUD Section 4 grant.
“Diversity doesn’t always mean race or gender. In the context of neighborhoods, it also means income,” said Eric Hanna, president and CEO at Michigan Community Capital. “Maintaining and preserving affordable housing will ensure that new investment in many of Detroit’s neighborhoods is blended with its existing housing and create opportunities for relationships and community to form organically across all income bands. We’re thrilled to support such work with such strong partners.”
Capital improvements will include energy upgrades, HVAC, new roofs, parking lot repairs, carpeting, bathroom and kitchen upgrades, appliances, repairs to exterior stairs and patios and landscaping. There are multiple long-term tenants who have lived in the units for over a decade. Current tenants will be temporarily relocated during the renovations at no direct expense to them and they will be able to return to their same units.
“Cinnaire is proud to support Bridgeview III,” said Sarah Greenberg, president, Cinnaire Lending. “Through our new small loan program, we’re ensuring that high-quality, family-sized affordable housing remains accessible in Detroit neighborhoods where it’s needed most. This investment not only preserves affordability for current residents but also supports local jobs and strengthens the fabric of the community.”
CMHC has provided affordable rental units large enough for families for over 30 years. Between the five properties there are four (4) two-bedroom units and 18 three-bedroom units. Seven units will be made available to very low-income families (20%-40% Area Median Income (AMI)), and the remaining 15 units will be available to families earning 60% AMI or lower.
Three property management jobs will be retained because of this project, and 45 construction jobs will be created or retained.
BV III is less than two blocks from one of Detroit’s most famous and most used thoroughfares, Jefferson Avenue. Jefferson Avenue is a 63.71-mile-long scenic road along the eastern part of the Detroit metropolitan. It travels alongside Lake Erie, the Detroit River, and Lake St. Clair. This road also provides access to many recreational facilities in the area. West Jefferson Avenue is primarily commercial, while East Jefferson Avenue contains a historic residential district. There are many grocery stores, businesses, office buildings, and apartment buildings along the way in addition to the churches, schools, medical facilities and other amenities right in the neighborhood.
“Preserving affordable housing is just as important as building new units—especially when that housing has served Detroit families for generations,” said Julie Schneider, director of the City of Detroit’s Housing and Revitalization Department. “The Bridgeview III renovation ensures that 22 households will continue to have access to safe, modern, and affordable homes without displacement. We’re proud to support this effort and to work alongside partners who are committed to maintaining the dignity, stability, and opportunity that quality housing brings to our communities.”
Church of the Messiah Housing Corporation originally developed Bridgeview I (BV I) and Bridgeview II (BV II) in the early 2000s with LIHTC equity and City of Detroit HOME funds. The units have been consolidated into a new entity BVIII.
Capital Area Housing Partnership is a mission-based nonprofit focused on developing strong and diverse neighborhoods, emphasizing affordable housing, homeownership opportunities, and financial security. We envision healthy and vibrant communities created by supportive services and opportunities that lift individuals and families to secure a safe, quality, and affordable place to call home. Our work is more than bricks and mortar. Housing is an equal right for all, and we remain steadfast in building opportunities and transforming possibilities for people and our neighborhoods. CapitalAreaHousing.org
About Church of the Messiah Housing Corporation
CMHC has been developing and providing safe, decent, and affordable housing for low and very low-income households in Detroit since 1978. CMHC seeks to foster community-based economic development for Detroit entrepreneurs and increase economic and housing stability for very low-income residents living in under-resourced communities in Detroit. CMHC promotes equitable development so that BIPOC and low-income households can stay in place and benefit from amenities created by public and private investments. www.messiahhousing.org.
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.
