164 New Affordable Homes for Existing Residents Mark a Major Milestone in Transforming Madison’s Historic Triangle Neighborhood
Madison, WI, (Sep. 29, 2025) — CPC Mortgage Company, a subsidiary of The Community Preservation Corporation (CPC), announced today that it structured a $16.4 million Freddie Mac Targeted Affordable Housing (TAH) forward commitment for the permanent financing of Taking Shape B1, the first phase of Taking Shape, Our Triangle, a transformative redevelopment in Madison, Wisconsin’s, Triangle neighborhood.
Developed through a partnership between the Community Development Authority of the City of Madison (CDA) and New Year Investments, Taking Shape B1 will deliver 164 new affordable homes for existing residents of the Triangle. Located at 755 Braxton Place, the project is part of a multi-phase plan to reimagine and revitalize the Brittingham Apartments, Gay Braxton Apartments, Karabis Apartments, and Parkside Highrise and Townhouses—collectively known as the CDA Triangle Sites.
Key partners in the financing and development of Taking Shape B1 include the Wisconsin Housing and Economic Development Authority (WHEDA), serving as the tax-exempt bond issuer; U.S. Bank, acting as the construction lender; National Equity Fund, the project’s Low-Income Housing Tax Credit (LIHTC) syndicator; and Baker Tilly, providing expertise as the project’s consultant.
“Taking Shape B1 is a powerful example of how thoughtful design and public-private partnership can deliver housing that meets the needs of residents while honoring the character of the community,” said Anthony Annunziato, Senior Director, CPC Mortgage Company. “We’re proud to support the CDA and New Year Investments in bringing this vision to life and grateful to the WHEDA, U.S. Bank, National Equity Fund, Baker Tilly, and all of our partners for their continued commitment to affordable housing.”
“Taking Shape, Our Triangle is more than a redevelopment—it’s a reinvestment in the people who call this community home,” said Anne Neujahr Morrison, Principal at New Year Investments. “With Taking Shape B1, we’re laying the foundation for a vibrant, inclusive future that reflects the voices and values of Triangle residents. We thank CPC Mortgage Company and all our partners for helping us take this critical first step.”
Bound by Regent Street, South Park Street, and West Washington Avenue, the Triangle sits on Madison’s west isthmus adjacent to Brittingham Bay. The 10-acre site is shared with the Bayview Foundation and two medical buildings, making it a prime location for essential housing in an amenity-rich neighborhood with proximity to Madison’s Central Business District and the University of Madison – Wisconsin.
The development will feature innovative, sustainable architecture designed to promote healthier living for people and the planet. All 164 units will be affordable to households earning at or below 60% of the Area Median Income (AMI). The building will include modern amenities, accessibility features, purpose-built spaces for service providers, and resident gathering areas to foster connection and wellbeing. Expanded green spaces and pedestrian and bike paths will enhance connectivity for residents and neighbors alike.
A groundbreaking ceremony for Taking Shape B1 took place on Aug. 13, 2025, bringing together residents, neighbors, community stakeholders, and project partners to celebrate the beginning of this landmark development.
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CPC Mortgage Company is one of the nation’s only nonprofit-owned Agency mortgage lender bringing social impact and a nonprofit mission to the mortgage lending industry. This innovative model leverages the unique expertise of its owners, The Community Preservation Corporation, Cinnaire and National Equity Fund, with the goal of bringing flexible capital to communities to expand and preserve affordable and workforce housing. The company offers a suite of Freddie Mac, Fannie Mae, and FHA multifamily finance products. Revenue generated by CPC Mortgage Company supports its partners’ work to create a positive social impact through investments in housing and community development. Visit CPC Mortgage Company on the web and on LinkedIn, Twitter, & Facebook.