Financing supports comprehensive modernization of Parkside Estates and Demby Terraces
INKSTER, MI (July 13, 2026) — CPC Mortgage Company, a subsidiary of The Community Preservation Corporation (CPC), announced today that it has structured a $42.1 million loan for the preservation and rehabilitation of Parkside Estates and Demby Terraces (“Parkside Demby”), a 315-unit affordable housing community in Inkster, Michigan.
Developed by Good Housing Partnership in partnership with the Inkster Housing Commission (IHC), the project is located at 3703 South Henry Ruff Road and 28078 Annapolis Street. The properties will undergo a full rehabilitation and conversion under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program, transitioning 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.
CPC Mortgage Company provided the permanent financing through a Freddie Mac Targeted Affordable Housing forward commitment structured as a tax-exempt loan.
“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.”
The financing structure includes Huntington Bank, which served as the lead arranger and agent of the construction loan, with Deutsche Bank and Associated Bank as co-lenders. Cinnaire acted as the Low-Income Housing Tax Credit syndicator, and the Michigan State Housing Development Authority (MSHDA) served as the bond issuer.
“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.”
“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,” said Mike Land, Huntington Bank Southeast Michigan and Northwest Ohio Regional President. “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.”
“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.”
The rehabilitation will include extensive upgrades to both the site and residential units. Planned improvements include repairs to concrete walkways, enhanced signage, and landscaping upgrades across the property. Exterior building improvements will feature new roofs, doors, windows, exterior lighting, masonry and siding repairs, and fresh paint. Interior renovations will include new flooring, lighting fixtures, water heaters, HVAC condenser and furnace replacements, as well as modernized kitchens and bathrooms. Accessibility upgrades will also be incorporated throughout the community.
Together, these improvements will enhance the quality, safety, and sustainability of the housing while preserving a critical source of affordable homes in Inkster.
About CPC Mortgage Company
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.