Financing supports creation of 80 affordable and workforce homes as part of the redevelopment of the former Kmart site
BATTLE CREEK, MI (August 24, 2026) — CPC Mortgage Company, a subsidiary of The Community Preservation Corporation (CPC), announced today that it has structured an $8.018 million permanent loan for Riverbend at Capital, a to-be-built 80-unit affordable and workforce housing community in Battle Creek, Michigan.
Developed by Edison Community Partners, Riverbend at Capital will transform a long-vacant former Kmart site into a new mixed-use community located at 10 W. Fountain Street, near the Kalamazoo River and downtown Battle Creek. The approximately $30.2 million project includes a four-story residential building with 80 one- and two-bedroom apartments, as well as a multipurpose community center that will house an early childhood learning center, resident amenity space, and additional community services.
Forty-eight of the apartments will be income and rent restricted under a Low-Income Housing Tax Credit regulatory agreement. The remaining 32 apartments are restricted as workforce housing for households earning up to 120 percent of area median income, or approximately $96,840 for a four-person household. The project is expected to be completed in 2027.
CPC Mortgage Company provided the permanent financing through a Freddie Mac 9% LIHTC Unfunded Forward loan, facilitated by Cinnaire. Additional support comes from the Michigan State Housing Development Authority (MSHDA), which awarded 9% Low-Income Housing Tax Credits for the project; the Michigan Economic Development Corporation (MEDC), which awarded a $5 million Revitalization and Placemaking grant; the City of Battle Creek, which approved a 50-year payment in lieu of taxes agreement; the W.K. Kellogg Foundation, which provided grant support; and Battle Creek Unlimited, which owns the former Kmart property and has supported the site’s transition back into productive community use.
“Riverbend at Capital is the kind of thoughtful, mission-driven development that turns vacant land into long-term community value,” said Nicole Ferreira, Head of CPC Capital. “CPC Mortgage Company is proud to provide permanent financing that supports new affordable and workforce homes, expands access to childcare, and helps deliver a durable, high-performance building that can lower operating costs and provide residents with a more resilient home. We’re grateful to Edison Community Partners, Battle Creek Unlimited, MSHDA, MEDC, the City of Battle Creek, the W.K. Kellogg Foundation, and the full project team for their partnership in bringing this important redevelopment forward.”
“Riverbend at Capital is the result of years of hard work and a real community effort to turn a site that sat empty for too long into 80 new affordable homes and a great early childhood education center for Battle Creek,” said Jason Muniz, Partner/Senior Developer at Edison Community Partners. “CPC shared our mission from day one and brought the kind of expertise we needed to navigate such a complex deal. We truly value their partnership in helping us reach closing and get this project into construction for the neighborhood.”
Riverbend at Capital is the first phase of a broader redevelopment strategy for the approximately 10-acre site. Future phases are anticipated to introduce additional mixed-income housing, retail and small-scale commercial space, enhanced public green space, and community amenities that reconnect urban-core neighborhoods with downtown Battle Creek.
The project will pursue Enterprise Green Communities Plus standards and incorporate sustainable design elements including solar carports, electric vehicle charging stations, and high-performance building materials intended to maximize energy efficiency and support net-zero energy operations.
The financing and development structure includes support from the Michigan State Housing Development Authority (MSHDA), which awarded 9% Low-Income Housing Tax Credits for the project; the Michigan Economic Development Corporation (MEDC), which awarded a $5 million Revitalization and Placemaking grant; the City of Battle Creek, which approved a 50-year payment in lieu of taxes agreement; the W.K. Kellogg Foundation, which provided grant support; and Battle Creek Unlimited, which owns the former Kmart property and has supported the site’s transition back into productive community use.
Together, these investments will help address Battle Creek’s need for affordable and workforce housing, expand access to early childhood education, and restore a long-vacant site as a new community asset for residents, families, employers, and the surrounding neighborhood.
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.