To support the rehabilitation of the property, Huntington Community Impact Capital (CIC) is providing $13.1 million in direct LIHTC equity, along with a $5.8 million equity bridge loan to facilitate construction.
Jonathan Rose Companies, the project sponsor, is a valued client of Huntington CIC and Cambridge Towers marks the third development financed together. As one of the nation’s leading developers of affordable, sustainable, and mixed-income multifamily housing, Jonathan Rose Companies owns over 16,000 units and remains focused on the acquisition, preservation, and rehabilitation of affordable housing communities across the country.
The rehabilitation scope of at Cambridge Towers includes significant interior and exterior upgrades to enhance residents’ living conditions. Renovations will feature new kitchens, bathrooms, HVAC systems, electrical and plumbing updates, as well as exterior improvements such as a new roof and façade repairs. Many residents are thrilled that their homes will be modernized with updated appliances and finishes, enhancing their overall comfort and quality of life.
Huntington CIC is pleased to support this critical redevelopment effort, ensuring that senior residents continue to have access to safe, modern, and affordable housing that meets their needs for years to come.