Equity Bridge Loan
Modular Home Manufacturing Facility
Potal Project Costs
As cities search for realistic solutions for affordable housing, Optimum Modular shines as a star model for high-quality modular buildings. Located in a highly-distressed census tract in Romulus, Michigan, the company will be able to produce standardized modules at an offsite factory, then connect them on-site at a final destination. This approach has been shown to result in higher-quality building, shorter building time frame, more predictable costs, and fewer environmental impacts. Owned by Ginosko Development Company, Optimum Modular will facilitate the development of a 105,000 SF modular home manufacturing facility thanks to a $10MM equity bridge loan from the Black Economic Development Fund.
About the Project
Optimum Modular is manufactured housing producer and will be creating standardized modules of an apartment building in a new 105,000 SF factory located in Romulus, Michigan. These modules are then connected on-site at a final destination.
About the Sponsor
The sponsor for this project is a Black-owned and -led multifamily residential housing development, construction, ownership, and management organization, Ginosko Development Company. Ginosko was founded in 2002 by Amin Irving and John Hayes and is a member of the Michigan Minority Contractors association.
The Black Economic Development Fund facilitated a $10mm equity bridge loan to the Sponsor for the development of a 105,000 SF modular home manufacturing facility. The project includes the acquisition, construction, and operations of the facility, with total project costs at $22MM.
Bringing job opportunities and economic activity to a highly distressed (16.4% unemployment) census tract and Qualified Opportunity Zone
Modular housing can decrease the cost of housing development, resulting in lower sales price and/or rental cost for a low-income neighborhood
Creation of jobs prioritizing the hiring of disadvantaged workers and Southeast Michigan residents
Time-saving building delivery bringing reduced costs and fewer environmental impacts
*All information as of October 2022
*All information above as of March 2023.
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