$1.77M
Rehab Loan
About the Project
The Shirley is a 4-story, 22-unit residential multi-family property built in 1924 and located in the Gateway neighborhood of Detroit, MI. The building was 100% vacant and severely neglected when the developers acquired it in 2019. The developers spent roughly $1.2M on rehab in 2020 including electrical, plumbing, roof, windows, flooring and appliances. The owners also purchased four adjacent lots in November of 2019, of which a portion were improved for an onsite, gated parking in a paved lot. The Shirley has a mix of studios, one-bedroom and two-bedroom units.
About the Sponsor
Adam Noel and Tom Anderton are the co-sponsors of The Shirley and also provide property management services through their company, Timeless Properties Detroit. The team has developed seven projects in the area since 2016. Tom and Adam and native Detroiters. The invested in another one of their developments, The Charlotte, which recently completed construction and renovations.
Deal Overview
The Detroit Housing for the Future Fund provided a $1.77 million rehab loan to The Shirley for refinancing and light rehabilitation of the property, including replacement of the HVAC to a more efficient system and preserving affordable housing for the next 13 years.
Impact Highlights
Affordable housing - 5% of the units deed restricted at 50% AMI, 55% at 60% and 40% at 80% AMI
New and more efficient furnaces and HVAC will lower heating and cooling costs to tenants
Turning a vacant building into affordable housing for residents
Development led by local development team
*All information above as of March 2023.
Project Gallery
The investment pools sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LISC Fund Management, which is a wholly-owned subsidiary of LISC. LISC Fund Management is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Registration of an investment adviser with the SEC does not imply any level of skill or training. Please visit the SEC’s website at www.adviserinfo.sec.gov to see LISC Fund Management’s Form ADV, which contains important disclosures, including further disclosures about material conflicts of interest, risks, and limitations associated with LISC Fund Management.