THE DEAN — APARTMENTS
AT EASTLAWN
MIDLAND, MICHIGAN, 2026
Welcome to The Dean — Apartments at Eastlawn (The Dean), a vibrant new addition to Midland, Michigan, offering a fresh perspective on community living. Nestled at 115 Eastlawn, this groundbreaking development is strategically positioned at the heart of Midland’s amenities, including parks, schools, and a state-of-the-art community center, enhancing the quality of life for its residents.
With 204 meticulously designed units spread across seven buildings, The Dean is set to be the largest housing development Midland has seen in over 25 years. Catering to a wide range of income levels, from 40% to 120% AMI, we're building more than just apartments—we're creating opportunities for a diverse and thriving community.
The Dean promises an inclusive, mixed-income living experience with professional services to support financial empowerment for its residents. Embrace the convenience of living within walking distance to downtown and Midland’s retail corridor, in a neighborhood designed for walkability and accessibility.
Join us at The Dean — Apartments at Eastlawn, where community meets convenience, and discover your new home in Midland.
THE DEAN NEWS AND UPDATES
Aerial rendering of The Dean by Integrated Architecture, Sept. 2025. Courtesy of River Caddis Communities.
River Caddis Communities Closes $59 Million Financing for The Dean – Apartments at Eastlawn in Midland, MI
Collaborative contributions from funding partners will ensure working households have access to safe, high-quality housing.
MIDLAND, Mich., Sept. 15, 2025 — River Caddis Communities (RCC), in partnership with the Capital Area Housing Partnership (CAHP), is proud to announce the closing of financing for The Dean – Apartments at Eastlawn (The Dean), a $59 million affordable and workforce housing development that will transform a former school site into a vibrant new community.
Over the past year, RCC has successfully closed financing for 432 new homes, a milestone that underscores its mission to provide safe and dignified housing options that empower families across mid-Michigan. Formed in 2024, RCC is dedicated to tackling Michigan’s affordable housing challenges by creating inclusive, sustainable communities.
A New Chapter for a Historic Site
The Dean will be built on a 6.4-acre site once home to Eastlawn School, which served the community from 1947 to 2017. Upon completion in 2027, the development will feature:
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Six three-story residential buildings with 204 units (102 one-bedroom, 102 two-bedroom)
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A state-of-the-art clubhouse and leasing center
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A community hub with gathering spaces, outdoor amenities and walking/biking connections that tie into the existing neighborhood network
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Sustainable features including bike repair stations, energy-efficient design and solar investment supported by federal clean energy tax credits
“The Dean is more than housing — it’s an investment in Midland’s future,” said John McGraw, CEO of River Caddis Communities. “By transforming a vacant school property into a thriving residential community, we’re creating opportunities for families across a broad spectrum of incomes while strengthening the fabric of the neighborhood.”
The Dean will provide housing for families earning up to 40%, 60%, 80%, and 120% of the Area Median Income (AMI), ensuring that working households across Midland — from entry-level employees to middle-income families — have access to safe, high-quality housing. Rents are designed to remain deeply affordable, ranging from 11% to 52% below current market levels, making it possible for families to stay and thrive in the community. In addition, all utilities will be covered by the landlord, protecting residents from rising energy costs and delivering true housing stability. Together, these commitments ensure that The Dean doesn’t just add apartments to Midland — it strengthens the local workforce, supports family budgets and creates lasting community resilience.
"Community grows where people come together, share experiences, and feel they belong,” said Emma Henry, Executive Director of Capital Area Housing Partnership. “This development will provide 204 families more than quality, affordable homes — it will connect them to a thriving, welcoming neighborhood where they can truly put down roots.”
Transformative Public–Private Partnership
The Dean’s success is powered by collaboration across state agencies, financial institutions and mission-driven partners. This $59,000,000 development would not be possible without the support of key financial partners.
“The Dean is a powerful example of how mission-driven capital can help bring ambitious, community-focused developments to life," said Steve Getz, Managing Director, Head of Affordable Lending, CPC Mortgage Company. "At CPC Mortgage Company, we’re proud to support projects that expand access to affordable housing while strengthening local economies. We’re grateful for River Caddis Communities, the Capital Area Housing Partnership, Cinnaire and all of our partners who share our vision for inclusive growth and long-term neighborhood resilience.”
The Michigan State Housing Development Authority (MSHDA), played a pivotal role in awarding $30,000,000 in Tax-Exempt Bonds via their Pass Through Bonds program, utilizing low-income housing tax credits (LIHTC) to finance costs of constructing the affordable multifamily housing development. Through a private placement, Huntington Bank will serve as the construction lender. The Sturges Company underwrote the Short-Term Cash-Collateralized Tax-Exempt Bonds with institutional investors. In addition to the approximately $37,000,000 Construction Loan, the development team executed a forward commitment for approximately $21,000,000 with CPC Mortgage Company through Cinnaire’s cooperative ownership and Freddie Mac to serve as the permanent Tax-Exempt Bond Purchaser. The Dean was approved for investment tax credits (ITC) under IRS section 48(e), which was added to the Inflation Reduction Act of 2022 (IRA), to promote cost-saving clean energy investments. The Michigan Economic Development Corporation (MEDC) awarded an additional $3,250,000 million dollar grant through Revitalization and Placemaking (RAP) Funds. The Midland Area Community Foundation (Community Foundation) invested $1,000,000 of impact funding to support this catalytic development in their efforts to build up the community. Eaton Community Bank provided over $500k for the land acquisition. Cinnaire Lending and CASE Credit Union provided access to $9,000,000 in predevelopment funding, which was invaluable in achieving this milestone. Cinnaire Equity Partners provides substantial investment of approximately $22,000,000 in federal tax credit equity, which marks the beginning of a long and promising syndicator relationship. The resilience and unwavering support of our financial partners throughout these market headwinds has been a true testament to the strength of our partnerships.
“It’s no exaggeration to say a project of this scale takes a village,” said McGraw. “We couldn’t be more grateful for the partners and supporters who have worked so hard to bring this vision to life. We’re striving to create a community that will benefit Midland well into the future — and that’s not possible without the incredible work of everyone involved.”
This project would not be possible without the contributions of the following development partners: Oakwood Construction, Integrated Architecture, PM Environmental, TriTerra, CORE Design and Management, Maner Costerisan, Honigman LLP, Harvest Solar, Source Advisors, Wade Trim, SME, Medallion Management, CBRE Affordable Housing, City of Midland and Cinnaire Title.
About River Caddis Communities
River Caddis Communities (RCC) was established in 2024 with a mission to address Michigan’s affordable housing crisis by developing safe, inclusive and sustainable communities. Our mission is to foster thriving communities by providing affordable housing options that empower individuals and families to achieve their full potential.
About Capital Area Housing Partnership
Capital Area Housing Partnership is a 501(c)(3) nonprofit and HUD-approved Housing Counseling Agency with over 30 years of experience leading neighborhood revitalization efforts through creating and preserving affordable housing options paired with supportive services for residents throughout Michigan.
About CPC Mortgage Company
CPC Mortgage Company is one of the nation’s only nonprofit-owned Agency mortgage lenders 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.
News Links:
https://www.connectcre.com/stories/river-caddis-closes-59m-financing-for-mi-apartments/