Cambridge Towers

In November 2024, Jonathan Rose Companies acquired Cambridge Towers, located in Detroit’s Evergreen Lahser neighborhood, to safeguard the long-term affordability of this 250-unit HUD project-based Section 8 community serving low-income seniors. The undertaking involved an extensive $11.6 million capital improvement program, delivering comprehensive upgrades to the 14-storey high-rise and modernizing all apartments and building systems.

The property’s Section 8 contract was extended for the full 20-year term. Every unit will remain affordable for at least 30 years to seniors earning approximately 60% of Area Median Income (AMI), with a subset of homes reserved for households at or below 40% AMI. Supported by the Detroit Department of Housing and Rental Development, the City of Detroit renewed the property’s tax abatement for an additional 40 years.

The redevelopment was financed through Federal 4% Low-Income Housing Tax Credits (LIHTCs) paired with tax-exempt bonds, both issued by the Michigan State Housing Development Authority (MSHDA). Huntington Community Development Corporation invested $12.4 million in LIHTC equity and provided a $5.7 million equity bridge loan. Capital One Multifamily Finance originated an FHA Heavy 223(f) first mortgage of $21 million, which cash-collateralized the multifamily housing revenue bonds.

Resident voices played a key role in shaping the scope, with on-site engagement sessions guiding priorities. The resulting renovation focused on enhancing comfort, efficiency, safety and environmental sustainability. 

Apartment upgrades included new kitchen and bathroom cabinetry, hard-surface countertops, luxury vinyl plank (LVP) flooring, energy-saving plumbing and lighting fixtures, stainless-steel appliances, and new air-conditioning units. Security and life-safety systems were strengthened throughout the building.

Shared spaces benefited from modernized security and life-safety systems, new domestic hot water and heating boilers, a rooftop air unit, LVP flooring, and improved lighting.
Funding was allocated for a full-time Resident Services Coordinator, ensuring ongoing resident support and programming to foster community wellbeing.