Jonathan Rose Companies, a leading mission-driven real estate investment and development firm, today announced the acquisition of Crosstown Parkway Apartments (“Crosstown”), a 201-unit, affordable housing community designated for elderly residents located at 550 W Crosstown Parkway in Kalamazoo, Michigan, for $20.5 million.
The acquisition was financed with a $19.1 million loan from Freddie Mac arranged by Berkadia.
Jonathan Rose Companies will be undertaking an $8.6 million rehabilitation of the property, including upgrades to unit interiors, building systems and shared spaces, as well as energy efficiency enhancements aimed at achieving Enterprise Green Communities (EGC) certification. In addition to physical and environmental improvements, the firm will also be deepening Crosstown’s social impact by establishing a full-time resident services coordinator to help residents navigate benefits, healthcare and other critical resources…