By Joshua Ayers, Senior Editor
Battle Creek, Mich.—Great Lakes Capital Fund, along with other collaborative partners, announced the completion of Silver Star Apartment Homes’ Phase II, which will bring an additional 100 units to the Battle Creek, Mich., housing market.
Silver Star Apartment Homes, which is the cooperative effort of Great Lakes Capital Fund (GLCF), Michigan State Housing Development Authority, the Department of Veteran Affairs, Frontier Development Group, Medallion Management and several other private and non-profit agencies, delivered the first phase of the veteran housing development in 2009, which is currently serving 75 formerly homeless veterans. Phase I went on to receive nation-wide attention with a nomination for the 2010 Affordable Housing Finance Readers’ Choice Awards Special Needs category.
GLCF, which initially provided $4.7 million in financing for Phase I, nearly tripled its funding with more than $12 million in equity to help bankroll Silver Star’s Phase II. Additionally, Michigan State Housing Authority has approved a home loan in the amount of $2.7 million and permanent loan financing in the amount of $1.3 million for Phase II.
“Silver Star holds a special place in my heart,” says Mark McDaniel, president and CEO of GLCF. “It has been a hurling effort to develop this community to serve our nation’s veterans. My grandfather was one of the ‘Custer Men’ who served in the 85th Division 310th Engineers Company F during World War I. He trained here, went to war, and for the last two of his 96 years, lived next to at the VA Hospital. The support of our investors and the developers’ passion to serve veterans honors not only his commitment, but that of the hundreds of thousands who have come after.”
The community is located next to the Battle Creek Veterans Administration Medical Center, which specializes in primary and secondary levels of medical care including acute chronic psychiatric care, substance abuse and ambulatory care. It serves about 131,800 enrolled veterans.
Silver Star was designed by Progressive AE Architects and developed by Frontier Development Group. Medallion Management provides property management services.
“Silver Star is the best demonstration of how the housing first model, coupled with readily available support services, provides positive life changes for residents who have profoundly given their service for our country and the freedoms we enjoy,” says Marv Veltkamp, managing member for Frontier Development Group.