Vester Flats is a new mixed-use residential development in downtown Ferndale, bringing 72 mixed-income apartments and nearly 1,600 square feet of retail space to a previously underused parking lot. The project supports households earning between 50% and 120% of Area Median Income (AMI), with 60 of the 72 units qualifying as Freddie Mac Workforce Housing (80–120% AMI).
Developed by Sturgeon Bay Partners, Vester Flats meets a growing need for housing options that serve middle-income residents and essential workers—groups often overlooked by traditional affordable housing programs. The four-story building also includes resident amenities, electric vehicle charging stations, and parking, creating a walkable, transit-oriented community in the heart of a Metro Detroit commercial corridor.
Cinnaire Lending played a key role in making this project a reality by providing $6 million in flexible construction financing, in partnership with a $5.96 million loan from CPC Mortgage. The project was completed without relying on Low-Income Housing Tax Credits (Housing Credits). Instead, Cinnaire’s support helped bridge the gap between the construction phase and Freddie Mac’s permanent financing, ensuring the development could move forward on schedule.
Vester Flats demonstrates how mission-driven lenders can fill critical financing gaps to support equitable, mixed-income housing in growing urban areas.
