{"id":12910,"date":"2024-06-05T20:00:18","date_gmt":"2024-06-05T20:00:18","guid":{"rendered":"https:\/\/www.investupmi.com\/?p=12910"},"modified":"2025-02-24T13:32:28","modified_gmt":"2025-02-24T18:32:28","slug":"build-u-p-boosting-regional-housing-first-projects-announced","status":"publish","type":"post","link":"https:\/\/www.investupmi.com\/index.php\/2024\/06\/05\/build-u-p-boosting-regional-housing-first-projects-announced\/","title":{"rendered":"Build U.P. boosting regional housing \u2014 first projects announced"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-investup-reports-200-more-units-in-the-pipeline\">InvestUP reports 200 more units in the pipeline<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<p><strong>UPPER PENINSULA, Mich., April 2, 2024<\/strong> &#8211;&nbsp; <a href=\"https:\/\/www.investupmi.com\/\">InvestUP<\/a> CEO and <a href=\"https:\/\/www.investupmi.com\/index.php\/building-the-u-p\/\">Build U.P.<\/a> President, Marty Fittante is pleased to announce the start of two new housing projects in the Upper Peninsula.&nbsp;<\/p>\n\n\n\n<p>\u201cBoth projects add critical housing and create new vibrancy to two of our core communities,\u201d said Fittante. \u201cWe congratulate the development teams, the banks involved, and the communities affected.\u201d<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"970\" height=\"334\" src=\"https:\/\/www.investupmi.com\/wp-content\/uploads\/2024\/06\/AnnexComposite.webp\" alt=\"\" class=\"wp-image-12912\" srcset=\"https:\/\/www.investupmi.com\/wp-content\/uploads\/2024\/06\/AnnexComposite.webp 970w, https:\/\/www.investupmi.com\/wp-content\/uploads\/2024\/06\/AnnexComposite-300x103.webp 300w, https:\/\/www.investupmi.com\/wp-content\/uploads\/2024\/06\/AnnexComposite-768x264.webp 768w\" sizes=\"(max-width: 970px) 100vw, 970px\" \/><\/figure>\n\n\n\n<p>The first project called The Annex is in Sault Ste Marie and developed by Community Housing Network (CHN), a Michigan nonprofit committed to creating attainable housing. The project converts the former Chippewa County Courthouse Annex into seven one-bedroom and four two-bedroom apartments targeting middle income renters. The project is expected to be completed by fall of this year.<\/p>\n\n\n\n<p>\u201cBuild U.P. was a critical piece of the puzzle in making this project happen,\u201d said C.J. Felton, Director Real Estate Development at Community Housing Network. \u201cWe are fortunate to have a permanent loan from Central Savings Bank, but it didn\u2019t completely cover our appraisal gap. The collateral from Build U.P. helped us close that gap and move forward.\u201d <\/p>\n\n\n\n<p>Build U.P.\u2019s program supports loans to housing developers by partnering with local lenders when the loan has some risk related to appraisal shortfalls and loan-to-value concerns\u2014a problem common to financing housing projects in many parts of the Upper Peninsula. Build U.P. provides a collateral deposit to the lender so the loan can be made. The collateral deposit comes back to Build U.P. as the loan is repaid, revolving the funds to other projects.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"584\" height=\"438\" src=\"https:\/\/www.investupmi.com\/wp-content\/uploads\/2024\/06\/IMG_2561-MBank2.webp\" alt=\"\" class=\"wp-image-12917\" srcset=\"https:\/\/www.investupmi.com\/wp-content\/uploads\/2024\/06\/IMG_2561-MBank2.webp 584w, https:\/\/www.investupmi.com\/wp-content\/uploads\/2024\/06\/IMG_2561-MBank2-300x225.webp 300w\" sizes=\"(max-width: 584px) 100vw, 584px\" \/><\/figure>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<p>The second project is the conversion of the former MBank headquarters building in downtown Manistique into a mixed-use of office and three long-term apartment buildings. Kristina Behrens and Antonio Adan are the developers and have had a vision to redevelop the structure for some time. The project will be completed this fall.<\/p>\n\n\n\n<p>\u201cOur goal is to add to the visibility of downtown Manistique as a destination to live, work, and play. We are tremendously grateful to the community partners who have supported us to implement our vision,\u201d said Behrens.<\/p>\n\n\n\n<p>Peoples State Bank of Munising is the local bank leading the financing for the project. Greg Schuetter, Vice President, said, \u201cThe Build U.P. program provides straightforward solutions to overcome financing challenges that arise when lending in our small communities.\u201d<\/p>\n\n\n\n<p>Adding quality housing stock to the community is a goal of Manistique and the project stands as an example of what more can be added to the city when local partners work together with Build U.P. <\/p>\n\n\n\n<p>\u201cKristina\u2019s decision will enrich our community and foster additional growth,\u201d said Victoria George, Executive Director of Schoolcraft County Tourism and Commerce. \u201cWe are grateful for her example and dedication to making a difference here.\u201d<\/p>\n\n\n\n<p>______________________________________________________________________________________________________<\/p>\n\n\n\n<p>Fittante stated that housing availability of all types continues to be the most important issue facing residents of the Upper Peninsula.<\/p>\n\n\n\n<p>\u201cThrough InvestUP, we poll residents of the Upper Peninsula on critical issues affecting the economic well-being of the region. For the second straight year, housing availability continues to lead all categories of concern by a wide margin,\u201d Fittante said.<\/p>\n\n\n\n<p>While high interest rates and construction cost inflation have slowed housing development over the last few years, Fittante noted that optimism for project starts is increasing and that Build U.P. has a pipeline of projects of nearly 200 new housing units representing all geographic areas of the Upper Peninsula.<\/p>\n\n\n\n<p>\u201cWe are excited about assisting these two projects as this can be repeated elsewhere in all our Upper Peninsula committees.\u201d Fittante said. \u201cThis is exactly what we envisioned when we created Build U.P. and we encourage all with housing project ideas to contact us\u201d<\/p>\n\n\n\n<p>For more information, visit the Build U.P. website at&nbsp;<a href=\"http:\/\/www.buildupmi.com\/\">www.buildupmi.com<\/a>.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"555\" src=\"https:\/\/www.investupmi.com\/wp-content\/uploads\/2023\/07\/Build-UP-with-TM300x600-1024x555.jpg\" alt=\"Build UP logo\" class=\"wp-image-12531\" style=\"width:559px;height:auto\" srcset=\"https:\/\/www.investupmi.com\/wp-content\/uploads\/2023\/07\/Build-UP-with-TM300x600-1024x555.jpg 1024w, https:\/\/www.investupmi.com\/wp-content\/uploads\/2023\/07\/Build-UP-with-TM300x600-300x163.jpg 300w, https:\/\/www.investupmi.com\/wp-content\/uploads\/2023\/07\/Build-UP-with-TM300x600-768x416.jpg 768w, https:\/\/www.investupmi.com\/wp-content\/uploads\/2023\/07\/Build-UP-with-TM300x600.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>InvestUP reports 200 more units in the pipeline UPPER PENINSULA, Mich., April 2, 2024 &#8211;&nbsp; InvestUP CEO and Build U.P. President, Marty Fittante is pleased to announce the start of two new housing projects in the Upper Peninsula.&nbsp; \u201cBoth projects add critical housing and create new vibrancy to two of our core communities,\u201d said Fittante. [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[579,4],"tags":[],"class_list":["post-12910","post","type-post","status-publish","format-standard","hentry","category-build-u-p","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Build U.P. boosting regional housing \u2014 first projects announced - InvestUP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investupmi.com\/index.php\/2024\/06\/05\/build-u-p-boosting-regional-housing-first-projects-announced\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Build U.P. boosting regional housing \u2014 first projects announced - InvestUP\" \/>\n<meta property=\"og:description\" content=\"InvestUP reports 200 more units in the pipeline UPPER PENINSULA, Mich., April 2, 2024 &#8211;&nbsp; InvestUP CEO and Build U.P. President, Marty Fittante is pleased to announce the start of two new housing projects in the Upper Peninsula.&nbsp; \u201cBoth projects add critical housing and create new vibrancy to two of our core communities,\u201d said Fittante. 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President, Marty Fittante is pleased to announce the start of two new housing projects in the Upper Peninsula.&nbsp; \u201cBoth projects add critical housing and create new vibrancy to two of our core communities,\u201d said Fittante. 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