Honigman Represents Magnus Capital Partners LLC in Development of Award-Winning Affordable Housing Community

Honigman represented Magnus Capital Partners LLC as the lead developer and sponsor in connection with the financing and development of HōM Flats at 24 East, a $60 million, 202-unit affordable housing development located in Holland, Michigan. The project was designed to address the need for additional workforce housing resources in West Michigan and was financed with a number of sources, including the Michigan State Housing Development Authority's pass-through tax-exempt bond financing program, the syndication of low-income housing tax credits, subordinate soft debt and a tax abatement under Michigan's PILOT program for affordable housing.

The project has been recognized as the Multifamily Development of the Year for West Michigan by the 2026 CoStar Impact Awards, which highlight the commercial real estate transactions and developments that have transformed markets over the past year. The award was selected by an independent panel of industry professionals and acknowledges the project's innovative approach, including the integration of on-site childcare to support working households.

A Honigman real estate team led by Partner Steve Rypma and Of Counsel Caitlin Carey advised Magnus Capital Partners on the project.