MARQUETTE, MI— InvestUP’s Build U.P. program is helping two housing projects come to fruition.
The 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. It was created to expedite the construction of shovel-ready projects.
In Manistique, the former mBank headquarters building will be converted into a mixed-use building. It will contain office space and three apartments. The project is expected to be completed this fall.
And in Sault Ste. Marie, the former Chippewa County Courthouse Annex will be turned into seven one-bedroom and four two-bedroom apartments targeting middle income renters. That project is also expected to be completed this fall.
