Let’s Gooooo! The Monreaux breaks ground.

For years, the Monreaux Development sat in a place that’s all too common: close, but not financeable…

The vision was strong; a mixed-income housing development bringing 50+ units and new energy to downtown South Bend. The developer was committed, the need was clear, but the deal didn’t fit neatly into traditional lending and that’s where most projects stop.

Deals Need More Than a Yes or No

Layered financing. Rising costs. A first-time developer taking on a large-scale project. A timeline dependent on multiple moving parts. Monreaux wasn’t a bad deal, it was a complex one.

Traditional lenders hesitate in those conditions. Not because the project lacks value, but because it doesn’t fit the traditional box.

So the project sat.

CDFIs Start with the Mission

What moved Monreaux forward wasn’t luck.

It was the presence of mission-driven capital willing to engage early, understand the full picture, and stay in the deal.

In total, $13.85 million in lending and equity came from CDFIs, led by Cinnaire and Intend, making this the largest CDFI-backed deal in South Bend’s history.

That kind of capital doesn’t just approve or deny, it is not a yes or no, it helps structure. It fills gaps. It makes the rest of the stack work.

As developer Devereaux Peters put it:

“Keith Broadnax (Cinnaire) believed in both me and this project before many others did. His confidence in my ability to execute a project of this complexity has been both steady and motivating. I am incredibly grateful for Keith and the entire Cinnaire team, and for the critical role they have played in making this development a reality.”

That belief, and the capital behind it, is what unlocked the deal.

From Stalled to Underway

Today, Monreaux is no longer a concept. It’s under construction.

A project that took years to piece together and when finished will deliver:

• 57 housing units, including affordable options

• Ground-floor commercial space

• New momentum in downtown South Bend

That shift didn’t happen because the project suddenly became easier.

It happened because the right capital showed up.

The Bigger Reality, Why This Matters.

Without flexible, mission-driven capital, good, but complicated projects don’t move forward.

CDFIs exist for this exact moment.

To step into deals that don’t fit traditional systems.
To provide capital that adapts to real-world complexity.
To move projects from “almost” to “underway.”

Monreaux is proof. We can’t wait to attend the ribbon cutting.