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Riverside Capital LLC said this week that it has invested a total of $16.5 million in federal and state tax credit equity in Michaels Development’s fourth phase of the Keahumoa Place affordable rental project under construction in East Kapolei.

The fourth phase of the project will consist of 81 one-, two- and three-bedroom units on 6.16 acres of the total 19.72 acres of state-owned land along Keahumoa Parkway.

Riverside Capital was also the syndicator for the low-income housing tax credits Michaels…

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