Cypress pointe
Key Dates
Closing date: 10/31/2019
Construction completion date: 6/24/2021
2022 NAHRO Award of Merit
Formerly Redmond Heights
New Construction
Formerly Oakhill Homes
DETAILS:
Number of Units: 112
Total Development Cost: $19,299,645
Development Type: 4% LIHTC/Bonds/CDBG Funds
Development Partner: Bogalusa Housing Authority
Project Type: Family
Construction Period Jobs: 298
Long-term Jobs Created/Maintained: 8
SOURCES:
1st Mortgage: $5,000,000
Equity: $6,090,395
Developer Fee: $495,372
Total Sources: $19,299,645*
*Sources, as of closing
PROJECT NARRATIVE:
Cypress Pointe RAD, LP is a 112-unit new construction infill and acquisition/rehabilitation project located in Washington Parish at 700
Redmond Street, 1115 North Royal Street and Ontario Avenue near the intersection of Rio Grande Street, Bogalusa, LA. This project is a Rental Assistance Demonstration program redevelopment effort that works to transform former public housing into affordable housing developments that serve a broader spectrum of the affordable housing population. The development included major renovation of the building systems, windows, roof replacement, updated HVAC, new flooring, exterior and interior
painting, new doors, lighting, new appliances, landscaping and signage for marketability, updated 504 compliance, and fully renovated bathrooms and kitchens. The development also includes enhanced resident opportunities for self-sufficiency. The educational programs are geared to help renters become homeowners.
Amenities & Upgrades may include:
- Energy upgrade to HVAC
- Water conservation methods
- Bathroom renovations
- Doors, windows, new lighting throughout
- Kitchen rehabilitation
- All new appliances
- Updated flooring
- New clubhouse
- SMART Home Features
PROJECT PARTNERS
Developer
Knight Development
PHA
Bogalusa Housing Authority
Architect
DNA Workshop
Equity
Red Stone Equity Partners
Debt
Bellwether Enterprise
Bond Placement
Stifel
General Contractor
B.A.S. Construction
Management Company
Standard Enterprises
UNIT COUNTS (112 Total) & RENTAL RATES*
Coburn Creek - 46 Units
2 Bedroom | Units: 24
Contract Rent: $626
3 Bedroom | Units: 16
Contract Rent: $821
4 Bedroom | Units: 6
Contract Rent: $1013
Edgewood - 20 Units
3 Bedroom | Units: 14
Contract Rent: $821
4 Bedroom | Units: 6
Contract Rent: $1013
Myrtle Grove - 46 Units
1 Bedroom | Units: 6
Contract Rent: $471
2 Bedroom | Units: 15
Contract Rent: $720
3 Bedroom | Units: 17
Contract Rent: $958.50
4 Bedroom | Units: 8
Contract Rent: $1125.90
*Rents, as of closing
