harmony garden estates
Key Dates
Closing Date: 12/25/2017
Construction Completion Date: 7/22/2019
NALHFA Award of HOME Excellence
2022 NAHRO Award of Merit
Formerly Fairway Terrace
Formerly Green Meadow
Formerly Miracle Plaza
Alexandria Housing Authority
DETAILS:
Number of Units: 172
Total Development Cost: $23,385,113
Development Type:
4% LIHTC / BONDS / HOME FUNDS
Development Partner:
Alexandria Housing Authority
Project Type: Family
Construction Period Jobs: 353
Long-term Jobs Created/Maintained: 10
SOURCES:
1st Mortgage: $5,375,000
HOME (LHC): $2,000,000
PHA Cash Loan: $510,000
Seller Note: $8,050,000
Developer Equity: $299,173
Equity: $7,150,940
Total Sources: $23,385,113*
*Sources, as of closing
PROJECT NARRATIVE:
Alexandria Housing Authority is transforming from public housing to affordable housing using HUD’s Rental Assistance Demonstration (RAD) program, partnered with a CHDO, Mount Pleasant CDC to sponsor HOME development funds and provide assistance with the transition in addition to a partnership with BGC. The project includes 3 sites located within Alexandria, LA. The project serves to transform properties that are aging and declining low-income neighborhoods. The sites are in residential areas. The rehab of these sites fits within other family structures, enhancing surrounding infill homes and single-family streets with homeowners. The sites have 100% Project-Based Vouchers upon completing the rehab project.
Amenities & Upgrades may include:
- Energy upgrade to HVAC
- Water conservation methods
- Bathroom renovations
- New lighting throughout
- Kitchen rehabilitation
- All new appliances
- Updated flooring
PROJECT PARTNERS
Developer:
Knight Development
PHA:
Alexandria Housing Authority
Architect:
DNA Workshop
General Contractor:
River City Builders
Management Company:
Standard Enterprises
Debt:
Highlands Mortgage
Equity:
CREA
Cash Collaterlized Bond:
Stifel
Bond Trustee:
Regions
UNIT COUNTS (172 Total) & RENTAL RATES*
Harmony Village - 100 Units
1 Bedroom | Units: 20
Contract Rent: $500
2 Bedroom | Units: 42
Contract Rent: $589
3 Bedroom | Units: 28
Contract Rent: $772
4 Bedroom. | Units: 10
Contract Rent: $881
Garden Gates - 37 Units
1 Bedroom | Units: 4
Contract Rent: $503
2 Bedroom | Units: 10
Contract Rent: $591
3 Bedroom | Units: 12
Contract Rent: $774
4 Bedroom | Units: 7
Contract Rent: $891
5 Bedroom | Units: 4
Contract Rent: $1019
Tranquil Estates - 35 Units
1 Bedroom | Units: 20
Contract Rent: $503
2 Bedroom | Units: 15
Contract Rent: $591
*Rents, as of closing
Ribbon Cutting
