harmony garden estates

Key Dates

Closing Date: 12/25/2017
Construction Completion Date: 7/22/2019

NALHFA Award of HOME Excellence & 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