Pine Trace II
Key Dates
Closing date: 11/29/2018
Construction completion date: 9/29/2020
Formerly Bogue
Formerly River Terrace
Formerly Highland
DETAILS:
Location: Bogalusa, LA
Number of Units: 140
Total Development Cost: $15,614,443
Development Type:
4% LIHTC / Bonds / HOME Funds
Development Partners:
Bogalusa Housing Authority
Project Type: Family
Construction Period Jobs: 233
Long-term Jobs Created/Maintained: 8
SOURCES:
First Mortgage: $5,000,000
HOME (LHC): $1,000,000
PHA Cash Loan: $1,500,000
Seller Note: $2,160,000
Accrued Interest: $359,838
Developer Equity:$590,702
Equity: $5,003,903
Total Sources: $15,614,443
*Sources, as of closing
PROJECT NARRATIVE:
The Bogalusa Housing Authority has transitioned from public housing to affordable housing using HUD’s Rental Assistance Demonstration (RAD)
program for a portion of its properties. The housing authority partnered with Magic City Housing and Development Corporation to sponsor HOME development funds and assist with the transition in addition to a partnership
with BGC Advantage, LLC, the master developer.
The project includes three sites (one AMP) located within Bogalusa, LA. The sites will consist of 100% Project Based Vouchers upon completion. In addition to the building and system upgrades all new appliances and updated flooring were installed.
Amenities & Upgrades:
- Energy upgrade to HVAC
- Water conservation methods
- Bathroom renovations
- Doors, windows, new lighting throughout
- Kitchen rehabilitation
- Energy efficient appliances
- Updated flooring
PROJECT PARTNERS
Developer:
Knight Development
PHA:
Bogalusa Housing Authority
Architect:
DNA Workshop
General Contractor:
B.A.S. Construction
Management Company:
Standard Enterprises
Equity:
Red Stone Equity Partners
Debt:
Bellwether Enterprise
Bond Placement:
Stifel
UNIT COUNTS & RENTAL RATES (140 Total)
Live OAKS - 60 Units
0Bedroom | Units: 10
Contract Rent: $465
1 Bedroom | Units: 10
Contract Rent: $473
2 Bedroom | Units: 10
Contract Rent: $638
3 Bedroom | Units: 22
Contract Rent: $796
4 Bedroom. | Units: 8
Contract Rent: $1019
IVY TRACE - 32 Units
1 Bedroom | Units: 10
Contract Rent: $473
2 Bedroom | Units: 12
Contract Rent: $638
3 Bedroom | Units: 8
Contract Rent: $796
4 Bedroom. | Units: 2
Contract Rent: $1019
lUMBERTON cove - 48 Units
1 Bedroom | Units: 18
Contract Rent: $473
2 Bedroom | Units: 18
Contract Rent: $638
3 Bedroom | Units: 12
Contract Rent: $796
*Rents, as of closing
