Pine Trace I
Key Dates
Closing date: 10/31/2018
Construction completion date: 12/20/2019
Fomerly Pine Trace Homes
DETAILS:
Number of Units: 92
Total Development Cost: $13,170,563
Development Type:
4% LIHTC / Bonds / HOME Funds
Development Partner:
Bogalusa Housing Authority
Project Type: Rehabilitation / New Construction
Construction Period Jobs: 202
Long-term Jobs Created/Maintained: 5
SOURCES:
1st Mortgage: $3,431,900
Home (LHC): $1,000,000
PHA Cash Loan: $1,300,000
Seller Note: $2,525,000
Accrued Interest: $301,446
Developer Equity: $520,050
Equity: $4,092,167
Total Sources: $13,170,563*
*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 may include:
- 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 (92 Total) & RENTAL RATES*
UNION POINTE
1 Bedroom. | Units: 16
Contract Rent: $400
2 Bedroom | Units: 36
Contract Rent: $523
3 Bedroom | Units: 30
Contract Rent: $641
4 Bedroom | Units: 10
Contract Rent: $788
*Rents, as of closing
