Pine Trace II

Leasing Office

1015 Union Avenue, Bogalusa, LA 70427
985-205-7337

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 Jobs: 233
Permanent Jobs: 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

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:
BGC Advantage

PHA:
Bogalusa Housing Authority

Architect:
DNA Workshop

General Contractor:
B.A.S. Construction

Management Company:
Standard Enterprises

Equity:
Redstone

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