By Laura Calugar
Gershman Mortgage closed a $6.6 million bridge to permanent loan for Pelican Bay Apartments, a 152-unit affordable multifamily property in Baton Rouge, La. Gershman Mortgage Denver Vice President Michael Thomas arranged the closing and is structuring the permanent financing. According to Yardi Matrix data, Barron Builders & Management Co. currently owns and manages the 14-building asset.
Located at 2121 North Lobdell Blvd., the property provides access to interstates 110, 10 and 12. The community features 32 one-, 52 two-, 44 three- and 24 four-bedroom units, ranging in size from 600 to 1,100 square feet. Amenities include a community room, playground, laundry facilities and 197 parking spaces.
A LIHTC property
Pelican Bay Apartments was developed in three separate phases under Section 42 of the Internal Revenue Code which generated the equity needed in the form of Low Income Housing Tax Credits. “Seasoned LIHTC properties benefit from a financing structure which provides excess capital to make needed repairs and updates. With income restrictions, it requires specialized knowledge to find a way to maximize mortgage proceeds on LIHTC properties,” said Thomas, in prepared remarks.
Recently, two affordable senior housing communities were completed in Baton Rouge.
Image courtesy of Yardi Matrix
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