The Millennia Cos. has landed a $27.5 million loan to acquire and renovate Peace Lake Towers in New Orleans. The Section 8 affordable housing community, limited to seniors and those with disabilities, was acquired from an undisclosed seller for an undisclosed price.
Residents at six-story Peace Lake Towers pay 30 percent of their income for one-bed units that measure 538 square feet. The 131 units were built with keyless entry and ceiling fans, while the community amenities include several common areas, on-site laundry, balconies and medical pull cord emergency systems.
RedStone provided the loan, while Aegon was the syndicator. Millennia also received assistance from the Louisiana Housing Corp., U.S. HUD’s Southwest Field office and the City of New Orleans.
MILLENNIA’S MAJOR RENOVATIONS
Along with the acquisition of Peace Lake Towers, Millennia will be conducting a 14-month long comprehensive renovation of the community that will start in the coming weeks. The project team includes Marous Brothers as contractors, Hooker DeJong as architects, and Millennia as both developer and management team.
The units will be renovated with energy-efficient appliances and eco-friendly materials for the countertops and cabinets. The construction will begin with the vacant units firsts, with households being relocated onsite as the phase construction progresses, according to Millennia.
Peace Lake Towers will also receive renovations to its community center, arts activity space, library, computer lab and fitness room. Millennia’s plan also includes installing enhanced security features and improved heating, cooling, mechanical and electrical systems as well as a new roof, windows and doors. Millennia has previous experience renovating affordable housing properties, as it looked to start renovations of two affordable housing properties in Memphis, Tenn. following a $59.2 million loan received in late 2018.