Affordable New Orleans OZ Project Lands Financing
- Jul 27, 2020
The Commonwealth Cos. has received a $23 million financing package for the development of The Reveal, a 150-unit affordable housing project in New Orleans. Walker & Dunlop provided the permanent loan through Freddie Mac’s Tax-Exempt Loan Forward Commitment program.
The financing includes multifamily housing governmental notes and nearly $1.6 million in 4 percent low-income housing tax credits from Louisiana Housing Corp. The Walker & Dunlop team, led by Senior Director Heather Olson, secured Sterling Bank as construction lender and National Equity Fund as tax credit equity partner. The Housing Authority of New Orleans will provide project-based vouchers for all units.
Located 12 miles east of downtown New Orleans, The Reveal’s project site at 13707-13777 Chef Menteur Highway is within a designated opportunity zone. Upon completion, the community will have two four-story buildings with one- to four-bedroom apartments. All units will be reserved for households earning at or below 60 percent of the area’s median income. Amenities will include conference rooms, a community room, a fitness center and a physical therapy room. The property will also have an on-site business incubator.