WNC Provides Financing for Baton Rouge Renovation
- Aug 20, 2014
Baton Rouge, La.—Renovation is complete at Renaissance Gateway, a 208-unit affordable apartment community in Baton Rouge. WNC, a national investor in real estate and community housing initiatives, provided $10.3 million in low-income housing tax credit (LIHTC) equity to finance the renovation of the property, which is located at 650 N. Ardenwood Drive.
Formerly known as Ardenwood Park Apartments, Renaissance Gateway features 16 two-story garden-style apartment buildings. The one-, two-, three- and four-bedroom units are available to families earning from 20 to 60 percent of the Area Median Income (AMI).
Among the common-area amenities are a fitness center, swimming pool, community room and clubhouse, computer center, playground, picnic area, central laundry facility and on-site management.
“We are pleased to have played a key role in the transformation of Renaissance Gateway, and in providing quality affordable housing to the members of the Baton Rouge community that are most in need,” says Michael Gaber, WNC executive vice president and chief operating officer. “With the growing demand for affordable housing greatly outpacing the supply throughout the country, WNC and its development partners are committed to the preservation of existing affordable housing through the renovation of apartments such as this.”
The financing provided by WNC was augmented by funding from America First Credit Union, the City of Baton Rouge, the State of Louisiana and East Baton Rouge Redevelopment Authority. Renaissance Gateway was co-rehabilitated by Renaissance Gateway Associates LLC, an entity of Community Development Inc., and 4321 Associates LLC. Total development cost was $28.1 million.