Highland Commercial Mortgage closes $6 million dollar RAD deal in Alexandria, LA

26 January 2018
Aerial View of RAD project Highland Commercial Mortgage, LLC

ALEXANDRIA, LA    Highland Commercial Mortgage, one of the nation’s leading providers of FHA multifamily, affordable, & healthcare financing announced it has closed on Harmony Gardens located in Alexandria, La.  Harmony Gardens is composed of 83 one-story garden-style apartment buildings, containing 172 housing units, that span over 3 locations in the Alexandria area. Harmony Village is located at 2833 Monroe Street and consists of 100 units, Garden Gates is located at 5329 Green Meadow Street and consists of 37 units, & Tranquil Estates is located at 4420 Duhon Drive and consists of 35 units.  Each section/units will undergo a substantial rehabilitation process by converting the current public housing units to Project Based Rental Assistance units.

The work consists of exterior site work including the repair of existing paving and sidewalks, including making these compliant/accessible to residents. The developer for the transaction is Bennett Group Consulting working through BGC Advantage, LLC a related entity as the guarantor, limited partner, and acting on behalf of the GP for day to day management and transaction execution. Bennett Group Consulting and BGC Advantage have extensive experience with development of low income housing throughout the southeast. BGC provides consulting services to individuals and corporate clients throughout the Southeast who are interested in the development and preservation of high-density housing. From concept to completion, BGC serves as consultants or development partners in residential and commercial ventures.  In addition to the affordable housing preservation through the CHAP, the subject property will have LIHTC affordability restrictions pursuant to Section 42 of the Internal Revenue Code which will require 100% of the units to be rented to tenants earning 60% or less of Area Median Income (AMI).  The loan will be insured by the U.S. Department of Housing and Urban Development using the Rental Assistance Demonstration Program (RAD).