CBRE announced the recent permanent financing for The Reserve at Juban Lakes, a 132-unit affordable housing property to be built in Denham Springs, LA. Steve Wessler, senior vice president with CBRE, and Jeanne Marie Coronado, vice president with CBRE Affordable Housing, arranged $11.6 million in permanent financing with a 16-year forward rate-locked tax-exempt loan from Freddie Mac.
Located in Livingston Parish, The Reserve at Juban Lakes is being developed by CST Land Developers LLC, a division of CST Multifamily Real Estate Services LLC, the company said. The property received a tax-exempt bond allocation from the Louisiana Housing Corporation (LHC). The LHC also provided Section 8 Project-Based Supportive Housing vouchers for the project, as well as a Community Development Block Grant. Additional financing came from the National Housing Trust Fund, and the sale of LIHTC, ensuring that all units in the property will be available to families across a range of incomes from 20 percent to 80 percent of area median income. Construction debt and LIHTC equity were provided by PNC.
“The Reserve at Juban Lakes has been a focus of our firm for the past six months after receiving a June 2020 funding award from the Louisiana Housing Corporation (LHC) for an apartment community that is specifically designed for resiliency in areas that were greatly impacted by the 2016 floods,” said Tom Delahaye, president and CEO, CST Multifamily Real Estate Services.