NEW ORLEANS – The Millenia Cos. Received a $ 27.5 million home loan to refurbish Peace Lake Towers, an affordable 131-unit senior community in the Read Boulevard West neighborhood of New Orleans. When completed, the property will feature renovated one-bedroom floor plans and community facilities such as a community center, artistic activity space, library, computer lab, and exercise room. The renovations also include improved heating, cooling and electrical systems. a new roof, windows and doors; and environmentally friendly devices. Cleveland-based Millenia expects to begin renovations soon and complete the project in around 14 months. The crews will first renovate vacant units and relocate the on-site households once the construction is completed in phases. Residents pay 30 percent of their income for rent, and rent remains affordable for at least 20 years through a project-based federal contract under Section 8.
Redstone Federal Credit Union provided the construction loan, and Aegon, based in the Netherlands, is the syndicated lender. In addition, Louisiana Housing Corp. Bonds and tax credits were issued for the project, and the US Department of Housing and Urban Development (HUD) and the City of New Orleans have both provided funding. Marous Brothers Construction is acting as general contractor, Hooker DeJong Inc. is the architect and Millennia Housing Management Ltd. will manage the property.