An architectural representation of Peace Lake Towers in New Orleans, Louisiana. Rendered courtesy of Millennia Cos.
The Millennia Cos. Received a $ 27.5 million loan to purchase and renovate Peace Lake Towers, New Orleans. The affordable shared apartment under Section 8, which is restricted to seniors and people with disabilities, was purchased from an undisclosed seller for an undisclosed price.
Residents of the six-story Peace Lake Towers pay 30 percent of their income for one-bed units that are 538 square feet. The 131 units were built with keyless entry and ceiling fans, while communal amenities include multiple communal areas, on-site laundry facilities, balconies and emergency medical systems for pull cords.
RedStone provided the credit while Aegon was the syndicator. Millennia has also received support from Louisiana Housing Corp., the US HUD’s Southwest Field Office, and the City of New Orleans.
MILLENNIA’S IMPORTANT RENOVATIONS
Along with the acquisition of Peace Lake Towers, Millennia will undertake a 14-month major community renovation that will begin in the coming weeks. The project team consists of Marous Brothers as the contractor, Hooker DeJong as the architect and Millennia as the developer and management team.
The units are being refurbished with energy efficient equipment and environmentally friendly materials for the countertops and cabinets. Construction will begin with the first vacant units, with households being relocated on site during the construction phase, Millennia says.
The Peace Lake Towers will also renovate the community center, arts area, library, computer lab, and exercise room. Millennia’s plan also includes installing improved security features and heating, cooling, mechanical and electrical systems, as well as a new roof, new windows and doors. Millennia already had an affordable home renovation experience when it began renovating two affordable homes in Memphis, Tennessee, following a $ 59.2 million loan taken out in late 2018.