Artists community at Circa 1857 secures financing commitment

The planned artists community on Government Street next to the Circa 1857 complex, at the intersection of South 19th Street, is “good to go” now that a commitment for financing the project has been secured, says developer Danny McGlynn. “As soon as the New Year’s fireworks are done, we’re going to begin moving on construction,” says McGlynn, who owns the Circa 1857 with business partner Dennis Hargroder. The two men earlier this year secured $8.1 million in New Market Tax Credits from the East Baton Rouge Redevelopment Authority, and also have received $2.4 million in NMTC from Chase Bank, McGlynn says. About two weeks ago, the final hurdle toward securing the project was cleared when a commitment for financing was inked with an undisclosed bank. “Securing conventional financing was difficult because in a New Market Tax Credits deal the lender, the bank, doesn’t get a direct mortgage on the property,” says McGlynn, adding that closing on the financing deal is set for October. The plan calls for a mixed-use development comprising about 30 apartments—at least half of which would be rent-restricted for designated artists—as well as studio space and about 7,000 square feet of retail space. McGlynn and Hargroder are pursuing the project in conjunction with a planned renovation of the Darensbourg building, located just down Government Street across from the Westmoreland Shopping Center, and surrounding streetscape upgrades. Construction on that portion of the project will likely begin in late October, McGlynn says. —Steve Sanoski