Editor’s Note: This story has been updated from an earlier version to include the name of the project developer.
The developer of a 272-unit upscale apartment complex under development in Prairieville has secured a $30.6 million Federal Housing Authority-insured loan for the project from Greystone, the New York-based real estate lender announced this morning.
The loan to Noland McKay Manchac Limited Partnership for construction of Manchac Lake Apartments carries a “low, fixed interest rate during the initial construction period followed by a 40-year term with straight amortization,” says Greystone, which is not disclosing the precise interest rates. As previously reported, construction got underway in late September on the complex, which is located on a 23.3-acre site on the north side of Airline Highway in Ascension Parish, just across the parish line.
The development will consist of 132 one-bedroom, 128 two-bedroom and 12 three-bedroom units, with a mix of direct access, garages and stand-alone garages. All told, the development will include 12 garden-style buildings, and the property will include amenities such as a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garage.
Matt McKay, who, with John Noland, began acquiring the property for the project in the late 1990s and is developing the complex, has told Daily Report he expects construction to take 18 months. Noland and McKay began planning for Manchac Lakes in 2009, but the project was twice delayed—first because of the collapse of the national real estate market, and then because of environmental and regulatory hurdles.
Amesbury Companies is managing the project. Womack Construction is the general contractor.
