A new 164-Unit apartment complex, called Sugar Mill Villas, is under construction at 1931 Chemin Metairie in Youngsville.
According to a press release, the new Youngsville apartment community will feature state-of-the-art amenities, including an upscale workout facility, business center, resort-style swimming pool, detached garages, and pet recreation area. Each unit will feature nine-foot ceilings, gourmet kitchens, stainless steel appliances, ceiling fans, and walk-in closets.
Amesbury, the developers for Sugar Mill Villas, secured $25.2 million in construction financing under the HUD 221(d)(4) program by Greystone.
“The $25,248,200 loan will fund 85% of total project costs and is structured as a non-recourse, fixed-rate construction loan that automatically converts to a 40-year, fully-amortizing permanent loan upon stabilization. With this green-certified and energy-efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium (MIP).” — Greyco.com.
Construction is expected to be completed in 2021 with leasing to begin in March of 2021.