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New 164-Unit Apartment Development In Youngsville, Called Sugar Mill Villas

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A new 164-Unit apartment complex, called Sugar Mill Villas, is under construction at 1931 Chemin Metairie in Youngsville.

A cropped rendering of the Sugar Mill Villas in Youngsville, LA

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.

Aerial photo of Sugar Mill Villas sight work with Youngsville’s Sports Complex in the background.
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