Developer Lands $17.4M Loan for Louisiana Apartment Project

ST. TAMMANY PARISH, LA-A Baton Rouge-based multifamily developer has landed a $17.4-million loan for the development of The Park at Covington, a 264-unit garden-style apartment project in St. Tammany Parish, LA.

The construction-to-permanent FHA 221(d) 4 program loan will cover 97% of the projects entire transaction costs during its 16-month construction schedule. The non-recourse, fixed rate loan of 6.20% will roll into a 40-year self-liquidating term upon construction completion. The borrower is listed as Tammany Park LLC, but is said to be a Baton Rouge-based multifamily developer that owns and operates multifamily projects throughout Louisiana and the southeastern United States. The loan was funded by Metropolitan Funding Corp. of New York and sourced by the Houston office of Holliday Fenoglio Fowler.