The HUD program pertains to multifamily rentals and consists of loans combining construction and permanent financing for apartments. It is for new construction or major rehabilitation projects and contains no rent restrictions, meaning it can be used for market rate or rent-restricted properties.
"We have plans to start construction this month and complete the job by November 2010," says James Pyle, LandSouth president and CEO. The contract calls for 12 four-story buildings with elevators, parking for 864 cars, a resort-style clubhouse and various apartment complex amenities on the 30-acre property.
Village at Secret Lake will offer rental units with one to three bedrooms each, ranging from 738 to 1,241 square feet. The complex will be located along the new Route 429 Expressway near US 192.
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