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Local Officials Gather to Celebrate the Opening of a $50 million…

“We are grateful for the support of the community, the collaboration of our partners and investors, and even the guidance of our insurance provider from concept to completion,” said Holly Knight, CEO, BGC Advantage.

“We are especially proud to mark the culmination of this portfolio conversion by honoring the life’s work of my predecessor, Joseph P. Page, who stepped down last fall,” said Stephan Fontenot Executive Director AHA. “His vision for creating a safe place for the the residents he so loved to gather, connect, and thrive made this work possible. His influence will be felt by the people who will call this place home for generations to come.”

In addition to fully modernized units with energy efficient features, the rehabilitation added a new clubhouse with office space and privacy rooms for leasing, and community rooms for meetings and education, as well as access to the AHA gym. Lush landscaping, expansive green space, and enhanced playgrounds include a full size soccer/football field, as well as a splash pad and rock climbing wall. The community is conveniently situated near the newly built coliseum and entertainment center, hospitals, and transportation hubs.

“Although every affordable housing rehabilitation comes with it’s own set of challenges, this project was uniquely fraught by tax reform, three tornadoes, three hurricanes, two tropical storms, and COVID. We are thankful for the faith the Alexandria Housing Authority placed in us throughout the conversion process,” said Holly Knight, CEO BGC Advantage. “We are grateful for the support of the community, the collaboration of our partners and investors, and even the guidance of our insurance provider from concept to completion.”

This rehabilitation transformed properties in aging and declining low-income neighborhoods and provided for the development of established scattered sites that will offer enhancement of the surrounding infill homes and single-family sites with homeowners. This project was financed in partnership with a long-standing, central Louisiana finance organization, the Rapides Finance Authority led by Chairman Mayor Butler.

“On the other side of the many obstacles encountered by our trusted partners throughout planning and development, we are happy to celebrate Royal Cambridge as well as the strength, perseverance and determination that was required to get here,” said Mike Boyle, SVP – Acquisitions, CREA. “We are grateful to be a part of the larger community outcome, as it also opens the door for job creation, economic growth and revitalization.”

“We deeply appreciate the opportunity to be a part of such an important redevelopment of affordable housing that will serve the Alexandria community for many years to come.” said Mahesh Aiyer, Director Citi Community Capital.

Other project partners include Citi, CREA, Louisiana Housing Corporation, HUD, Wilmington Trust, and the Police Jury, and the Rapides Finance Authority. The General Contractor is B.A.S. Construction. The Architect is DNA Workshop.

ALEXANDRIA HOUSING AUTHORITY

The Alexandria Housing Authority is committed to providing affordable housing, quality of life opportunities, and building safe communities, one family at a time. For more information, visit alexhousing.org.

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BGC ADVANTAGE

BGC Advantage is a developer that specializes in working with Public Housing Authorities and non-profit organizations to create and rehabilitate affordable housing. With offices in Louisiana, Mississippi, Texas, and Arkansas, the BGC Advantage portfolio includes more 3,000 units of affordable housing developed in four years and 60 PHA RAD consultations and partnerships across 17 states. For more information, visitbgcadvantage.com.

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Source: https://www.prweb.com/releases/local_officials_gather_to_celebrate_the_opening_of_a_50_million_affordable_housing_development_in_alexandria_louisiana/prweb18051722.htm

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