Real estate financing company Red Stone has offered $16m in tax-exempt financing for a rental housing development at Baton Rouge in Louisiana, US.
To be termed as 'Port Royal Apartments', the new development will comprise 192 affordable multi-family rental units.
Besides featuring in-unit appliances and common-area facilities, the development will offer amenities including a laundry facility, swimming pool, playground, and community centre with full kitchen, business centre and fitness centre.
The firm has carried out the tax-exempt bond transaction under Direct Bond Purchase Programme through its affiliate Red Stone Tax-Exempt Funding.
Construction for the development is expected to be completed by mid 2017 and will be sponsored by LDG Development.
Red Stone managing director Cody Z. Langeness said: "In addition to providing newly constructed rental units, inclusive of modern amenities, the property will be aesthetically attractive, and will be a great addition to the immediate neighborhood."
LDG Development co-founder Chris Dischinger said: "Port Royal Apartments reflects our belief that everyone deserves a quality place to live.
"Having a strong financing partner that supported our work and this belief is essential to our ongoing growth. Red Stone worked with us every step of the way and helped us structure a great development that will benefit this community for many years to come."