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GCHP Purchases Cypress Gardens Apartments in St. Martinville

Cypress Gardens Apartments in St. Martinville Purchased by Gulf Coast Housing Partnership

New Orleans based real estate developer Gulf Coast Housing Partnership (GCHP) has purchased Cypress Gardens Apartments in St. Martinville, Louisiana. In partnership with Lafayette developer Le Centre Evangeline, GCHP will rehabilitate the forty-year-old property through a $5.6 million renovation.

Originally constructed in 1980, Cypress Gardens Apartments has 100 one- and two-bedroom units serving elderly and disabled residents who receive housing assistance payments through U.S. Housing and Urban Development (HUD).

The renovation includes new roofing, appliances, flooring and cabinetry in all apartments and the addition of covered parking, an exercise room and computer center. The project will be done in phases so that residents can remain on property while their units are renovated.

“Cypress Gardens Apartments is an essential source of affordable housing for St. Martinville residents,” said Kathy Laborde, GCHP President and CEO. “Thanks to the support of our funding partners and Le Centre Evangeline, we will be able to provide current and future residents with much-needed apartment upgrades and new community amenities.”

“We are excited to once again work with GCHP,” said Mark Tolson, President of Le Centre Evangeline. “Together we have constructed and preserved quality affordable housing throughout southwest Louisiana.”

Funding support for the Cypress Gardens transaction and redevelopment is provided by HUD, Regions Bank, Home Bank, Federal Home Loan Bank of Dallas and Federal Home Loan Bank of Atlanta.

Regions Bank is one of the nation’s largest participants in affordable housing finance through the (low-income housing tax credit) LIHTC program, providing comprehensive real estate banking and capital markets services to meet the debt and equity capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS Multifamily Affordable Lender and HUD/FHA Affordable Lender.

“Affordable housing is one of the most powerful ways our bank can make a difference for people and their opportunities for success,” said David Payne, Senior Vice President of Regions Bank. “Our team in Regions Affordable Housing is committed to helping provide institutional capital to affordable housing developers across the nation. We know access to affordable housing is something many people need, so we are proud to support Gulf Coast Housing Partnership and its work to renovate Cypress Gardens. We believe the project will be beneficial for many elderly and disabled residents in the years to come.”

GCHP selected Ardoin Architecture and Hesnor Contractors, Inc. for the project with an estimated completion date of Spring 2022.

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