Loan Type: Commercial Real Estate and Affordable Housing Bridge Acquisition Loan
Total Development Cost: $12,913,228
Times Leveraged: 12.9x
Loan at a Glance:
PCG Capital contributed $1MM in a $2MM pari passu participation with Coastal Enterprises, Inc. (CEI) to Green Coast Enterprise (GCE) to fund the acquisition and development of a historic property in New Orleans, Louisiana.
Project Summary:
The redevelopment project will create a homeownership center in Phase I and an 18-unit, mixed-income condominium complex in Phase II. The center will include space for the Neighborhood Housing Services of New Orleans (NHSNO), a bank, credit union, title company, and coffee shop. CEI and PCG Capital are involved in Phase I of this project.
Borrower Summary:
GCE develops and provides real estate services for urban and coastal community renewal. GCE’s mission is to pursue opportunities that mitigate social inequity and economic stagnation while fostering relationships with tenants and neighbors.
Loan Result:
This project serves low-income clients located in a majority-minority census tract with a median household income of 59.13% AMI. It will bring a Homeownership Center to residents of a census tract where the homeownership rate is only 68% of the New Orleans rate, and less than half of the state’s rate. It supports NHSNO, which is the oldest housing nonprofit in the city that serves approximately 400 low-income clients annually to create affordable, energy-efficient housing.
Energy Impact:
Powered by on-site solar panels, LEED certified, First Mixed-income Net-zero project in Louisiana, Meets Enterprise Green Communities and Energy Star Certification Requirements, Low Flow Fixtures, LED Lighting, Energy-efficient Appliances, Rainfall Capture for Storm water Management, Gravel Over Asphalt for Heat Reduction, Walkable Community/Car Use Reduction.