LAKE CHARLES, La. – On Nov. 30, HRI Communities announced that it has closed financing for the second phase of the Woodring Apartments, a multifamily residential community in downtown Lake Charles. The first phase of the Woodring Apartments is currently under construction and includes a 58-unit multifamily building and a 12-unit townhouse building for 70 total apartments. The phase one unit mix includes 49 affordable/workforce housing units and 21 market-rate units. The second phase will include two townhouse buildings containing 40 total units. The unit mix will offer 34 workforce units and six affordable units. Construction is set to begin immediately and is expected to conclude in 2024.
HRI Communities President Josh Collen believes the property’s location in the downtown area will provide housing options for those who work nearby while also adding vibrancy to the neighborhood. Amenities will include off-street parking, a community center, a fitness center, a grilling and picnic area, a rain garden, and a pocket park on the corner of Division and Hodges streets.
“Construction for phase one is going extremely well and we are thrilled to close and officially break ground on phase two,” said Collen in a press release. “This tremendous new development will offer the most resilient apartment homes possible to area residents who have been through the unthinkable in a beautiful, amenity rich community.”
HRI Management LLC, an HRI Communities affiliate, will be the long-term property management company for the Woodring Apartments. HRI Management currently manages 60 properties, which encompass 5,301 units across five states and 10 cities. HRIM has a staff of more than 150 employees including specialists in leasing, operations, tax credit compliance, maintenance and resident services.
HCI Architecture Inc. serves as the architect of record for both phases of the Woodring Apartments. Impetus is the design-builder leading the project’s construction.
More details from HRI: Woodring Apartments Phase II was recently awarded funding under the second Piggyback Resilience Initiative – Mixed Income (“PRIME 2”) NOFA released by the Louisiana Housing Corporation (LHC), which uses Laura/Delta CDBG-DR funds. Woodring Apartments Phase II also received a reservation for 4% LIHTCs and was approved for tax-exempt bonds issued by LHC. Phase II is set to receive final approval by the State Bond Commission in mid-June. Phase II also received a third mortgage loan from the City of Lake Charles, which will serve as the final financing gap source. Hope Federal Credit Union serves as the permanent lender for the project.
