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.

"Port Royal Apartments reflects our belief that everyone deserves a quality place to live."

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."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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."