MONROE, LA. — Hunt Capital Partners has invested $8.8 million in construction financing to fund the redevelopment of the Miller-Roy Building in Monroe. The investment includes $6.4 million in Low Income Housing Tax Credit (LIHTC) equity and $2.4 million in state and federal Historic Tax Credit equity. The project will also include the construction of multifamily housing units in a newly built property known as Bayou Savoy Building. Michael Echols Enterprises is the developer for the project.
Built in 1929, the historic three-story Miller-Roy Building will be reimagined to feature two studio apartments and 16 one-bedroom units, as well as 3,851 square feet of commercial space on the first floor. The Miller-Roy Building used to be the office for one of the first African American newspapers in the South, and was home to many African American-owned businesses at the time. The newly constructed Bayou Savoy Building will span four stories and comprise 48 two-bedroom units.
The property will allow a range of incomes for leasing from 20 percent of area median income up to 80 percent, and 14 units will be in the workforce housing range. Project-based rental assistance will be provided for 24 of the 66 LIHTC units, and four of them will provide permanent supportive housing for homeless individuals.
The units will include central air conditioning, ceiling fans, refrigerators, dishwashers, garbage disposals and in-unit washer and dryers. Community amenities will include a business center, computer lab, clubhouse, community room, courtyard, elevators, exercise facility, onsite management and a playground. The City of Monroe, Ouachita Parish and nonprofit service firms will provide vocational training and healthcare services at the property.
The total development cost for the project is $19.1 million. Cedar Rapids Bank & Trust is providing a $9 million tax-exempt construction loan and a $1.6 million permanent loan, and Louisiana Housing Corp. provided separate loans of $7.1 million and $1 million. Hunt Capital Partners plans to syndicate the federal LIHTC tax credits and Historic Tax Credits through its multi-investor fund known as Hunt Capital Partners Tax Credit Fund 43.
Latter & Blum Property Management Inc. is the proposed management agent, Echo Build LLC is the general contractor and Cook Construction LP is the prime subcontractor. Land 3 Architects Inc. will be the architect for the project. Construction is slated to take 14 to 15 months.