BATON ROUGE, La., July 27, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completion of Cypress Springs, a new 144-unit affordable senior housing community in Baton Rouge, La. WNC provided approximately $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development.
Located at 8200 Cypress Road, Cypress Springs includes three buildings comprised of 76 one-bedroom units and 68 two-bedroom units. The property’s amenities include a fitness center, central laundry facility, activity room/clubhouse, computer center, tenant storage area, sauna and picnic area. The community also offers onsite management and support services. Each unit is equipped with intercom entry, central air conditioning, kitchen appliances and a ceiling fan. The property has 159 parking spaces.
Cypress Springs was developed by Community Development Inc. The project developer was C. Fred Cornforth.
“Cypress Springs is an excellent property offering new, well-constructed housing to the Baton Rouge senior community,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “WNC is proud to be a partner in Cypress Springs and to help deliver additional affordable senior housing to the people of Baton Rouge and to a nation in dire need of quality affordable housing.”
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.6 billion of assets totaling in excess of 1,290 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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Source:WNC & Associates