BIRMINGHAM, Ala.--(BUSINESS WIRE)--Highland Commercial Mortgage, a Birmingham-based, nationally-ranked MAP and LEAN approved lender, announced in conjunction with BGC Advantage, an award-winning property developer, that the Harmony Garden Estates property, located in Alexandria, LA, has received the Multifamily Award of Excellence issued by the National Association of Local Housing Finance Agencies.
Jennifer Massey, COO at Highland Commercial Mortgage, said “As always, we appreciate the opportunity to work with such a great group of partners, including BGC, HUD and the Alexandria Housing Authority. This project required a lot of teamwork amongst vision driven professionals focusing on the preservation of quality housing for qualified individuals within the community. We look forward to continuing our mission in the recapitalization and rehabilitation of affordable housing.”
The Harmony Garden Estates property is a 4% LIHTC RAD conversion consisting of 172 Units. The much-needed redevelopment of these Public Housing units was completed alongside the Alexandria Housing Authority and provided 353 construction period jobs, as well as 10 permanent jobs.
“We are grateful for the support of the community and the collaboration of our partners and investors,” said Holly Knight, CEO BGC Advantage. “This award is a testament to the hard work and dedication of everyone involved to our shared mission of building better communities and opportunities for those most in need.”
The $23,385,113 in development upgrades was part of multiple RAD redevelopment projects in the community, including Harmony Gardens, Bayou, Magnolia Homes, and Royal Cambridge. Together these projects brought approximately $100,000 investment to the small community of 48,000 people.
The award was formally presented at a ceremony held at the 2022 NALHFA Conference April 24-27 in New York.
About Highland Commercial Mortgage
Highland Commercial Mortgage is a mission driven organization established for the purpose of providing financing needs for the development of multifamily and healthcare projects to meet the growing demand for housing at every level of income and every stage of life. At Highland Commercial Mortgage, we are committed to providing you with an experienced team of loan originators, underwriters and servicing specialists to help see your projects through to development. Visit us at hcmd4.com. For media inquiries, please contact adrummond@hcmd4.com.
ABOUT BGC ADVANTAGE
BGC Advantage is an award-winning developer that specializes in working with Public Housing Authorities and non-profit organizations to create and rehabilitate affordable housing. With offices in Louisiana, Mississippi, Texas, and Arkansas, the BGC Advantage portfolio includes 3,904 units of affordable housing developed in five years and 64 PHA RAD consultations and partnerships across 17 states. For more information, visit bgcadvantage.com. For media inquiries, please contact cbrunini@bgcadvantage.com.
