Louisville-based Poe Cos. has secured a $13.3 million loan to build a 192-unit apartment complex called The Reserve at Thomas Glen Apartments.
The residential development would be built on 17 acres in northwestern Shepherdsville.
Columbus, Ohio-based Red Mortgage Capital LLC provided the Federal Housing Authority loan, according to a news release from the company. The financing covers the construction loan period and the 40-year permanent loan.
The complex is expected to include one-, two- and three-bedroom units in eight, three-story walk-up buildings.
The company also is providing funding for River Breeze Apartments, a 14-building, 15-unit complex under construction at West Pages Lane and Terry Road in Louisville. That complex is being developed by David Richardson of Louisville-based David Richardson Builder Inc. and Paul Dries.
“This is the second FHA-insured new construction project we have completed in roughly the past six months in the Louisville area, and we’re pleased to see it come to fruition,” said Ryan Duling, Red’s lead banker on the financing, in a news release.