C. Dischinger
C. Dischinger

For Louisville, Ky.-based LDG Development, LLC, the theme for 2011 was persistence, with the firm finally closing several transactions that had suffered because of the economic downturn.

“2011 was really a good year,” says Principal Chris Dischinger, who co-owns the firm with Mark Lechner. “Equity came back, and, as we got a little further down the road, we got some deals that we had been working on for a long time under construction.”

The firm started six projects with 644 units last year and completed five projects with 410 units.

One of the projects that closed in 2011 was a complex tax-exempt bond, new construction deal that had been in the works since 2007. Several layers of financing had to go into the firm's 192-unit Mallard Crossings in Baton Rouge, La., including Community Development Block Grant money from the state, HOME funds from the city, and Tax Credit Assistance Program funds.

“It was a great relief to finally get it done,” Dischinger says.

The development is expected to open by the end of the year and will serve families earning both 20 percent and 60 percent of the area median income.

For 2012, the developer anticipates starting five projects with 700 units and completing four projects with 496 units.

“Our goals are to refill the pipeline and get many more [developments] under construction, as well as to continue to push occupancy and rental rates up and operate our properties in a great manner,” Dischinger says. “We are ready to go.”