REBusinessOnline

Lotte Chemical, Westlake Chemical Open $3.1B Plant in Lake Charles, Louisiana

LAKE CHARLES, LA. — A joint venture between Lotte Chemical USA (KRX: KRW) and Westlake Chemical Corp. (NYSE: WLK) has opened a new chemical plant in Lake Charles, located in the southwest corner of Louisiana near the Texas border. Development costs for the 250-acre campus were estimated at $3.1 billion. The chemical plant produces monoethylene glycol — commonly called MEG — an important ingredient in the making of paper, textile fibers, latex paints, asphalt, resins, antifreeze, …

Alpha Capital Acquires 342-Bed Student Housing Community Near University of Louisiana at Lafayette

LAFAYETTE, LA. — Alpha Capital Partners has acquired University Place, a 342-bed student housing community located near the University of Louisiana at Lafayette. The acquisition is the second of five identified projects in the company’s Opportunity Zone Fund, which was launched last October in an effort to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017. University Place offers access to campus through a private pedestrian bridge, alongside shared …

Audubon Completes $20M Restoration of Vacant Multifamily Property in Baton Rouge

BATON ROUGE, LA. — Audubon Communities has completed the restoration of St. Jean Apartments, a vacant 624-unit multifamily property in Baton Rouge. In 2016, Louisiana experienced flooding that left 312 ground-level units at St. Jean with serious water damage and the property was abandoned. In 2017, Atlanta-based Audubon purchased the community for $33.3 million and launched a $20 million restoration and renovation effort. Audubon has since rebranded the 50-acre property as The Reserve at …

BSR Sells Four Multifamily Properties in Arkansas, Louisiana for $31.7M

LITTLE ROCK, ARK. AND SHREVEPORT, LA. — BSR REIT has sold four multifamily properties in Little Rock and Shreveport for a total of $31.7 million. The two properties in Little Rock are Briarwood Apartments, a 280-unit complex built in 1972, and Spring Valley Apartments, a 245-unit community built in 1975. The Shreveport assets are Fox Trail Apartments, a 144-unit property built in 1971, and South Pointe Apartments, a 104-unit complex built in 1972. The seller(s) was not

Bellwether Enterprise Secures $21M Loan for New Medical Office Building in New Orleans

NEW ORLEANS — Bellwether Enterprise has arranged a $21 million permanent loan for Ochsner Health Clinic, a new medical building in New Orleans. The three-story, 58,137-square-foot facility will be located at 1532 Robert E. Lee Blvd., five miles north of downtown New Orleans. The property will offer obstetrics, pediatrics and internal medicine facilities, as well as a full-service imaging center, laboratory and a retail pharmacy. Matt Good of Bellwether’s South Carolina office arranged the …

Annex Group to Develop 324-Bed Student Housing Community Near Louisiana Tech University

RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in …

HREC Negotiates Sale of Historic Apartment Community in New Orleans to Timeshare Acquisitions

NEW ORLEANS — HREC Investment Advisors has arranged the sale of the Maritime Building, a 105-unit apartment community built in 1893 in New Orleans. The asset is situated at the corner of Carondelet and Common streets, one block from the French Quarter. The property was considered the city’s first “skyscraper” at 14 stories tall and was extensively renovated in 2010 and 2011. Len Wormser of HREC represented the undisclosed seller in the transaction. California-based Timeshare …

Money360 Provides $12.5M Loan for Retail Center in Louisiana

LAKE CHARLES, LA. — Money360 has provided a $12.5 million refinancing loan for a 121,070-square-foot retail property in Lake Charles. The term of the recourse loan is 24 months with a 9 percent fixed interest rate. Tenants include Ross Dress for Less, Bed Bath & Beyond, Marshalls and Rack Room Shoes. The borrower and the name of the asset were not

Developers Can Rely on Wetlands Mitigation Banking to Offset Environmental Risks with New Projects

BATON ROUGE, LA. — Wetlands mitigation banking has established a track record of success in restoring and preserving crucial ecosystems in many states during the past several decades, while helping smooth the way for commercial development. And as the proven system is positioned to grow and expand, it deserves to be more widely known and recognized, according to a leader in the field overseeing restoration of thousands of acres throughout the South. A mitigation bank is a site that has …

Stonebridge Buys 280-Room Hotel Near New Orleans Convention Center

NEW ORLEANS — Stonebridge Cos. has acquired the 280-room Embassy Suites by Hilton New Orleans Convention Center hotel in New Orleans’ Art and Warehouse District. The hotel offers modern guest rooms, two- and three-room suites, a fitness center, outdoor pool, complimentary breakfast, complimentary drinks and appetizers nightly, on-site restaurant Stacks, a 24-hour business center and more than 8,000 square feet of versatile function space. This is the first hotel acquisition in …

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