REBusinessOnline

Drive Shack to Open 62,000 SF Golf, Entertainment Venue in New Orleans

NEW ORLEANS — Golf entertainment concept Drive Shack has unveiled plans to open a 62,000-square-foot venue at the site of the former Times-Picayune building at 3800 Howard Ave. in New Orleans. Drive Shack will demolish the facility to make way for the new three-story entertainment complex, which will feature 90 indoor driving range bays, a restaurant, corporate and group event space, additional lounge areas and parking. The $29 million project is expected to be up and running by 2019, …

Capital One Provides $34.9M Financing for New Affordable Housing Community in Baton Rouge

BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was …

Citadel Builders Breaks Ground on $40M Multifamily Community in New Orleans’ Mid-City District

NEW ORLEANS — Citadel Builders, a Metairie, La.-based general contractor, has broken ground on Parkway Apartments, a 207-unit multifamily project located at 4650 Washington Ave. in New Orleans’ Mid-City district. The community is situated at the corner of South Jefferson Davis Parkway and Washington Avenue, across the street from Xavier University of Louisiana. Kailas Cos. is developing the $40 million project in conjunction with All Star Electric Inc. and Harry Baker Smith Architects II …

Roy Anderson to Lead $17M Construction Project at WWII Museum in New Orleans

NEW ORLEANS — Roy Anderson Corp., a subsidiary of Tutor Perini Corp., has unveiled plans to construct the Hall of Democracy at the National WWII Museum’s campus in New Orleans. The $17 million pavilion will total 34,800 square feet and will be dedicated to the museum’s research, WWII content, expertise and outreach. The pavilion will house a special exhibits gallery; the Institute for the Study of War and Democracy, which is expected to be the hub of World War II knowledge and education …

Franklin Street Negotiates $3.2M Sale of New Retail Center in Alexandria, Louisiana

ALEXANDRIA, LA. — Franklin Street has arranged the $3.2 million sale of The Bulls Eye, a newly constructed, 6,400-square-foot strip retail center located at 3504 Jackson St. in Alexandria. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Nashville-based D3 Alexandria LLC. Boise, Idaho-based Latta Properties LLC acquired the asset. At the time of sale, The Bulls Eye was home to Mattress Firm and Verizon

HFF Arranges $51M Refinancing for 234-Room Ace Hotel New Orleans

NEW ORLEANS — HFF has arranged a $51 million loan for the refinancing of Ace Hotel New Orleans, a 234-room, recently opened hotel located at 600 Carondelet St. in downtown New Orleans. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the floating-rate loan through TPG RE Finance Trust on behalf of the borrower and developer, a partnership between Domain Cos. and Avenue Capital Group. Proceeds of the loan will be used to refinance an existing construction loan. Originally …

Marcus & Millichap Arranges $4.6M Sale of Hotel Near Baton Rouge

WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, …

New Orleans’ Suburban Class A Office Space Still Outperforms U.S. Average

The greater metropolitan New Orleans office market contains approximately 15 million square feet of office space segregated into five distinct submarkets. Two major submarkets, the Central Business District (CBD) and Metairie (a suburban market), represent 94 percent of the total square footage. The occupancy rates of Class A properties in these two markets are 87.7 percent and 88.7 percent, respectively. These rates are 1.56 percent lower and 3.01 percent higher than the respective downtown …

Greystone Provides $24.2M HUD Loan to Refinance Apartment Community in Baton Rouge

BATON ROUGE, LA. — Greystone has provided a $24.4 million HUD-insured loan to refinance The Highland Club Apartments, a 247-unit multifamily property in Baton Rouge. Jason Stein of Greystone arranged the 35-year fixed-loan. Other terms of the transaction were not disclosed. Greystone previously refinanced the property in 2012, and the new loan enables a combination of phased renovations and continued investment back into the property. The Highland Club Apartments is located roughly 15 miles …

Restaurants Prove to be New Orleans Retail Market’s Bread and Butter

Take a look at the current retail landscape, not only in New Orleans, but far beyond the Big Easy, and you will find this sector has changed drastically over the past decade. Some argue retail is dead, while others cling to the notion that every market goes through cycles, and this has been going on long before the dawn of any Tricentennial festivities. Somewhere between these two extremes is the confluence of trends, data, outliers, gossip and pontificating cries, that when carefully …