REBusinessOnline

Carter Multifamily Buys Apartment Community Near New Orleans for $28.6M

SLIDELL, LA. — Carter Multifamily has acquired Pelican Pointe Apartments, a multifamily community located in Slidell, approximately 30 miles northeast of downtown New Orleans. An undisclosed seller sold the property for $28.6 million. Built in 2000, Pelican Pointe comprises 22 three-story residential buildings, a two-story clubhouse/office building and a maintenance building. The property features 266 units in a mix of one-, two- and three-bedroom layouts. Carter Multifamily plans to …

Sonnenblick-Eichner Arranges $29.2M Loan for Refinancing of Historic Hotel in New Orleans

NEW ORLEANS, LA. — Sonnenblick-Eichner Co. has arranged a $29.2 million loan for the refinancing of the Old No. 77 Hotel & Chandlery, a historic, 167-room hotel in New Orleans’ Warehouse Arts District. The five-year, floating-rate loan was priced at a spread in the mid-300s over LIBOR. The name of the borrower was not disclosed. The hotel underwent a $14 million renovation in 2015 that included the renovation of guest rooms, bathrooms, public spaces and a build-out of the ground floor …

HFF Secures $27.5M Sale of Power Shopping Center in Houma, Louisiana

HOUMA, LA. — HFF has secured the $27.2 million sale of Houma Shopping Center, a 204,879-square-foot shopping center in the southern Louisiana community of Houma, approximately 57 miles southwest of New Orleans. Jim Hamilton, Barry Brown, Andrew Levy, Ryan Shore, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, Viking Partners LLC. Gregg Shapiro of HFF arranged a five-year, $16.2 million acquisition loan through Goldman Sachs on behalf …

EDGE Realty Brokers Sale of Two Retail Centers in Southern Louisiana

NEW IBERIA, LA. — EDGE Realty Capital Markets has arranged the sale of two shopping centers in New Iberia: Lagniappe Village and Iberia Plaza. Lagniappe Village totals 201,360 square feet and is home to tenants such as T.J. Maxx, Big Lots, Citi Trends and PetSmart. The center was 92 percent leased at the time of sale. The 131,630-square-foot Iberia Plaza was 99 percent leased at the time of sale. Super 1 Foods anchors the center. EDGE arranged the transaction on behalf of the seller, Brixmor …

O’Connor Capital Signs Three Tenants at Upscale Shopping Center in New Orleans

NEW ORLEANS — O’Connor Capital Partners has signed three tenants to The Shops at Canal Place, an upscale, 260,000-square-foot shopping center in New Orleans. Louis Vuitton, Tory Burch and G Star Raw will each open their first and only Gulf Region locations at the center between now and the first quarter of 2019. The retailers join tenants such as Saks Fifth Avenue, Brooks Brothers, Tiffany & Co., lululemon athletica, Anthropologie and Vineyard Vines. Louis Vuitton will open a …

VICI Properties to Acquire Margaritaville Resort Casino in Louisiana for $261M in Cash, Lease to Penn National

BOSSIER CITY, LA. — VICI Properties Inc., an experiential REIT that was recently spun off from Las Vegas-based Caesars Entertainment, has entered into a definitive agreement to acquire the land and real estate assets of the Margaritaville Resort Casino in Bossier City for $261 million in cash. VICI Properties will lease the property to Penn National Gaming Inc., a Pennsylvania-based operator of casinos and racetracks. The triple-net lease will have an initial total annual rent of roughly $23 …

RISE, UL Lafayette to Deliver 600-Bed, On-Campus Student Housing Property

LAFAYETTE, LA. — RISE: A Real Estate Co., in partnership with University of Louisiana at Lafayette (UL Lafayette), has broken ground on a 600-bed student housing community located on the university’s campus in Lafayette. The five-building development will feature 5,000 square feet of retail space and will be catered toward upperclassmen. The community will feature two-, three- and four-bedroom apartments with full kitchens, bed-to-bath parity and in-unit washers and dryers. Community …

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander …

Bearing Point Breaks Ground on 272-Unit Apartment Community Near Baton Rouge

GONZALES, LA. — Bearing Point Properties has broken ground on Sawgrass Point, a 272-unit apartment community in Gonzales, located roughly 25 miles south of Baton Rouge. The community will include four apartment buildings and two townhome-style buildings. Amenities will include a clubhouse, resort-style pool, outdoor kitchen, dog park and a fitness center. Doster Construction Co. is the general contractor for the project, and Humphreys & Partners Architects is the architect of record. The …

Marcus & Millichap Capital Arranges $22.2M Refinancing for Multifamily Community in New Orleans

NEW ORLEANS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $22.2 million loan to refinance Oakmont Apartments, a 336-unit multifamily community in New Orleans. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the borrower, Bruno Inc. Oakmont Apartments features a swimming pool with sundeck, tennis court, laundry facility and on-site maintenance. MMCC is a subsidiary of Irvine, Calif.-based Marcus &

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