REBusinessOnline

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 &

Stirling Properties Brokers Sale of 14-Story Office Building Near New Orleans

METAIRIE, LA. — Stirling Properties has brokered the sale of The Executive Office Tower, a 184,608-square-foot office building located at 3500 N. Causeway Blvd. in Metairie, roughly eight miles northwest of New Orleans. Roger Bajon of Stirling Properties arranged the transaction on behalf of the undisclosed seller. A Dallas-based investor acquired the 14-story building for an undisclosed price. The Executive Office Tower is home to tenants such as Keystone

KeyBank Provides $37.5M Freddie Mac Financing for Two Student Housing Properties in Louisiana, Florida

BATON ROUGE, LA. AND DAYTONA BEACH, FLA. — KeyBank Real Estate Capital has provided $37.5 million in Freddie Mac loans for the refinancing of two student housing properties located in Baton Rouge and Daytona Beach. Trevor Ritter of KeyBank originated a $21.7 million, floating-rate loan for Oakbrook Apartments, a 240-unit student housing community near Louisiana State University in Baton Rouge. The community was constructed in 1983 and renovated in 2017. In Daytona Beach, Ritter originated a …

Doster Construction Completes 252-Unit Multifamily Community in Southwest Louisiana

LAKE CHARLES, LA. — Doster Construction Co. has delivered Springs at Country Club, a 252-unit multifamily community located in the southwest Louisiana city of Lake Charles. Continental Properties developed the community, which includes a mix of studio, one-, two- and three-bedroom units. Community amenities include a resort-style pool, clubhouse, complimentary coffee bar, 24-hour fitness center, dog park and a pet spa

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 …

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