REBusinessOnline

Safeguard Self Storage Expands Facility in New Orleans by 544 Units

NEW ORLEANS — Safeguard Self Storage has completed the expansion of its facility located at 919 Erato St. in New Orleans’ Lower Garden District. The company added 544 units spanning 44,346 square feet to its existing 459-unit, 33,311-square-foot facility. The asset utilizes the Noke Smart Entry System, which allows customers to access the building, storage area and individual units with a smartphone app. The building also features a “green roof,” which sustains living vegetation. Brian …

Dobbins Group Completes $43M Apartment Complex Near New Orleans

COVINGTON, LA. — Dobbins Group LLC has completed The Collins, a $43 million apartment complex in Covington. The 272-unit property offers one-, two- and three-bedroom floor plans with rents ranging from $995 to $2,000 per month. Communal amenities at the gated community include a clubhouse, pool, fitness center, pet spa, car washing station, firepit and an outdoor kitchen. The Collins is located at 1612 Versailles Business Parkway, 38 miles north of downtown New Orleans. Birmingham, Ala.-based …

Caesars, Vici to Sell Harrah’s Louisiana Downs Casino in Bossier City for $22M

BOSSIER CITY, LA. — Caesars Entertainment and Vici Properties have entered into an agreement to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment for $22 million. The buyer, Rubico Acquisition Corp., will pay Vici $5.5 million and Caesars $16.5 million. The sale is expected to close by early 2021. The property is located at 8000 E. Texas St. in Bossier City, 10 miles east of downtown Shreveport. The casino floor offers 150,000 square feet of games, dozens of TVs and a …

Brookwood Properties Opens 920-Unit Self-Storage Facility Near New Orleans

SLIDELL, LA. — Baton Rouge, La.-based Brookwood Properties has opened a 920-unit self-storage facility in Slidell. Life Storage Inc., a self-storage REIT based in Buffalo, N.Y., will manage the 118,340-square-foot property. The asset is situated at 1540 Lindberg Drive, 32 miles northeast of downtown New Orleans. The new Life Storage property will be open seven days per week and offers contactless rentals via its RentNow platform 24 hours per

Columbia Pacific Provides $15.5M Refinancing Loan for Mobile Home Park in Lake Charles, Louisiana

LAKE CHARLES, LA. — Columbia Pacific Advisors has provided a $15.5 million refinancing loan for Gulf Stream Manor, a mobile home park in Lake Charles. Billy Meyer of Columbia Pacific originated the loan on behalf of the undisclosed borrower, which plans to use the funds to refinance its existing mortgage, as well as provide working capital and finance expenditures. The property offers 265 residences with three- and four-bedroom floor plans ranging from 1,152 to 1,368 square feet. Amenities …

Walker & Dunlop Secures $23M Financing for Affordable Housing Complex in New Orleans

NEW ORLEANS — Walker & Dunlop has provided a $23 million Freddie Mac permanent financing loan for The Reveal, a 150-unit affordable housing community in eastern New Orleans. Upon completion, The Reveal will offer one- through four-bedroom floor plans, each with a balcony. Communal amenities will include conference rooms, a community room, fitness center and a therapy room. The community will also feature a 1,745-square-foot business incubator, which caters residents wanting to launch …

Franklin Street Arranges $12.4M Financing for Medical Facility in Baton Rouge

BATON ROUGE, LA. — Franklin Street has arranged the $12.4 million acquisition and renovation financing for Physicians Medical Center, a 76,370-square-foot medical office and hospital campus in Baton Rouge. The three-story facility features a hospital on the first floor and 44,984 square feet of leasable medical office space at the time of sale. The buyer, New Era Cos., plans to implement property renovations. Following the project, Oceans Healthcare Outpatient Services will anchor the …

Brookwood Properties to Open 1,100-Unit Self-Storage Facility Near Baton Rouge in June

DENHAM SPRINGS, LA. — Brookwood Properties LLC will open a 1,100-unit self-storage facility the first week of June in Denham Springs. The four-story building will span 130,000 square feet and offer climate-controlled units. The Baton Rouge, La.-based developer broke ground on the project in May 2019. Baton Rouge-based Rosehill Construction LLC is the general contractor. Buffalo, N.Y.-based Life Storage will manage the property upon completion. The facility is located at 100 Rushing Road, 15 …

New Orleans Redevelopment Fund Receives $45M Loan to Convert Hotel into Student Housing for Tulane Medical Students

NEW ORLEANS — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail …

Greystone Provides $25.3M HUD Construction Loan for Multifamily Community in Youngsville, Louisiana

YOUNGSVILLE, LA. — Greystone has provided a $25.3 million HUD 221(d)(4) loan for the construction of Sugar Mill Villas Apartments, a planned 164-unit multifamily community in Youngsville. The non-recourse, fixed-rate loan will fund 85 percent of the project. The loan will automatically convert to a 40-year, fully amortizing permanent loan upon stabilization. The community will be situated at 1931 Chemin Metairie Parkway, within the master-planned Sugar Mill Pond neighborhood. Sugar Mill …

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