REBusinessOnline

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 …

Istrouma Hospitality Opens Courtyard by Marriott Baton Rouge Downtown

BATON ROUGE, LA. — Istrouma Hospitality LLC has opened the new Courtyard by Marriott Baton Rouge Downtown, a 135-room hotel located at 260 3rd St., about three miles north of Louisiana State University (LSU). The new hotel features Courtyard’s latest room design, an innovative lobby and 48 balcony rooms. Some features of rooms include a mobile working desk, as well as a shower nook in the bathroom. Greenville, S.C.-based Windsor Aughtry developed the hotel on behalf of the owner, and …

New Orleans Adds Another Chapter to its 300-Year History Book of Multifamily Growth

How many cities can boast a multifamily history that goes back 300 years? New Orleans can, as it is celebrating its Tricentennial. New Orleans is home to the first apartment building in the United States. Historians have noted the “oldest continuously rented” multifamily development in the country is the Pontalba Apartments. Built in 1849 by the wealthy Baroness Michaela Pontalba, the iconic apartment’s crown molding, sconces, iron railings and balconies are now synonymous with New …

Adaptive Reuse in Core New Orleans Pushes Industrial Activity Westward

When real estate professionals think of the New Orleans industrial market, oil companies, the Port of New Orleans (recently rebranded Port NOLA) and distribution companies come to mind. That thought is currently undergoing an evolution. The historically industrial areas of New Orleans are being absorbed seemingly daily by an insurgence of retail and entertainment-based business. As traditional retail in American shopping and strip malls is on the decline, developers are rushing to buy …

Chase Properties Purchases 135,000 SF Shopping Center in Lake Charles, Louisiana

LAKE CHARLES, LA. — Chase Properties has purchased Prien Lake Shopping Center in Lake Charles. The 135,000-square-foot shopping center is anchored by Marshalls, Ross Dress for Less and Bed Bath & Beyond. The seller and sales price were not disclosed. CBRE brokered the

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