Louisiana

Millenia Cos. Receives $27.5M Loan to Redevelop Affordable Seniors Housing Community in New Orleans

by Alex Tostado January 6, 2021

NEW ORLEANS — The Millenia Cos. has received a $27.5 million construction loan to redevelop Peace Lake Towers, a 131-unit affordable seniors housing community in New Orleans’ Read Boulevard West neighborhood. Upon completion, the property will offer renovated one-bedroom floor plans and communal amenities such as a community center, arts activity space, library, computer lab and a fitness room. The renovations will also include upgraded heating, cooling and electrical systems; a new roof, windows and doors; and eco-friendly appliances. Cleveland-based Millenia expects to begin renovations soon and complete the project in roughly 14 months. Crews will renovate vacant units first and relocate households onsite as the construction is completed in phases. Residents will pay 30 percent of their income toward rent, and rent will remain affordable for at least 20 years by a federal project-based Section 8 contract. Redstone Federal Credit Union provided the construction loan, and Netherlands-based Aegon is the syndicated lender. Additionally, Louisiana Housing Corp. issued bond and tax credits for the project, and the U.S. Department of Housing and Urban Development (HUD) and the City of New Orleans both provided financing. Marous Brothers Construction is serving as the general contractor, Hooker DeJong Inc. is the architect and Millennia Housing …

January 6, 2021

Development Industrial Louisiana Southeast

Amazon Chooses Carencro as Site for First Fulfillment Center in Louisiana

by Alex Tostado January 4, 2021

CARENCRO, LA. — Amazon has chosen Carencro for a new $100 million fulfillment center, its first in the state of Louisiana. The Seattle-based e-commerce giant currently operates three delivery centers and seven Whole Foods stores in the state. The property is expected to house 500 full-time employees upon completion, which is slated for the end of 2021. The asset will be situated in Lafayette Parish at the former site of the original Evangeline Downs Casino and Racetrack, near Interstates 49 and 10. Employees at the fulfillment center will pick, pack and ship bulky or larger-sized items, such as patio furniture, outdoor equipment and rugs. Amazon expects the facility to span 1 million square feet.

January 4, 2021

Acquisitions Louisiana Office Southeast

EdgePWR Acquires 712,000 SF Office Park in Baton Rouge

by Alex Tostado December 2, 2020

BATON ROUGE, LA. — EdgePWR has acquired Bon Carre Technology Center, a 712,000-square-foot office and technology park in Baton Rouge. The property is situated at 7337 Florida Blvd., five miles east of downtown Baton Rouge. Tenants at the time of sale included Cox Media, software firm CRIF ACTion, Pixel Dash Studios and data company Venyu. Bon Carre was originally developed in the 1960s as Bon Marche Mall before being redeveloped into an office park more than 20 years ago. Bill Sanders and Jessie Babcock of Beau Box Commercial Real Estate, along with JLL, represented the undisclosed seller in the transaction. South Carolina-based EdgePWR has retained Sanders and Babcock to handle leasing at Bon Carré and Beau Box Property Management to manage the property.

December 2, 2020

Acquisitions Louisiana Retail Southeast

Marcus & Millichap Negotiates $11.7M Sale of Shopping Center in Ruston, Louisiana

by Alex Tostado October 28, 2020

RUSTON, LA. — Marcus & Millichap has negotiated the $11.7 million sale of Ruston Marketplace, a 94,000-square-foot retail center in Ruston. The property was leased to eight tenants at the time of sale, including Hobby Lobby, T.J. Maxx, Ulta Beauty, Five Below and Rack Room Shoes. The seller, Hutton, delivered the asset in June 2019. The property is located at 1208 Woodward Ave., two miles north of downtown Ruston and adjacent to Interstate 20. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction. Brian Munn of Marcus & Millichap represented the buyer, George Snelling. “We sourced a private 1031 exchange buyer who was trading out of self-storage,” says Taylor about Snelling. “We have seen a notable trend of multifamily, industrial and self-storage sellers trading into retail to achieve a higher return.”

October 28, 2020

Acquisitions Louisiana Multifamily Southeast

Berkadia Arranges Acquisition Financing for Two Apartment Communities in Metro New Orleans

by Alex Tostado September 25, 2020

HARVEY AND GRETNA, LA. — Berkadia has arranged acquisition debt and equity for Waterchase Apartments and Whitney Manor, two multifamily communities built in 1975 in metro New Orleans. One Real Estate Investment (OREI) acquired the properties, which are situated three miles from each other and roughly six miles south of downtown New Orleans. Mitch Sinberg and Brad Williamson of Berkadia originated acquisition loans through Freddie Mac’s Green Advantage program on behalf of OREI, which acquired Waterchase for $31.1 million and Whitney Manor for $14.6 million. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia sourced the undisclosed equity partner. The $23.3 million acquisition loan for Waterchase features a 10-year term with a fixed interest rate and four years of interest-only payments. The $10.9 million acquisition loan for Whitney Manor offers a 10-year term with a fixed interest rate and three years of interest-only payments. Waterchase features two- and three-story buildings offering one- and two-bedroom floor plans. The property is situated at 1013 Manhattan Blvd., in Harvey. Units range from 858 to 1,192 square feet. Communal amenities include a two-story community room, two swimming pools, two laundry facilities, breakfast/coffee concierge, courtyard, fitness center and a business center. Whitney Manor is located …

September 25, 2020

Development Industrial Louisiana Self-Storage Southeast

Safeguard Self Storage Expands Facility in New Orleans by 544 Units

by Alex Tostado September 18, 2020

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 Rinaldi of Safegaurd is the manager. This is the sixth property in New Orleans for the locally based operator.

September 18, 2020

Development Louisiana Multifamily Southeast

Dobbins Group Completes $43M Apartment Complex Near New Orleans

by Alex Tostado September 15, 2020

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 Capstone Building Corp. was the general contractor, and Dallas-based Humphreys & Partners Architects was the designer.

September 15, 2020

Acquisitions Louisiana Retail Southeast

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

by Alex Tostado September 4, 2020

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 high-limit area. Louisiana Downs also features a dirt horse-racing track. Louisiana Gov. John Bel Edwards ordered casinos to close in March due to the COVID-19 outbreak. Casinos in the state were allowed to reopen in May at limited capacity.

September 4, 2020

Development Industrial Louisiana Self-Storage Southeast

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

by Alex Tostado August 20, 2020

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 day.

August 20, 2020

Loans Louisiana Multifamily Southeast

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

by Alex Tostado August 12, 2020

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 include a clubhouse, pool, playground and basketball courts. Southern Choice Properties manages the community, which is located at 8559 Gulf Highway, 10 miles south of downtown Lake Charles.

August 12, 2020

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