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DevelopmentLouisianaMultifamilySoutheast

Dobbins Group Completes $43M Apartment Complex Near New Orleans

by Alex Tostado

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.

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AcquisitionsLouisianaRetailSoutheast

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

by Alex Tostado

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.

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DevelopmentIndustrialLouisianaSelf-StorageSoutheast

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

by Alex Tostado

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.

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LoansLouisianaMultifamilySoutheast

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

by Alex Tostado

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.

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Affordable HousingLoansLouisianaMultifamilySoutheastWalker & Dunlop

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

by Alex Tostado

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 their own businesses. Heather Olson of Walker & Dunlop originated the loan on behalf of the developer, Commonwealth Cos. National Equity Fund is an equity partner with the developer. Sterling Bank, the Louisiana Housing Corp. and the Housing Authority of New Orleans are providing additional funding. A timeline for completion was not disclosed.

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AcquisitionsHealthcareLouisianaOfficeSoutheast

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

by Alex Tostado

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 property. A local ophthalmology office and a division of the Louisiana Departments of Health and Capital Area Human Services will also lease space at the facility. Ben Miller and Casey Siggins of Franklin Street represented the buyer in the financial transaction. The seller and lender were not disclosed.

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DevelopmentIndustrialLouisianaSelf-StorageSoutheast

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

by Alex Tostado

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 miles east of downtown Baton Rouge. This will be Brookwood’s 50th facility in its portfolio.

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DevelopmentLouisianaMultifamilySoutheastStudent Housing

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

by Alex Tostado

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 space, a full-service restaurant, coffee shop and patio seating. As part of the $45 million construction loan, Hancock Whitney Bank provided bridge financing and Midland State Bank provided Historic Tax Credits to the developer. The Warwick Hotel was originally built in 1952 and has sat dormant since Hurricane Katrina hit the city. Hernandez Consulting & Construction will serve as the general contractor, and Albert Architecture and SCNZ are the project’s architects.

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DevelopmentLoansLouisianaMultifamilySoutheast

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

by Alex Tostado

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 Villas will also be located near the Youngsville Sports Complex, a $20 million, 70-acre development. A timeline for construction of Sugar Mill Villas was not disclosed. The borrower was also not disclosed.

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canal-nola
DevelopmentLouisianaSoutheastTop Stories

Provident Realty Advisors Opens $85M Apartment Development in Downtown New Orleans

by Alex Patton

NEW ORLEANS — Provident Realty Advisors, a Dallas-based developer, has opened Canal 1535, a 330-unit multifamily building in the central business district (CBD) of New Orleans. Canal 1535 features one- and two-bedroom apartments. Amenities include a fitness center, parking garage and heated swimming pool. The property is now leasing to new residents, with rents ranging from approximately $1,500 to $3,700. The total development cost is estimated at $85 million. The building is situated on Canal Street in the heart of New Orleans, near Tulane University Medical School and Louisiana State University School of Medicine. The property is located blocks from the French Quarter, the Mercedes-Benz Superdome and St. Louis Cemetery No. 2, and offers convenient access to public transportation via the Regional Transit Authority streetcar line. Julie Valley, asset manager at Provident, says that the building is intended to serve the growing workforce in the CBD, including native New Orleanians and those moving to the city for work. The economic outlook for 2020 is forecasting an additional 9,400 jobs in the city, an increase of 1.6 percent, according to New Orleans CityBusiness. — Alex Patton

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