NEW ORLEANS — Money360 has arranged a $5.1 million refinance loan for Executive Plaza Office Building, located at 10001 Lake Forest Blvd. in New Orleans. The 36-month, non-recourse loan was arranged for an undisclosed borrower. The building spans 114,615 rentable square feet.
BATON ROUGE, LA. — Greystone & Co. Inc. has provided two bridge loans totaling $29.5 million for the acquisition of four apartment properties totaling 783 units in Baton Rouge. The first nonrecourse bridge loan totals $16.9 million, while the second totals $12.6 million. Leor Dimant of Greystone originated the short-term bridge loans on behalf of the undisclosed borrower, with plans for a permanent exit to long-term, low-rate HUD-insured financing.
DENHAM SPRINGS, LA. — Birmingham, Ala.-based Doster Construction Co. has completed the construction of Springs at Juban Crossings, a multifamily development located at 10077 Juban Crossing Blvd. in Denham Springs, about 17 miles east of Baton Rouge. Wisconsin-based Continental Properties is the developer. The townhome-style community features 272 units in a mix of studio, one-, two- and three-bedroom layouts with ground-level private entries. On-site amenities include a clubhouse, resort-style pool, 24-hour fitness center, business center, dog park and attached and detached garages.
COVINGTON, LA. — Copperstill Marketplace, a neighborhood shopping center, has opened in at the intersection of Highway 1007 and Highway 1085 in Covington. Gulf States Real Estate built the shops, Byron Talbot Construction performed the site work package and BETCO Construction built the anchor tenant space. A 43,320-square-foot Rouses Market anchors the 60,000-square-foot retail center. Additional tenants include In & Out Urgent Care, H2K Nail Salon and Wow Café. Heritage Bank has purchased the corner outparcel and plans to develop a retail building with space for a bank branch and other tenants.
LAFAYETTE, LA. — Dallas-based Abby Development has broken ground for The Vincent, a seniors housing development in Lafayette. Situated on 20 acres on Verot School Road, The Vincent will feature 255 units comprising independent living apartments and cottages, as well as assisted living and memory care units. Onsite community amenities will include a stocked fishing lake, multiple landscaped courtyards with water features, walking trails, movie theaters, indoor and outdoor swimming pools, pharmacy and general store, libraries and a fitness center. Additionally, residents will have access to housekeeping, transportation, laundry service and meals prepared in-house by executive chefs. The one- and two-bedroom independent living apartments and two- and three-bedroom independent living cottages will feature private patios/balconies, high-end finishes, full-size washer/dryer connections and fully equipped kitchens. Each cottage will also include a private two-car garage. The studio, one- and two-bedroom assisted living units will feature full-size refrigerators and microwaves, walk-in closets and high-end finishes. The memory care wing will offer private and semi-private floorplans in a secure environment.
SLIDELL, LA. — Carter Multifamily has acquired Pelican Pointe Apartments, a multifamily community located in Slidell, approximately 30 miles northeast of downtown New Orleans. An undisclosed seller sold the property for $28.6 million. Built in 2000, Pelican Pointe comprises 22 three-story residential buildings, a two-story clubhouse/office building and a maintenance building. The property features 266 units in a mix of one-, two- and three-bedroom layouts. Carter Multifamily plans to implement a renovation program to modernize the property. Renovations will include flooring, appliance and lighting updates in units, as well as upgrades to building exteriors and common areas. The buyer also plans to add a tech café, an outdoor kitchen with grills, bar seating by the pool, outdoor fitness trail, dog park and fire pits.
NEW ORLEANS, LA. — Sonnenblick-Eichner Co. has arranged a $29.2 million loan for the refinancing of the Old No. 77 Hotel & Chandlery, a historic, 167-room hotel in New Orleans’ Warehouse Arts District. The five-year, floating-rate loan was priced at a spread in the mid-300s over LIBOR. The name of the borrower was not disclosed. The hotel underwent a $14 million renovation in 2015 that included the renovation of guest rooms, bathrooms, public spaces and a build-out of the ground floor retail space. The hotel is home to Compère Lapin, an upscale restaurant and bar helmed by James Beard Award-winning chef Nina Compton. The Old No. 77 Hotel was originally constructed in 1854 as a warehouse building. The facility was used as a chandlery, and traded in goods used for sailing voyages.
HOUMA, LA. — HFF has secured the $27.2 million sale of Houma Shopping Center, a 204,879-square-foot shopping center in the southern Louisiana community of Houma, approximately 57 miles southwest of New Orleans. Jim Hamilton, Barry Brown, Andrew Levy, Ryan Shore, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, Viking Partners LLC. Gregg Shapiro of HFF arranged a five-year, $16.2 million acquisition loan through Goldman Sachs on behalf of the undisclosed buyer. Houma Shopping Center was fully leased at the time of sale to tenants such as Marshalls, HomeGoods, Planet Fitness, Office Depot, Petco, Pro Nails, Burger King, Outback Steakhouse and Chili’s Bar & Grill. Walmart Supercenter shadow-anchors the center.
NEW IBERIA, LA. — EDGE Realty Capital Markets has arranged the sale of two shopping centers in New Iberia: Lagniappe Village and Iberia Plaza. Lagniappe Village totals 201,360 square feet and is home to tenants such as T.J. Maxx, Big Lots, Citi Trends and PetSmart. The center was 92 percent leased at the time of sale. The 131,630-square-foot Iberia Plaza was 99 percent leased at the time of sale. Super 1 Foods anchors the center. EDGE arranged the transaction on behalf of the seller, Brixmor Property Group. The name of the buyer and purchase price were not disclosed.
NEW ORLEANS — O’Connor Capital Partners has signed three tenants to The Shops at Canal Place, an upscale, 260,000-square-foot shopping center in New Orleans. Louis Vuitton, Tory Burch and G Star Raw will each open their first and only Gulf Region locations at the center between now and the first quarter of 2019. The retailers join tenants such as Saks Fifth Avenue, Brooks Brothers, Tiffany & Co., lululemon athletica, Anthropologie and Vineyard Vines. Louis Vuitton will open a 4,000-square-foot store on the first floor of Canal Place in February 2019. Tory Burch will open a 2,300-square-foot location in mid-September. G Star Raw, a luxury denim brand, will open this September, concentrating on men’s apparel. O’Connor Capital Partners, which leases and manages Canal Place, is also planning a renovation program that will take place over the next two years. The New York-based firm has partnered with architectural firm Gensler to revitalize the property, transforming the aesthetics and implementing other capital improvements.
