NEW ORLEANS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $22.2 million loan to refinance Oakmont Apartments, a 336-unit multifamily community in New Orleans. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the borrower, Bruno Inc. Oakmont Apartments features a swimming pool with sundeck, tennis court, laundry facility and on-site maintenance. MMCC is a subsidiary of Irvine, Calif.-based Marcus & Millichap.
METAIRIE, LA. — Stirling Properties has brokered the sale of The Executive Office Tower, a 184,608-square-foot office building located at 3500 N. Causeway Blvd. in Metairie, roughly eight miles northwest of New Orleans. Roger Bajon of Stirling Properties arranged the transaction on behalf of the undisclosed seller. A Dallas-based investor acquired the 14-story building for an undisclosed price. The Executive Office Tower is home to tenants such as Keystone Engineering.
BATON ROUGE, LA. AND DAYTONA BEACH, FLA. — KeyBank Real Estate Capital has provided $37.5 million in Freddie Mac loans for the refinancing of two student housing properties located in Baton Rouge and Daytona Beach. Trevor Ritter of KeyBank originated a $21.7 million, floating-rate loan for Oakbrook Apartments, a 240-unit student housing community near Louisiana State University in Baton Rouge. The community was constructed in 1983 and renovated in 2017. In Daytona Beach, Ritter originated a $15.8 million, floating-rate loan for the first phase of Eagle Landing Apartments. The 144-unit community serves students attending Bethune Cookman University, Daytona State College and Embry-Riddle Aeronautical University. The community is the first phase of a three-phase development and was built in 2015. The property’s second phase was built in 2016. The third phase is currently under construction, and is expected to be completed in time for the fall 2018 semester. The names of the borrowers were not disclosed.
LAKE CHARLES, LA. — Doster Construction Co. has delivered Springs at Country Club, a 252-unit multifamily community located in the southwest Louisiana city of Lake Charles. Continental Properties developed the community, which includes a mix of studio, one-, two- and three-bedroom units. Community amenities include a resort-style pool, clubhouse, complimentary coffee bar, 24-hour fitness center, dog park and a pet spa area.
NEW ORLEANS — Golf entertainment concept Drive Shack has unveiled plans to open a 62,000-square-foot venue at the site of the former Times-Picayune building at 3800 Howard Ave. in New Orleans. Drive Shack will demolish the facility to make way for the new three-story entertainment complex, which will feature 90 indoor driving range bays, a restaurant, corporate and group event space, additional lounge areas and parking. The $29 million project is expected to be up and running by 2019, according to local media reports. Ryan Pécot and Saban Sellers of Stirling Properties represented Drive Shack in the lease negotiations. The New Orleans facility is one of five planned locations in the United States. Drive Shack opened its flagship location in Orlando earlier this month. Other planned locations include West Palm Beach, Fla.; Raleigh, N.C.; Marietta, Ga.; and Richmond, Va.
BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.
NEW ORLEANS — Citadel Builders, a Metairie, La.-based general contractor, has broken ground on Parkway Apartments, a 207-unit multifamily project located at 4650 Washington Ave. in New Orleans’ Mid-City district. The community is situated at the corner of South Jefferson Davis Parkway and Washington Avenue, across the street from Xavier University of Louisiana. Kailas Cos. is developing the $40 million project in conjunction with All Star Electric Inc. and Harry Baker Smith Architects II PLLC. Parkway Apartments will offer one- and two-bedroom units and will include 13,776 square feet of retail space. In addition, the community will feature a fitness center with CrossFit-style equipment, ballroom with catering kitchen, conference center, elevated gardens, swimming pool, picnic area, dog park and an observation deck. The project is slated for completion in spring 2019.
NEW ORLEANS — Roy Anderson Corp., a subsidiary of Tutor Perini Corp., has unveiled plans to construct the Hall of Democracy at the National WWII Museum’s campus in New Orleans. The $17 million pavilion will total 34,800 square feet and will be dedicated to the museum’s research, WWII content, expertise and outreach. The pavilion will house a special exhibits gallery; the Institute for the Study of War and Democracy, which is expected to be the hub of World War II knowledge and education for the museum and the general public; a WWII Media and Education Center with production studios and broadcast capabilities; and a library. Construction on the project is expected to commence later this month or in early February, with completion slated for the summer of 2019.
ALEXANDRIA, LA. — Franklin Street has arranged the $3.2 million sale of The Bulls Eye, a newly constructed, 6,400-square-foot strip retail center located at 3504 Jackson St. in Alexandria. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Nashville-based D3 Alexandria LLC. Boise, Idaho-based Latta Properties LLC acquired the asset. At the time of sale, The Bulls Eye was home to Mattress Firm and Verizon Wireless.
NEW ORLEANS — HFF has arranged a $51 million loan for the refinancing of Ace Hotel New Orleans, a 234-room, recently opened hotel located at 600 Carondelet St. in downtown New Orleans. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the floating-rate loan through TPG RE Finance Trust on behalf of the borrower and developer, a partnership between Domain Cos. and Avenue Capital Group. Proceeds of the loan will be used to refinance an existing construction loan. Originally constructed in 1928, the building was renovated and redeveloped into the Ace Hotel New Orleans in 2016. Construction included the addition of a new four-story building on an adjacent lot. The hotel features 31,000 square feet of retail, restaurant, entertainment and meeting space, including a music venue, art gallery, 24-hour gym and locally inspired retailers. In addition, the hotel is situated within walking distance to the Mercedes-Benz Superdome, Smoothie King Arena, Ernest N. Morial Convention Center and the French Quarter.
