COVINGTON, LA. — CBRE has arranged a $14 million construction loan for Avanti Senior Living at Watercross, a 90-unit assisted living and memory care community in the New Orleans suburb of Covington. The borrower is a joint venture between Texas-based developer Avanti Senior Living and investment advisor Iron Point Partners. The property will sit within the Watercross Healthcare Campus, which includes the new Ochsner Medical Hospital. The projects sit within the larger, 171-acre Water Cross at Nor du Lac development, which includes Ochsner Health Center, an active adult community, a wellness center, professional medical offices, a skilled nursing/rehab community and luxury apartments. Aron Will of CBRE National Senior Housing arranged the floating-rate loan with four years of interest-only payments through a regional bank.
MISSISSSAUGA, ONTARIO — R&R Real Estate Investment Trust (R&R REIT) has agreed to acquire a portfolio of nine extended stay hotels in the Southeast and Midwest totaling 1,020 rooms for an aggregate purchase price of $35 million. The properties are currently owned and operated by entities controlled by R&R REIT’s Majid Mangalji and Michael Klingher. Five of the hotels operate under the HomeTowne Studios brand, and the remaining four operate under the HomeTowne Suites brand. The properties are located in Kentucky, Georgia, Mississippi, Arkansas, Louisiana, Alabama, Illinois and South Carolina. Blake, Cassels & Graydon LLP and Greenberg Traurig LLP acted as legal counsel to the REIT, and Raymond James Ltd. acted as financial advisor to the special committee charged with approving the portfolio acquisition. Following the closing of the acquisition, the REIT’s portfolio will comprise 10 hotels located in nine states.
HAMMOND, LA. — Arbor Realty Trust Inc. has funded a $13.5 million Fannie Mae loan for the refinancing of Tangi Lakes Townhomes, a 185-unit apartment community located in Hammond, roughly 45 miles east of Baton Rouge. Austin Walker of Arbor’s New York office originated the 10-year loan with a 30-year amortization schedule. Built in 1999, the property features barbeque grills, controlled access gates, a fitness center, laundry facility, on-site security, park/play area and a swimming pool.
HARVEY, LA. — KeyBank Real Estate Capital has secured a $20.9 million CMBS loan for the acquisition of Centre at Westbank, a 174,445-square-foot retail power center in Harvey, less than seven miles south of New Orleans. Built in 2001, the four-building property is fully leased to tenants such as Best Buy, Barnes & Noble, Michaels and Petco. Randy Martin of KeyBank arranged the 10-year loan with three years of interest-only payments and a 30-year amortization schedule.
NEW ORLEANS — Hilton Hotels and Resorts has opened Homewood Suites by Hilton New Orleans French Quarter, a four-story, 207-suite property located at 317 N. Rampart St. in New Orleans. The hotel offers a 24-hour fitness center, pool, kitchen and grill area and 1,500 square feet of meeting space, as well as 12 balcony suites with full kitchens and separate living and sleeping areas.
THIBODAUX, LA. — Vitorino Group, a Texas-based investment sales firm, has brokered the sale of Acadia Shopping Center, a 4,949-square-foot strip center located at 612 N. Canal Blvd in Thibodaux, about 60 miles southwest of New Orleans. Anchored by WalMart and Lowe’s, the property was 100 percent occupied at the time of sale. Bryce Gissler of Vitorino Group represented the seller, a Washington-based private investor. Other terms of sale were not released.
GRAND CANE, LA. — The Boulder Group has completed the sale of a 9,014-square-foot Dollar General located at 8212 Highway 171 in Grand Cane, a town about 35 miles south of Shreveport. Jimmy Goodman and Randy Blankstein of The Boulder Group represented the seller, a Louisiana-based developer, in the transaction. The buyer, a Southwest-based private partnership, purchased the triple net leased property for approximately $1.2 million.
BATON ROUGE, LA. — GBT Realty Corp., a Nashville-based commercial developer, has broken ground on a 6,600-square-foot retail center on Millerville Road in Baton Rouge. GBT acquired the nearly one-acre site from Target in February for $810,000. Shadow-anchored by Target, Best Buy, Lowe’s Home Improvement, PetSmart and Office Depot, the center is 100 percent pre-leased to tenants such as PacificDental, GNC and Zoes Kitchen.
SHREVEPORT, LA. — Transwestern has arranged the $9 million sale of East Side Plaza, a 78,761-square-foot shopping center located at 7460 Youree Drive in Shreveport. Dalton Street Properties purchased the shopping center from Eastside Dunhill. Built in 2004, the property’s tenant roster includes Michael’s, Guitar Center, Dollar Tree and Cato. Fred Victor of Transwestern represented Eastside Dunhill in the transaction.
MANDEVILLE, LA. — SRSA Commercial Real Estate has brokered the $17 million sale of Northlake Shopping Center, a 166,371-square-foot retail center in Mandeville, situated on the north shore of Lake Pontchartrain across from New Orleans. Northlake’s tenant roster includes The Fresh Market, Office Depot, Stage, Gordon’s of Mandeville and PetSmart. Steven Reisig and Kirsten Early of SRSA Commercial represented the buyer, Epic Real Estate Partners, in the transaction. Epic has retained SRSA Gulf South Management, a division of SRSA, to manage and lease the center.