Louisiana

Bellwether Enterprise Arranges $31.6M HUD Loan for Workforce Housing Construction in New Orleans

by John Nelson August 29, 2016

NEW ORLEANS — Bellwether Enterprise Real Estate Capital LLC has arranged a $31.6 million HUD 221(d)(4) loan for the construction of Village of Versailles, a 50-building, 400-unit affordable and workforce housing community in New Orleans. Prior to Hurricane Katrina in 2005, the site of the Village of Versailles housed two 200-unit, HUD-insured apartment developments. Set to open in late 2017, Village of Versailles will feature two community buildings and a leasing office. Jon Killough of Bellwether Enterprise’s Alabama office arranged the 40-year loan with 22 months of interest-only payments through HUD on behalf of the borrower, Mirus New Orleans LLC. The financing of the project also includes the issuance of short-term tax-exempt bonds, 4 percent Low Income Housing Tax Credits purchased by City Real Estate Advisors and HOME Funds provided by the Louisiana Housing Corp.

August 29, 2016

Loans Louisiana Multifamily Southeast

Berkadia Arranges $19M Loan for Apartment Community in Baton Rouge

by John Nelson August 26, 2016

BATON ROUGE, LA. — Berkadia has arranged a $19 million Fannie Mae loan for Turnberry Place Apartments, a 272-unit property located at 10720 Linkwood Court in Baton Rouge. Built in 2002, Turnberry Place features one- and two-bedroom units with full-size washer and dryers, patios or balconies and walk-in closets. Community amenities include a 24-hour fitness center, resort-style pool, heated spa, digital business center and video-monitored, controlled access gates. Cameron Hart of Berkadia’s Austin office arranged the 12-year refinancing with a fixed 3.67 percent interest rate and a 30-year amortization schedule on behalf of the borrower, Belcher Management LLC.

August 26, 2016

Hospitality Louisiana Southeast Top Stories

Laguna Development Corp., Eagle Holdings to Acquire Isle of Capri Casino Hotel Lake Charles in Louisiana for $134.5M

by Katie Sloan August 23, 2016

WESTLAKE, LA. — Kicks Entertainment LLC, a newly formed entity owned by Albuquerque, N.M.-based Laguna Development Corp. and Eagle Holdings LLLP, has agreed to acquire Isle of Capri Casino Hotel Lake Charles in Westlake for $134.5 million. The casino is located in Southwest Louisiana, approximately midway between New Orleans and Houston, Texas. The property — to be acquired from Isle of Capri Casinos Inc. (NASDAQ: ISLE) — includes a 50,000-square-foot riverboat casino, a 493-room hotel, a variety of dining and beverage outlets and covered parking, according to reports by Albuquerque Business First. Isle of Capri Casinos has owned and operated the Lake Charles location for over 20 years. The sale is expected to close in late 2017 or early 2018. Isle of Capri Casino Hotel Lake Charles features 1,150 slot machines, 35 table games, 13 poker tables, two hotels totaling 490 rooms, three restaurants, 14,000 square feet of meeting/banquet space, an RV park and a concert venue. Laguna Development Corp. is a wholly owned subsidiary of Pueblo of Laguna. The Native American Pueblo also owns Dancing Eagle Casino, Route 66 Casino and Casino Xpress in New Mexico. Isle of Capri Casinos Inc. owns or operates a portfolio of 14 casinos …

August 23, 2016

Louisiana Multifamily Southeast Student Housing

RISE Acquires 462-Bed Student Housing Community Near LSU

by John Nelson August 12, 2016

BATON ROUGE, LA. — RISE: A Real Estate Co. has acquired Oakbrook Apartments, a 462-bed student housing community located near Louisiana State University at 5075 Nicholson Drive in Baton Rouge. RISE plans to implement an extensive renovation to the exterior and interior of the 240-unit property, including a new dog park. According to Oakbrook Apartments’ website, the gated community features two swimming pools, a 24-hour fitness center, 24-hour computer lab, grilling areas, covered bus stop on Tiger Trails, clubhouse and on-site management and maintenance.

August 12, 2016

Loans Louisiana Southeast Student Housing

CBRE Arranges $48M Construction Loan for Student Housing Community Near LSU

by John Nelson August 1, 2016

BATON ROUGE, LA. — CBRE has arranged $48 million in construction financing for the development of Park Place, a 745-bed student housing community to be located adjacent to the Louisiana State University campus in Baton Rouge. The six-story project is scheduled for completion in 2017. CBRE secured the three-year, floating-rate loan through Commercial Bank Syndication on behalf of the Park 7 Group.

August 1, 2016

Affordable Housing Louisiana Seniors Housing Southeast

Community Development Completes Affordable Housing Facility in Baton Rouge

by John Nelson August 1, 2016

BATON ROUGE, LA. — Community Development Inc. has opened Cypress Springs, a 144-unit affordable seniors housing community in Baton Rouge. WNC, a California-based real estate investor, provided $6.1 million in low-income housing tax credit (LIHTC) equity to fund the development. Cypress Springs includes three buildings with 76 one-bedroom units and 68 two-bedroom units.

August 1, 2016

Loans Louisiana Seniors Housing Southeast

KeyBank Arranges $16.7M Acquisition Loan for Seniors Housing Community in Louisiana

by John Nelson June 29, 2016

COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.

June 29, 2016

Loans Louisiana Retail Southeast

Capital One Provides $47.7M Loan for Ambassador Town Center in Louisiana

by John Nelson June 24, 2016

LAFAYETTE, LA. — Capital One Bank has provided a $47.7 million loan for Ambassador Town Center, a 430,000-square-foot, open-air retail center in Lafayette. The property is located on more than 60 acres at the southeast corner of Ambassador Caffery Parkway and Kaliste Saloom Road. Ambassador Town Center is currently 98 percent leased to Costco Wholesale, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes and PetSmart. The borrowers, Stirling Properties LLC and CBL & Associates Properties Inc., used the seven-year, fixed-rate loan to retire an existing construction loan.

June 24, 2016

Loans Louisiana Seniors Housing Southeast

Evans Senior Investments Arranges $22.2M Sale of Seniors Housing Community in Louisiana

by John Nelson June 15, 2016

COVINGTON, LA. — Evans Senior Investments has arranged the $22.2 million sale of The Trace at Claiborne Hill, a 94-unit independent living, assisted living and memory care community in Covington, approximately 40 miles north of New Orleans. A private equity company acquired the Class A community from a regional operator. The purchase price equates to $236,170 per unit. Built in 2009, The Trace at Claiborne Hill features 70 independent living and assisted living units, plus 24 memory care units added in 2014. At the time of the sale, the facility was 99 percent occupied. The 84,961-square-foot property sits on 2.7 acres in St. Tammany Parish, where the 65-and-older population is projected to increase 47 percent between 2010 and 2019. Evans Senior Investments represented the unnamed seller in the transaction. The capitalization rate was 7 percent on the trailing six months NOI of $1.56 million.

June 15, 2016

Loans Louisiana Retail Southeast

Wells Fargo Provides $73M Loan for Fremaux Town Center in Louisiana

by John Nelson June 13, 2016

SLIDELL, LA. — Wells Fargo has provided a $73 million, 10-year loan for Fremaux Town Center, a roughly 635,000-square-foot open-air retail shopping center located at the southwest corner of I-10 and Fremaux Avenue in Slidell. Fremaux Town Center is currently 95 percent leased and jointly owned by affiliates of CBL & Associates Properties Inc. and Stirling Properties LLC. The borrowers used proceeds from the loan to retire two existing construction loans.

June 13, 2016

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