PRAIRIEVILLE, LA. — Greystone has provided a $30.6 million construction loan for Manchac Lake Apartments, a 272-unit luxury multifamily community that is set to be built in Prairieville. Donny Rosenberg of Greystone originated the FHA-insured loan on behalf of the borrower, Noland McKay Manchac LP. The loan features a 40-year term following the initial construction period. Upon completion, the property will feature a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garages.
NEW ORLEANS — HFF has arranged a $27.7 million loan for Algiers Plaza, a recently renovated, 236,389-square-foot shopping center located along General deGaulle Drive in New Orleans. The Winn Dixie-anchored shopping center has recently added Petco, Ross Dress for Less, T.J. Maxx and Burke’s to its tenant roster. Existing tenants include Payless Shoe Source, Buffalo Wild Wings, Mattress Firm and Walgreens. Algiers Plaza was 85 percent leased at the time of financing. De’On Collins and Travis Anderson of HFF arranged the floating-rate loan through BBVA Compass on behalf of the borrower, N3 Real Estate. N3 will use the loan proceeds to pay off a construction loan, acquire all of the minority partnership interests and fund future capital improvements and leasing costs at the property.
SHREVEPORT, LA. — Dallas-based Venture Commercial Real Estate has brokered the sale of Shoppes at Bellemead, an upscale, 79,328-square-foot shopping center located at the northeast quadrant of Youree Drive and East 70th Street in Shreveport. The property’s tenant roster includes Talbots, Chico’s, Ann Taylor Loft, White House Black Market, J. Jill, Soma and Charming Charlie. Jonathan Cooper, Christopher Gibbons, Don Miller, John Zikos and Cheryl Hill of Venture Commercial, along with Shreveport-based Vintage Realty Co., brokered the transaction. An undisclosed buyer purchased Shoppes at Bellemead from WFB/Shoppes at Bellemead LLC, a partnership involving Vintage Realty Co., for an undisclosed price.
LAKE CHARLES, LA. — Marcus & Millichap has brokered the sale of The Gardens and The Guardian, a 108-bed seniors housing property located at 1401 Country Club Road in Lake Charles. The sales price was undisclosed, but the list price was $9.6 million. Rod Llanos and Doug O’Toole of Marcus & Millichap’s Houston office represented the seller, a limited liability company, in the transaction. Llanos and O’Toole also secured the buyer, also a limited liability company. William Hoffpauir of Marcus & Millichap assisted in the transaction.
NEW ORLEANS — NewcrestImage, a Dallas-based hotel developer and operator, has purchased a 13-story office building located at 1600 Canal St. in New Orleans. The company plans to repurpose the vacant building into a 105-room TownePlace Suites by Marriott and a 78-room SpringHill Suites by Marriott. Built in 1960 and vacant for the past 10 years, 1600 Canal St. is located at the intersection of Canal Street and I-10, nine blocks from the French Quarter and adjacent to the new 1,500-acre, $1.2 billion BioDistrict development. The asking price for the office building was $6 million, but the sales price was undisclosed. The two hotels will share amenities, including a single lobby, registration desk, breakfast area and indoor bar. There will be a single management and sales team, as well as a single housekeeping staff. The rooftop will be renovated into an 8,000-square-foot garden overlooking Canal Street and will feature an outdoor bar, exercise room and laundry facilities. NewcrestImage plans to open the two hotels by December 2016. Upon completion, the dual-branded hotel building will be the first property to combine the TownePlace Suites and SpringHill Suites brands into one building.
COVINGTON, LA. — Gulf States Real Estate and Construction Services has begun construction on two new office buildings in the Tammany West Multiplex Business Park located along I-12 and Highway 1077 in Covington, roughly 41 miles north of New Orleans. The larger project is the 22,000-square-foot PSX Corporate Office Building, an owner-occupied project that will house PSX Corporate’s offices, a warehouse and an assembly facility. PSX Corporate provides visual arts and special effects for casinos and other entertainment venues. The second building is a 10,450-square-foot project that Gulf States is developing for Durham Properties LLC. This building will be available for lease. Gulf States expects to complete both buildings in late spring 2016. These buildings are the fourth and fifth office projects developed by Gulf States this year.
HAMMOND, LA. — CBRE has secured a $53 million, 10-year loan for Hammond Square located in Hammond. Jonathan Rice, C.J. Kelly and Porter McDonald of CBRE arranged financing through Morgan Stanley on behalf of the borrower, Stirling Properties. Tenants at the center include Sears, Target, T.J. Maxx, JC Penney, Dillard’s, Ulta Beauty, Best Buy, Academy Sports + Outdoors and AMC Movie Theater.
LAFAYETTE, LA. — Stirling Properties has purchased the Retreat at Acadian Point, a 384-unit apartment community located in Lafayette. Formerly known as South Point Apartments, the 80s-era property will begin upgrades including washer and dryers in all units, new appliances and flooring, electronically activated vehicular access gates, new roofs, new landscaping and a new fitness center. With the acquisition, Stirling’s portfolio spans 1,512 multifamily units. Des Moines, Iowa-based BH Management Services is the primary management firm for Stirling’s multifamily portfolio.
BATON ROUGE, LA. — Co-developers Continental Realty Corp. and Atlanta-based Palmetto Partners Inc. have broken ground on River House, a 224-unit luxury apartment community located at 1480 Nicholson Drive in Baton Rouge. The community is a component of the River District corridor’s redevelopment between Baton Rouge’s central business district and Louisiana State University. River House will include a 4,600-square-foot clubhouse, 15,000 square feet of retail and 34,000 square feet of office space. The project team includes general contractor Clark Construction, architect Humphreys & Partners, civil engineer Monroe & Corie, landscape architect Reich Associates and interior designer The Design Studio. FNBC Bank and Continental Americas Regional Center provided construction financing for the project. Continental Realty and Palmetto Partners have tapped Ty Gose of Latter & Blum to lease River House. The project’s legal team includes Phelps Dunbar and Tanner Law Firm.
SHREVEPORT, LA. — Lexington, Ky.-based BC Wood Properties has acquired North Market Place, an 88,205-square-foot shopping center located in Shreveport, for $7 million. Brookshire’s Grocery anchors the center. The grocer operates more than 150 stores in Arkansas, Louisiana and Texas. North Market Place is the first Louisiana shopping center in BC Wood’s portfolio, which includes 36 shopping centers comprising more than 5 million square feet.