NEW ORLEANS — JLL Capital Markets has secured $31.3 million in refinancing for Hibernia Tower, a 175-unit, 23-floor multifamily tower in New Orleans’ Central Business District. Jesse Wright, Robert Tonnessen, Kenny Cutler and Joshua Odessky of JLL represented the borrower, a partnership between New Orleans-based HRI Properties and New York-based Almanac Realty, to secure the three-year, floating-rate loan through New York-based Voya Investment Management.
Built as an office building in 1921, the owner purchased the historic landmark in 2005 and later completed a renovation of the tower into a multifamily property. Today, Hibernia Tower offers one-, two- and three-bedroom units averaging 767 square feet. Units feature granite countertops, expansive windows, stainless steel appliances and hardwood flooring.
Community amenities include a rooftop deck with pool, community room, fitness center, onsite management, controlled access, bike storage and reserved parking in the onsite structured garage. The property also includes a ground-floor undisclosed bank branch and 29,000 square feet of office space. HRI Properties uses the office space as its headquarters. The property was about 93 percent occupied at the time of sale.
Located at 812 Gravier St., Hibernia Tower is located near restaurants including Bar Marilou, The Daily Beet, Maypop, tM breads and pastries, Café Bon Ami, Copper Vine, Luke, Daisy Dukes Café and Tsunami Sushi. The property is also situated 6.6 miles from the University of New Orleans and about 14.5 miles from the Louis Armstrong New Orleans International Airport.