Louisiana

New Orleans — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail space, a full-service restaurant, coffee shop and patio seating. As part of the …

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Ruston, La. — NorthMarq has secured $12.5 million in joint venture equity for the development of The Preserves at Tech. Lee Weaver and Bill Hardman of NorthMarq secured financing on behalf of an undisclosed developer. The 588-bed student housing community will be located at 2003 West Alabama Ave. in Ruston, Louisiana. Further details on the property, including a timeline for development, were undisclosed.

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Ruston, La. — KeyBank Real Estate Capital has secured a $23.2 million refinancing for University Crossing Apartments, a 552-bed student housing community located near Louisiana Tech University in Ruston. Hayley Suminski and Amanda Kutia of KeyBank secured the floating rate financing through Freddie Mac on behalf of the borrower, WFInvestments. The loan features a 10-year term with a 36-month, interest-only period. The garden-style community is currently undergoing renovations. 

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Athens, Ga. — Landmark Properties has been awarded management of 11 student housing communities totaling 5,400 beds. The Athens-based company’s new assignments are located in Tennessee, Oregon, South Carolina, Florida, Louisiana, Connecticut and North Carolina. Properties Include:  “As we continue developing and managing our owned properties, we also remain keenly focused on our third-party management business,” says James Whitley, COO of Landmark Properties. “This allows us to bring our deep industry and operational knowledge, as well as unsurpassed college living experiences, to more student housing developments across the country.”

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Lafayette, La. — RISE: A Real Estate Company has completed The Heritage, a 589-bed student housing community located on the University of Louisiana at Lafayette campus. The development features five residential buildings geared towards upperclassmen. Shared amenities include ground floor retail, a fitness center, resort-style swimming pool, a resident lounge and game room, a business center, sand volleyball court, outdoor grill stations and fire pits. The development also houses an office suite for the university’s Housing and Residence Life staff. 

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Monroe, La. — A public-private partnership between The Annex Group, Servitas and the University of Louisiana Monroe is set to break ground on a 372-bed on-campus community. The $26 million development will offer one-, two- and four-bedroom, fully furnished units with kitchens and washers and dryers. Shared amenities will include a retail food establishment, fitness facility, on-site parking and study areas. The partnership will break ground on the development in July, with completion expected for August 2020. The project was financed through a tax-exempt bond issue underwritten by Raymond James, with …

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Lafayette, La. — Alpha Capital Partners has acquired University Place, a 342-bed student housing community located near the University of Louisiana at Lafayette. This acquisition is the second of five identified projects in the company’s Opportunity Zone Fund, which was launched last October in an effort to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017. University Place offers access to campus through a private pedestrian bridge, alongside shared amenities including a 24-hour fitness center, swimming pool and a cyber cafe. The …

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