A joint venture between HRI Properties and Almanac Realty has taken a $31.3 million loan to refinance Hibernia Tower, a 175-unit historic luxury community in New Orleans. JLL Capital Markets arranged the three-year, floating-rate loan through Voya Investment Management.
Located at 812 Gravier St., very close to the French Quarter, the community is some 1,500 feet southwest of Bourbon Street, across from Canal Street. Tulane Medical Center is less than half a mile northwest of the property.
The high-rise was originally developed as an office building, completed exactly a century ago. HRI Properties bought the asset in 2005, completing its renovation and repurposing in 2012. The community also includes a ground-floor bank branch and 29,000 square feet of retail.
The property offers a mix of one- to three-bedroom units averaging 767 square feet. Each unit has big windows, hardwood flooring and large closets. Amenities include a pool, a fitness center, barbecue stations, on-site management and bike storage.
An accretive market
Approximately 7,800 jobs are slated to be added in New Orleans each year through 2024, on top of the more than 30,000 projected for 2021, sustaining rental demand, according to JLL. Voya Investment Management made use of the gradually growing area and brought life insurance company financing to the property, JLL Capital Markets Director Jesse Wright said in prepared remarks.
Wright, along with Director Robert Tonnessen, Associate Kenny Cutler and Analyst Joshua Odessky formed the JLL Capital Markets team that represented the borrower and arranged the loan.