New Orleans Developer Josh Bruno of Bruno, Inc. has completed a refinancing of a portfolio of five multifamily properties located in New Orleans, worth “well north” of $20 million.
The properties that received financing included: Washington Place Apartments (25-units), Liberty Park Apartments (10-units), Forest Park Apartments (20-units), Riverview Apartments (45-units) and Cypress Park Apartments (65-units).
The lenders were Miami-based NorthMarq Capital and Greystone Capital. Bruno told CanalStreetBeat that the loans were non-recourse at a 4% rate and a 20 year amortization.
“For the past 4 years I’ve been working with a lot more out of state banks in NYC and Miami. For more complicated transactions, I’ve found the deals have been underwritten faster [than with New Orleans banks]. The larger banks are more open to better borrower terms. I chose NorthMarq Capital specifically because of my trusted relationship with the VP Robert Baht, which originated from my ULI meetings in south florida. I believe with his education and experience and aptitude for underwriting he will be one of the premiere real estate bankers in non recourse market in a few short years,” Bruno told CanalStreetBeat in an interview.
“New Orleans has experienced considerable comeback since Hurricane Katrina,” said Bhat. “Job growth has played a key role, which was led by educational and health services. The city has also become attractive to new businesses, including high-tech entrepreneurs. Demand for multifamily property in convenient locations remains strong.”
NorthMarq is the largest privately held commercial real estate financial intermediary in the U.S., with loan servicing in 34 offices coast to coast and a loan portfolio of more than $41 billion.