Developers Belmont Commons, LLC and Atlanta-based Palmetto Partners, Inc. recently closed on a $32.5 million loan to refinance 925 Common Street.
925 Common Street is a 15-story apartment building in downtown New Orleans that was converted in to a 108-unit multifamily development in 2006. Built in 1952 as offices for Shell Oil, the developers recently completed an additional phase which added 91 units, a new rooftop infinity-edge pool, new fitness center and an expanded parking garage.
The property’s 10,400 square feet of ground-level retail space was also leased to include a Rooster Club Barber Shop and Goldberg’s Bagel Co. & Deli.
Jonathan Rice of CBRE’s Atlanta office arranged the 10-year loan through Benefit Street Partners, according to a news release.