The New Orleans Redevelopment Fund has secured a new loan for its redevelopment project at 131 S. Jefferson Davis Pkwy., which involved the conversion of the former First United Baptist Church into apartments.
The multi-million dollar project, which was initially approved back in 2016, successfully saw the transformation of a run down church into 20 apartments, with units ranging from $1,100 to $1,850 per month.
The Miami office of Marcus & Millichap arranged a $2.975 million non-recourse loan to refinance the 20-unit property and provide cash out to the borrower, according to a news release.
Marcus & Millichap vice president Robert Bhat said his team was able to secure a rate of 4.35% with three years of interest-only followed by a 30-year amortization.
The developer purchased the property for $708,000. Hernandez Consulting & Construction and Albert Architecture worked on the $5 million project. State and federal Historic Tax Credits were also used in the financing plan.