The New Orleans Redevelopment Fund just closed a $45 million financing package to convert the former Warwick Hotel into a mixed-use complex for Tulane University faculty and staff.
The construction financing was provided by Hancock Whitney Bank and a historic tax credit bridge loan by Midland State Bank.
The New Orleans Redevelopment Fund purchased by the New Orleans Redevelopment Fund last summer, will be converted into a new Tulane mixed-use building for medical staff and students.
Tulane will lease the entirety of the building, including all planned 154 apartments, which they will rent to students, faculty, and staff. They will also lease and relet the retail, which will include a cafe and other services.
Albert Architecture & SCNZ are the architects of record.
The New Orleans Redevelopment Fund, led by entrepreneur Alex Hernandez and Development Director Cullan Maumus, has been instrumental in redeveloping the city after Katrina. They’ve had dozens of projects, including the conversion of a mid-city church and a new hotel on Carondelet Street, and recently launched an opportunity zone fund.