UC Funds Closes $27 Million Loan For Conversion Of The Garage In Downtown New Orleans
NEW ORLEANS — UC Funds, a vertically-integrated commercial real estate specialty finance firm, announced today the closing of a $27 million first mortgage loan for the conversion of an existing parking garage in New Orleans’ Warehouse District. The Garage will be converted to a mixed-use building offering residential condos, apartments,and street-level retail. Upon completion, the asset will contain 19,000 square feet of ground floor retail, 51 high-end apartment units, and 11 luxury condominiums. UC Funds worked closely with sponsor Marcel Wisznia, founder of Wisznia Architecture & Development, to close the deal. The Lemoine Company is overseeing the construction as the third-party general contractor.
Located at 848 Carondelet Street in New Orleans, the original parking garage was built in 1950. Situated on a 0.77-acre site, the four story building served as a Buick car dealership until 1986, after which it operated as parking garage. The sponsor purchased the asset in 2007 and plans to readapt the unique historic structure. The property qualifies for Federal and State Historic Tax Credits, and Wisznia, who has redeveloped 325,000 square feet of Historic Tax Credit projects in New Orleans’ Central Business District (CBD), was eager to combine his experience with UC Funds’ expertise.
Construction for current renovations to the Garage is set to be completed in approximately 15 months, and units are expected to be open for pre-sale and pre-lease 10 to 12 months into the redevelopment
“This deal is the result of a successful partnership with Marcel Wisznia,” said President and CEO of UC Funds Daniel Palmier. “The closing is also a true testament to UC Funds’ perseverance and grit. Our determination over the last nine months led to yet another profitable venture.”
The Garage’s idyllic location in New Orleans’ Warehouse District, home to some of the city’s finest restaurants, bars, museums and galleries. Adding to the appeal, the asset will be the first in New Orleans to offer car lifts, allowing tenants to park directly outside their units on their respective floors. Other top of the line features include a fitness facility, rooftop pool deck, steam room, and sauna. Units will feature large floor plans, stone countertops, stainless steel appliances, and private exterior patios.
“The Warehouse District is a major cultural hub, and one of the fastest growing neighborhoods in New Orleans” continued Palmier. “The Garage’s unique aesthetic will be a perfect addition to the area, attracting individuals looking for a convenient and comfortable way to immerse themselves in the city’s culture.”
Providing over $2 billion of capital solutions to date, UC Funds is known as the “go to” commercial real estate capital provider and the most sophisticated financial ally in the industry. Their team is dedicated to developing and maintaining long-term relationships with borrowers, and the company has earned a strong reputation for providing extensive reliability, standing by borrowers through completion. Those interested in learning more about UC Funds can visit www.UCFunds.com.