NorthMarq’s Charlotte office arranges $2.35 million financing for acquisition of waterfront asset outside of New Orleans

CHARLOTTE, NORTH CAROLINA (April 23, 2021) - NorthMarq arranged a $2,350,000 loan for the acquisition of Royal Eden Apartments, a 50-unit asset with excellent value-add potential. The asset is located just 30 minutes from the heart of New Orleans and is situated just off the I-10 bridge over Lake Pontchartrain in Slidell, Louisiana. 

NorthMarq’s Charlotte Debt & Equity team of Lawrence Larisma, senior vice president, and Ryan Taylor, vice president, in coordination with NorthMarq’s San Antonio Office and Investment Sales Team, secured Freddie Mac financing for the property through a regional bank. The transaction was structured on a 2-year interest only, 10-year fixed rate loan with 20-year amortization. 

The Northshore asset contains multiple buildings which were originally built in phases during the 70s and 80s. Community amenities include: Waterfront views, a sundeck, picnic tables, spacious floor plans and flat lot parking. Apartment amenities include: Spacious floor plans, fully equipped kitchens, walk-in closets, and private patios and balconies in select units. Key thoroughfares I-11 and I-10 offer residents easy access to major employers and the greater New Orleans MSA.

Located just north over the I-10 Bridge from New Orleans, Slidell is a growing town in St. Tammany Parish. Employment opportunities continue to grow in the area, and median wages rival those in more urban areas nearby. Though the New Orleans MSA suffered significant job loss during the pandemic, it is also a city that is predicted to bounce back the quickest once concerns around travel and tourism subside. In Slidell, demand continues to increase given the trends toward suburban living. With limited new development in the pipeline, rent growth should be favorable for landlords looking into the near future.