october 2009 metro new orleans multi-family recovery scarcity to excess capacity
TRANSCRIPT
October 2009
www.LarrySchedler.com
Metro New Orleans Multi-Family RecoveryScarcity to Excess Capacity
Post-Katrina/Multi-Family Sales
Chenault Creek Apartments
Eastern New Orleans
# of Units: 584
Year Built: 1984 – 1986
Sale Price: $8,200,000 ($14,041/unit)
• This asset was gutted at the time of sale and
required a complete rehab.
• This was the last property build in New
Orleans East, making it over 20 years of age.
• No subsidies associated with this asset.
• Acquired by a private investor/contractor.
Barriers to Multi-Family Development
St Tammany
Land Available(difficult to
develop)
Eastern N.O.Multi-FamilyMoratorium
LakeviewBuilt Out
West BankMulti-FamilyMoratorium
Metairie/
Kenner
Built OutSt. BernardMulti-FamilyMoratorium
37,827units
48,000 units
Multi-Family Inventory
Post-Katrina
Pre-Katrina
Pre/Post Katrina
Post Katrina ConventionalMulti-Family Inventory
Covington/Mandeville
1,885 units | 5%
Slidell
1,959 units | 5% New Orleans East
3,819 units | 10%Lakefront
333 units | 19%
Kenner
3,024 | 8%
Algiers
3,930 units | 10%Jefferson Parish
West Bank
6,450 units | 17%
Metairie
10,520 units | 28%
Harahan
3,355 units | 9%
Historic
2,552 | 2%
(Total units 37,827)
Metro New Orleans
1,150,000
1,350,000
Post-Katrina
Pre-Katrina
Pre/Post Katrina Population
Credit Allocation Per Resident* 100% of the GO Zone is treated as a “difficult development area,” meaning credits apply to 130% of the project basis.
Source: Louisiana Economic Development Louisiana Gulf Opportunity Zone Business Guide
$18.00
$1.80
LIHTCPre/Post Katrina
New DevelopmentsPost Katrina
Falstaff Apartments
New Orleans
# of Units: 147 (74 market rate/ 73 affordable)
Mixed-Income Development
Total Costs: $26,600,000
Total Credit Equity: $18,000,000
$7,600,000 – Conventional Loan
$1,000,000 – Subordinated cash flow loan from
the city of New Orleans funded with HOME
funds.
Developer: Renaissance Property Group, LLC
Lakeside Apartments
Slidell
Location: Lakeshore Estates
Developer: Provident Realty Advisors
# of Units: 250
Mixed Income:
• 50 units - Less than 40% of Median Income
• 50 units - Less than 60% of Median Income
• 150 units - Market Rate
Crescent Club Apartments
New Orleans
# of Units: 228 (137 market rate/
91 affordable)
Mixed-Income Development
Total Costs: $52,650,000
Tax Credit Equity: $20,200,000
First Mortgage: $10,750,000
CDBF Loan: $19,600,000
Developer Rate: $1,900,000
Developer: Domain Companies
One Lakeway Center3900 N. Causeway Blvd.Suite 1424Metairie, La 70002
phone: 504-836-5222fax: 504-835-6944
www.LarrySchedler.com
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