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October 2009 www.LarrySchedler.com Metro New Orleans Multi-Family Recovery Scarcity to Excess Capacity.

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Presentation on theme: "October 2009 www.LarrySchedler.com Metro New Orleans Multi-Family Recovery Scarcity to Excess Capacity."— Presentation transcript:

1 October Metro New Orleans Multi-Family Recovery Scarcity to Excess Capacity

2 Post-Katrina/Multi-Family Sales

3 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.

4 Barriers to Multi-Family Development St Tammany Land Available (difficult to develop) Eastern N.O. Multi-Family Moratorium Lakeview Built Out West Bank Multi-Family Moratorium Metairie/ Kenner Built Out St. Bernard Multi-Family Moratorium

5 37,827 units 48,000 units Multi-Family Inventory Post-KatrinaPre-Katrina Pre/Post Katrina

6 Post Katrina Conventional Multi-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)

7 Metro New Orleans 1,150,000 1,350,000 Post-KatrinaPre-Katrina Pre/Post Katrina Population

8 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 LIHTC Pre/Post Katrina

9 New Developments Post Katrina

10 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

11 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

12 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

13 One Lakeway Center 3900 N. Causeway Blvd. Suite 1424 Metairie, La phone: fax: Presentation created by: Maps by:


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