Transcript multi-family schedler

Metro New Orleans Multi-Family Recovery
Scarcity to Excess Capacity
October 2009
www.LarrySchedler.com
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)
Lakeview
Built Out
Metairie/
Kenner
Built Out
Eastern N.O.
Multi-Family
Moratorium
West Bank
Multi-Family
Moratorium
St. Bernard
Multi-Family
Moratorium
Multi-Family Inventory
Pre/Post Katrina
48,000
units
37,827
units
Pre-Katrina Post-Katrina
Post Katrina Conventional
Multi-Family Inventory
Covington/Mandeville
1,885 units | 5%
(Total units 37,827)
Slidell
1,959 units | 5%
New Orleans East
3,819 units | 10%
Lakefront
333 units | 19%
Kenner
3,024 | 8%
Metairie
10,520 units | 28%
Historic
2,552 | 2%
Harahan
3,355 units | 9%
Algiers
3,930 units | 10%
Jefferson Parish
West Bank
6,450 units | 17%
Metro New Orleans
Pre/Post Katrina Population
1,350,000
1,150,000
Pre-Katrina Post-Katrina
LIHTC
Pre/Post Katrina
$18.00
$1.80
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
New Developments
Post 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 Center
3900 N. Causeway Blvd.
Suite 1424
Metairie, La 70002
phone: 504-836-5222
fax: 504-835-6944
www.LarrySchedler.com
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