NEW YORK, Sept 20 — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has provided a $315.6 million loan to Carpenter & Company, Inc and Woodward Interests, LLC for the completion of the renovation at the Four Seasons Hotel and Residences New Orleans located at 2 Canal Street in New Orleans, Louisiana.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, says, “The Four Seasons New Orleans is well positioned along the Mississippi River, between the French Quarter and Central Business Districts, to capitalize on the demand from New Orleans’ robust tourism market and expanding business district.
“We are pleased to leverage our familiarity with the Four Seasons brand to deliver a timely and customized financing solution to an experienced borrower group for a well-recognized New Orleans landmark with exciting cultural attractions.”
The 341-key Four Seasons hotel opened in July 2021 and is part of a mixed-use tower that includes 92 residential condominiums on the top floors.
Operated by the Four Seasons, the residences have a private entrance from the hotel and offer one- to three-bedroom units and four-bedroom penthouses. To date, the property has sold 50% of the condominiums.
The 33-story hotel and residence offers event space and amenities including two restaurants, a lobby and bar, full-service spa, fitness center, outdoor pool, and private gardens.
The highly awarded hotel was named a “Best Hotel in New Orleans” and one of the “Best New Hotels in the World” by Travel + Leisure; a “Best of the Best” New Hotels in the World by Robb Report; and a “Best New Hotel in the Country” by USA TODAY 10Best.
Additionally, the building is home to Vue Orleans, a unique indoor and outdoor observatory with panoramic views of the city and historic and cultural exhibits.
Richard Friedman, President and Chief Executive Officer of Carpenter & Company Inc, says, “Madison Realty Capital has significant expertise investing in Four Seasons projects and we are pleased with their team’s ability to work quickly and provide certainty of execution.
“We look forward to moving to the next stage of this exciting project as we raise the hotel quality bar in New Orleans with the customized and flexible financing Madison delivered.”
Madison Realty Capital has significant experience investing in Four Seasons Hotels. Notable transactions include a $210 million loan to Fort Partners for the construction of the Four Seasons Hotel and Private Residences Fort Lauderdale and $105 million loan to Fort Partners for the acquisition and modernization of the Four Seasons Hotel Miami.
Riaz Cassum and Henry Schaffer from JLL Capital Markets arranged the financing.
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