Iconic New Orleans Residential Building Brings $43.5M

NEW ORLEANS-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Walker & Dunlop, Inc. has provided $43,500,000 for Esplanade at City Park, an apartment community north of downtown New Orleans.

Walker & Dunlop SVP, Stephen Farnsworth structured the 10-year, 5-year interest only acquisition loan through German American Capital Corporation for borrower, Priderock Capital Partners.

“This financing is indicative of the recent growth of the CMBS market nationwide, resulting in Walker & Dunlop's ability to structure loans with higher interest-only periods for borrowers,” Farnsworth said. “The transaction also demonstrates the continued development of the multifamily market in New Orleans and the increased demand for out-of-state institutional equity. As a native New Orleans resident, I am proud to have contributed to financing Esplanade at City Park, one of the most iconic apartment communities in the city.”

Built in 1973 and renovated from 2008-2010, Esplanade at City Park offers 436 residential units and four commercial spaces, just two miles northwest of downtown New Orleans. The building's prominent seven-story facade faces the scenic Bayou St. John waterway and overlooks historic City Park. The property also benefits from its proximity to the new medical district, which includes the new Veterans Affairs facility and University Medical Center.