The Four Seasons in New Orleans is in default.
Senior lender is reported to be asking developers to seek an equity capital injection or sell.
It is reported that the developer is seeking additional capital, and is looking to renegotiate the loan.
Other details:
– The $564mm project was developed from 2018-2021.
– The luxury condos are currently being marketed for ~$1,500 psf with price ranges between $7-10mm
– The project is the redevelopment of the former NoLa World Trade Center
-The project sought to improve the riverfront and attract capital to the city in the decade after Katrina
– It appears that the project is on a ground-lease
– It appears that EB-5 capital was also involved with financing the project
– 33 condo units remain unsold – representing approximately half of the residential space; Asking prices are more than double the market average
Source: Nola
For more on distressed real estate, follow @aryal1994
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