Developers of a Four Seasons property in the Big Easy announce the arrival of a massive loan from a New York-based real estate firm.
Carpenter & Company and Woodward Interests have secured $315.6 million to complete the renovation of the Four Seasons New Orleans hotels and residences at 2 Canal Street. Madison Realty Capital, which provided the loan, announced it this week.
Riaz Cassum and Henry Schaffer of JLL Capital Markets arranged the financing.
The hotel opened in July 2021 as part of a 33-story mixed-use property. It has 341 hotel rooms and, on the upper floors, 92 residential condo units, which have private entrances and range from one bedroom to four. Half of the apartments are sold.
The property includes two restaurants, a spa, fitness center, outdoor pool, and private gardens. There’s also an event space and Vue Orleans, an observatory offering panoramic views of the city.
The renovated establishment has garnered numerous accolades during its brief time online. Travel + Leisure hailed it as one of the best new hotels in the world, as did Robb Report, while USA Today featured it on its list of the best new hotels in the country.
In a prepared statement, Carpenter & Company Chairman Richard Friedman noted that Madison Realty Capital “has considerable expertise in investing in Four Seasons projects.”
The company has partnered with Fort Partners on Four Seasons deals. It provided a $210 million loan in 2019 for the development of a hotel and private residential complex in Fort Lauderdale. It also provided $105 million for the acquisition and modernization of a Four Seasons in Miami.
In April, Fort Partners repaid Fort Lauderdale’s loan, the largest in the city’s history. The project obtained a temporary occupancy certificate in February and the hotel opened its doors a month later.