New Orleans Four Seasons Developers Land $315M Loan
Carpenter & Company’s Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
Developers of a Four Seasons property in the Big Easy are trumpeting the arrival of a massive loan from a New York-based real estate firm.
Carpenter & Company and Woodward Interests scored $315.6 million to complete the renovation of the Four Seasons Hotels and Residences New Orleans at 2 Canal Street. Madison Realty Capital, which provided the loan, announced it this week.
JLL Capital Markets’ Riaz Cassum and Henry Schaffer 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 top floors, 92 residential condo units, which have a private entrance and range from one bedroom to four. Half of the apartments have sold.
The property includes two restaurants, a spa, a fitness center, an outdoor pool and private gardens. There’s also an event space and Vue Orleans, an observatory boasting panoramic views of the city.
The revamped establishment has collected numerous accolades during its brief time online. Travel + Leisure hailed it as the one of the best new hotels in the world, as did Robb Report, while USA Today featured it on its list of best new hotels in the country.
In a prepared statement, Carpenter & Company president Richard Friedman noted that Madison Realty Capital “has significant expertise investing in Four Seasons projects.”
The firm has teamed up 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 paid off the Fort Lauderdale loan, the largest in the city’s history. The project secured a temporary certificate of occupancy in February and the hotel opened its doors a month later.
