Projects - Belmont Residences
A luxurious urban oasis with refined living, dining, and entertainment options awaits those who call The Belmont Residences home. With New Orleans’ most iconic cultural venues just steps away from the building, those who live in The Belmont Residences can truly lay claim to the New Orleans lifestyle. Adding exclusive touches like a rooftop pool and bar, in-building room service, and a suite of other amenities leaves no question: The Belmont Residences will be the address of choice for the discerning New Orleanian.
EB-5 Quick Facts - Note: all numbers approximate
Total Cost: USD $31 million
Non-EB-5 Financing:
USD $31 million from private equity source ($17 million already contributed, remainder to be contributed as construction proceeds)
USD $12 million in developer equity contribution (100% already contributed)
Jobs: 66.4
Minimum EB-5 Investment Necessary for Project Completion: USD $0
Maximum EB-5 Investment %: 9.7% (USD $3 million)
EB-5 Investment Mechanism: Loan to Project
EB-5 Investment Purpose: Supplement First Mortgage Loan and Developer Equity
Third-Party Insurance Company Assures the Payment of Construction Costs and Completion of the Project
Exit Strategy: Intended Sale or Refinance After 5 Years
91-unit expansion of the highly successful 108-unit “925 Common” building
“925 Common” is already fully rented with a waiting list
Total space:
Apartments: 91 one-bedroom apartments in 78,200 ft2 (7,265 m2)
Commercial space: restaurants and other possibilities in 10,456 ft2 (971 m2)
One block outside of New Orleans’ famous French Quarter – a retreat in the heart of the city
A short walk from the city’s most important attractions
Neighborhood residential vacancy rate of 4%
Rooftop pool, barbeque, and bar, plus ground-floor dining options
Doorman, keycard building access, and 24/7 in-building valet parking
Project Overview
Located in the heart of downtown New Orleans, Louisiana, The Belmont Residences will be the second and final phase of the apartment complex located at 925 Common Street. Combining a successful track record with a new package of unparalleled amenities, this Phase II expansion will add 91 apartments within our existing and fully-leased 108 apartment building, as well as amenities like a sophisticated rooftop pool and fine dining options. Situated only one block from the world-famous “French Quarter”, The Belmont Residences is only a short walk from the city’s most lively neighborhoods. Its incredible location, coupled with its sophisticated design, already makes Phase I the city’s premier address; Phase II will create a new level of exclusivity, welcoming those who want to take advantage of the charm and eclectic flair of New Orleans lying just beyond their doorstep.
At the epicenter of New Orleans’ unique mosaic of history and culture, on the corner of Common Street and University Street, The Belmont Residences puts its residents in the middle of it all. One block from Canal Street and the beginning of the French Quarter, the city’s energy is accessible without being overwhelming – The Belmont Residences can be both a respite and a launchpad for those who call it home. Perfect for the city’s creative class, innovative entrepreneurs, businessmen and visiting Hollywood actors among others, its central location is only a short walk from the city’s most popular destinations, including:
- The French Quarter & Bourbon Street
- Courthouses
- Canal Place high-end shopping
- Central Business District
- Convention Center
- Harrah’s, the city’s only casino
- New Orleans Medical District
- The Superdome stadium
- Smoothie King Center stadium
Phase I, completed in late 2006, made a lasting impression on the New Orleans residential market. Widely regarded as one of the city’s most desirable places to live, Phase I is fully rented and has a waiting list of eager prospective residents. Phase II is expected to add amenities that cannot be found in any other residential building in the city, cementing its place as the finest apartment building in New Orleans, including:
- 91 fully-furnished, spacious one-bedroom units (ranging from 725-765 ft2 (67-71 m2)) with full access to cleaning and maintenance services
A rooftop pool, barbeque and bar
- In-building dining options
These amenities will provide unparalleled luxury while drawing New Orleans’ elite to live, dine, and relax. This complement of services is in addition to 925 Common’s already luxurious amenities, such as:
Doorman, keycard building access, and 24/7 in-building valet parking
Business center and free high speed, wireless internet access
State-of-the-art fitness center
On-site maintenance
As an ideal location for the city’s creative class, innovative entrepreneurs, and visiting Hollywood actors, The Belmont Residences will attract an upmarket and sophisticated clientele.
All apartments will be rental units, like the fully-rented apartments in Phase I, attracting short- and long-term residents
Downtown New Orleans has a residential vacancy rate of only 4%,
The Belmont Residences’ submarket is the city’s most sought-after neighborhood
Despite the addition of new developments in the submarket, the vacancy rate has actually decreased consistently over the past two years. This strong market demand, coupled with the reputation of Phase I, should help ensure the success of The Belmont Residences.
The safety and security of our investors is extremely important to us. To make it as simple and safe as possible, investors in The Belmont Residences will make a loan to the project. This loan will be senior to developer equity which has already been committed. Thus, The Belmont Residences will place investors in a more secure position with regard to their investment and its expected job creation as compared to other EB-5 investments where developer equity is senior to investor equity.
First Mortgage: our primary lender, a private equity group, has already provided over $17 million in financing and has agreed to provide the remaining balance necessary for construction of the project.
Developer Equity: The developers have invested significant equity into the project, which has directly led to Phase I’s success and will be a major source of value for the project.
Corporate Partner: A local bank will be a partner in the project.
EB-5 Investors: Because The Belmont Residences will benefit from significant third-party funding, no EB-5 investor financing is required to complete this Phase II expansion. However, the project will be open to investment by up to 6 EB-5 investors looking for an exciting and safe project in a superb location.
Advantages of External Funding: The availability of this external funding gives investors a variety of advantages over a traditional EB-5 investment:
Job-Creation Security: The completion of The Belmont Residences is not dependent on finding a certain number of EB-5 investors. Therefore, each investor can be more confident that the jobs they need for their successful EB-5 application will be created no matter how many other investors join the project. In addition, a third-party payment and performance bond from an insurance company will be used to make sure that the project is completed and paid for as specified – please continue reading to find out more.
Project Confidence: The strength of The Belmont Residences is evident in its ability to attract a wide range of partners and funding. EB-5 investors can feel confident that they are standing shoulder-to-shoulder with the developers, banks, and major corporations.
In short, The Belmont Residences has a comprehensive financing strategy which is independent of the number of EB-5 investors; thus, no matter how many choose The Belmont Residences, we envision that the project will be constructed according to plan with the backing of the developers.
Since Phase I is already fully rented with a waiting list, we believe Phase II will be very successful, and will add significantly to the value of the entire complex. After about 5 years, we will attempt to sell or refinance the complex, providing the investors with liquidity events.
