Originally built in 1951, the garage was formerly a car dealership and parking structure, known as Stephen’s Garage. New Orleans-based Wisznia Architecture + Development has redeveloped it into a $ 52 million mixed-use property with 51 multi-family apartments, 11 penthouses, and 20,940 square feet of ground-floor retail. The property is LEED certified and has two car lifts that allow residents to park in front of their respective units.
Wisznia is the architect, developer and property manager of The Garage. Completed in December 2019, the multi-family portion of the property is currently being leased and had reached 60% occupancy at the time of financing.
Directed by Stephen farnsworth and Paul Garner, the Walker & Dunlop team worked diligently to structure the non-recourse financing through Bridge Investment Group. The project involved historic federal and state tax credits, a restoration tax rebate, and a transitional mixed-use lease.
“We are extremely satisfied with the result of this very complex project,” commented Marcel Wisznia, President of Wisznia Architecture + Development. “Stephen and Paul of the Walker & Dunlop team worked tirelessly to secure a bridge loan that met our many and varied needs. They also coordinated several parties to ensure that each of the tax credit requirements for The Garage was met. He continued, “Our experience with the W&D team has exceeded our expectations, and we look forward to working with them on our latest construction project which will provide housing for the workforce in New Orleans.”
Walker & Dunlop has one of the strongest networks in the industry, with over 250 sources of capital. The company completed $ 5.9 billion in brokered loan issuance from January to September 2020. Walker & Dunlop, headquartered in Bethesda, Maryland, is a publicly traded real estate finance company that maintains a significant presence in its offices in New Orleans.