$316M Secured for Four Seasons New Orleans Renovation

NEW ORLEANS, LA – Carpenter & Company Inc. and Woodward Interests LLC have secured a $315.6 million loan to complete the renovation of the Four Seasons Hotel and Residences New Orleans in New Orleans, LA.

Vertically-integrated real estate private equity firm Madison Realty Capital provided the loan. JLL capital markets’ Riaz Cassum and Henry Schaffer arranged the financing.

Located at 2 Canal St., the 33-story mixed-use tower includes a 341-key Four Seasons hotel, which opened in July 2021, and 92 residential condominiums that are operated by the Four Seasons. The residences, encompassing one-, two- and three-bedroom units and four-bedroom penthouses, have a separate private entrance from the hotel and are currently 50% sold.

The Four Seasons Hotel and Residences New Orleans offers event space, two restaurants, a lobby and bar, a full-service spa, a fitness center, an outdoor pool and private gardens. The building is also home to Vue Orleans, which is an indoor and outdoor observatory that offers panoramic views and historic and cultural exhibits.

“The Four Seasons New Orleans is well-positioned along the Mississippi River, between the French Quarter and Central Business districts, to capitalize on the demand from New Orleans’ robust tourism market and expanding business district,” says Josh Zegen, managing principal and co-founder of Madison Realty Capital. “We are pleased to leverage our familiarity with the Four Seasons brand to deliver a timely and customized financing solution to an experienced borrower group for a well-recognized New Orleans landmark with exciting cultural attractions.”

The hotel has been recognized with awards such as Best Hotel in New Orleans and one of the Best New Hotels in the World by Travel + Leisure; a Best of the Best new hotels in the world award by Robb Report; and a Best New Hotel in the Country recognition by USA TODAY 10Best.

“Madison Realty Capital has significant expertise investing in Four Seasons projects and we are pleased with their team’s ability to work quickly and provide certainty of execution,” says Richard Friedman, president and CEO of Carpenter & Company Inc. “We look forward to moving to the next stage of this exciting project as we raise the hotel quality bar in New Orleans with the customized and flexible financing Madison delivered.”