First Mortgage Loan Multi-family Rental New Orleans, LA

In August 2008, Hudson provided a $14 million first mortgage to aid the borrower in successfully recapitalizing the transaction and exiting from bankruptcy. In addition, the funds will allow the borrower to complete interior renovations and release the property.

Pirogue Cove is located on Curran Boulevard in East New Orleans. The 20 buildings, which contain 300 multi-family rental units, have been vacant since Hurricane Katrina in 2005. The exterior of the property has been fully repaired and interior renovations are in progress. Once completed, the property will be leased at market rates.