The Domain Companies Secures Construction Financing from First NBC Bank
- Feb 07, 2015
The Domain Companies has secured financing for its second residential project in Baton Rouge, The Addison. The New Orleans and New York-based developer first announced its plans to build the $23 million development at the end of September. Construction started in November.
Just like The High Grove, the first residential project developed by the Domain Companies in Baton Rouge, The Addison will be part of the Grove, a 118-acre Traditional Neighborhood Development located east of the Mall of Louisiana. It will feature 139 one- and two-bedroom apartments, as well as 7,000 square feet of retail space.
The Addison was designed by Humphreys & Partners Architects in the Mediterranean Revival style. It will consist of a four-story apartment building, with 109 units, and 30 two-bedroom townhomes with private garages. Domain said that The Addison’s retail tenants will be of the same caliber as The High Grove’s. The $23 million development will feature unique cafes, full-service restaurants, and high-end boutiques. Retail pre-leasing has already started.
Palmisano Contractors will serve as the project’s general contractor. Construction is expected to be completed in January 2016. According to the developer, First NBC Bank provided the primary funding for the project via a $19.2 million construction loan. The Addison is Domain’s second development financed by First NBC Bank.
Photo credits: The Domain Companies