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River House

Projects: River House

► Download Project Summary

River House, like the nearby bridge which straddles America's most iconic river, will connect communities by building a unique work/live/play environment in Baton Rouge, the dynamic capital of Louisiana. Combining spacious apartments, inviting professional offices, and accessible retail space in the most central of locations, River House will join Louisiana's bustling capitol complex with its most important university in an exciting new community. Strongly supported by local, state, and federal government representatives, River House will redefine urban living in Baton Rouge.

Table of Contents:

EB-5 Quick Facts

(note: all numbers approximate)

Financing

  • Total Cost: USD $35.1 million

  • Non-EB-5 Financing:

    • USD $28.1 million from first mortgage lender

    • USD $7 million in developer equity (100% already contributed)

EB-5 Role

  • Jobs: 150.1

  • Minimum EB-5 Investment Necessary for Project Completion: USD $0

  • Maximum EB-5 Investment %: 19.7% (USD $7.5 million; intentionally limited to USD $6.5 million to assure adequate job creation)

  • EB-5 Investment Mechanism: Loan to Project

  • EB-5 Investment Purpose: Supplement First Mortgage Loan and Developer Equity

Investor Security

  • Third-Party Insurance Company Assures the Completion of the Project

  • Exit Strategy: Intended Sale or Refinance After 5 Years

New, Highly-Anticipated Construction

  • One mile (1.6 km) away from both Baton Rouge CBD and Louisiana State University

  • Strong local, state, and federal government support

  • Total space:

    • Apartments: 224 studio, one- and two-bedroom apartments in over 160,000 ft2 (14,860 m2), plus residential clubhouse

    • Office: 34,000 ft2 (3,160 m2) in a three-story building

    • Retail: 17,000 ft2 (1,580 m2)

Spectacular Location

  • Midway between the two largest employment centers in Baton Rouge

  • Retail and office front one of the city's busiest roads

  • Across the street from state-backed Water Campus

  • Residences back onto the Mississippi River and its public bicycle path

Exciting Design and Amenities

  • Swimming pool, sundeck, barbeque area, movie screening room, and community clubhouse

  • Fully conforms with the city's master plan and architectural designs, creating highly-desirable, timeless space

Project Overview

Situated midway between Louisiana State University (LSU) and downtown Baton Rouge, River House will bring competitively-priced apartments, convenient office space and unique retail possibilities within reach of Baton Rouge's most exciting communities. River House will be a newly-constructed complex on an approximately 9 acre (3.64 hectare) site which will combine residences into two buildings, with separate office and retail buildings. The residences will be set back from the main access road, bringing them close to the awe-inspiring Mississippi River and the public bicycle path along its edge. Tying these residences together, a central clubhouse will build a community with amenities like an entertainment room, fitness center, pool, and a barbeque area. Meanwhile, the office and retail space will front busy Nicholson Drive to gain maximum street exposure to the over 20,000 people who use this thoroughfare daily. Connecting businesses and customers, students and employers, officials and citizens: River House will invite them all with unique spaces in which to live, work, shop, and enjoy the state capital.

Location

About 1 mile (1.6km) away from Louisiana State University (LSU) and the downtown/state capitol complex – the economic, cultural, and political centers of Baton Rouge – River House's central location is its most important asset. Being on Nicholson Drive, a heavily trafficked main artery, means that it can easily be reached from both locations without having to use the frequently congested highways. River House's central location is its strongest asset.

 

 

 


View Location of River House in a larger map

 

River House will be positioned to take advantage of the huge expected demand generated from the State Capitol Complex, Downtown Baton Rouge and LSU. Even a small percentage of this total demand would be more than enough to completely fill River House.

 

CBD/Capitol Complex

Louisiana State University

The capital of Louisiana, and the location of most of its government offices

Louisiana's largest and most important university

Over 10,000 government workers, 1,300 businesses, and 35,000 employees

Over 25,000 students, 1,500 faculty, and 5,000 support staff

A young, educated, and well-paid pool of potential residents and tenants

Convenient access to school, work, and the rest of the city

 

River House will also benefit from its location adjacent to the Water Campus. Announced in December 2013, the Water Campus will be a 27.6 acre riverfront research park that will establish Louisiana as a world-class center for the best available science on water management and coastal issues. The Water Campus, located just across Oklahoma Street from River House, will be an engine for economic development, creating as many as 45,000 jobs over the next two decades and, upon full build-out, house over 2,000 employees; it is slated to cost approximately $45 million in construction. In addition, plans for a $20 million street car line running from Downtown to the LSU campus, which will pass directly in front of River House upon completion, are now in the works.

In addition, River House will be served by municipal and university buses, and will have direct access to a 3 mile (4.8 km) bike path along the Mississippi River, which lies behind the property. River House's ideal location will connect residents and businesses to both the university and the government.

Design & Amenities

River House has been designed from the start with its likeliest tenants in mind, and the city of Baton Rouge has played a key role in ensuring that the project meets or exceeds the standards of the city's master plan. As a result, River House will have one of the city's most attractive set of amenities and architectural design packages, including:

  • Residential

    • 224 studio, one-, and two-bedroom apartments (ranging from 513-955 ft2 (48-89 m2))

    • A 4,200 ft2 (390 m2) communal clubhouse, complete with:

      • Swimming pool

      • Sundeck

      • Barbeque area

      • Movie screening room

      • Fitness room

      • Central courtyard

    • Covered and uncovered parking available for all residents

  • Office

    • About 34,000 ft2 (3,160 m2) of office space in a three-story office building

    • Frontage along busy Nicholson Drive

    • Free parking for office tenants, not available in many other buildings in downtown

  • Retail

    • About 17,000 ft2 (1,580 m2) of retail space

    • Frontage along busy Nicholson Drive

Target Clientele & Market Strength

River House's central location means that it will benefit from strong government and university growth. Residents seeking to live close to either location, professionals doing business with one or both of these institutions, and locals hoping for convenient shopping opportunities will all be well-served by River House.

A vibrant market, attractive and permanent institutions nearby, and increasing demand for space in the area makes River House a project for which all signs point to success.

Investment Process

The safety and security of our investors is extremely important to us. To make it as simple and safe as possible, investors in River House will make a loan to the project. This loan will be senior to developer equity which has already been committed. Thus, River House 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.

Financing

It is anticipated that River House will obtain financing of about $28.1 million. River House will benefit from a variety of non-EB-5 sources of capital, meaning that River House will not be dependent on any fixed numberof EB-5 investors in order to complete the project or create the jobs necessary for your EB-5 investment. River House is strongly supported by government officials at the Federal, state, and local level, and the completion of the project is viewed as a very important part of the continuing economic development of the area.

Source

Value (Percent of Total)

Notes

First Mortgage

USD $28.1 million (80%)

Bank or private equity financing – see below for more information

Developer Equity

USD $7 million (20%)

100% of this developer equity has already been contributed to the project

EB-5 Investors

From USD $0 to USD $6.5 million

The project can proceed with as few as 0 or as many as 13 investors

TOTAL

USD $35.1 million (100%)

The project is fully financed without requiring any EB-5 investors

The project will not be dependent on any fixed number of EB-5 investors in order to start or complete the development

Bank Loan/Private Equity Financing: River House will obtain sufficient funds from a local bank (as well as private equity funds if needed) to cover construction costs

Developer Equity: The developers have invested significant equity into the project,and the strong government support for it is a direct result of the developers' extensive current and planned investment.

EB-5 Investors: Because River House will benefit from significant third-party funding, no EB-5 investor financing is required to complete construction. However, we expect that the project will be open to investment by up to 13 EB-5 investors.

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 River House 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 built according to plan and that all contractors and subcontractors are paid.

  • Project Confidence: With the full support of Louisiana's two US Senators, Baton Rouge's US Congressman, the Mayor of Baton Rouge, the unanimous support of the Baton Rouge City Council, and many other state and local officials, the government support for River House is beyond question. This powerful support should help investors feel confident in the future success of the project.

River House's favorable government support, combined with its sound financing, means that River House will be constructed as planned no matter how many EB-5 investors select this project. This financing allows investors to take comfort in knowing that the project will be completed as planned, and the jobs necessary will be created.

Construction Timeline

River House is scheduled to take approximately 12-14 months to construct, and an additional 6 months to be fully operational. This ensures that the project will be completed within the two-year period allotted for an EB-5 application:

  Year 1 Year 2 Year 3
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Admin Phase                    
Site Work                    
Construction                    
Delivery/ Close-Out                    
Leasing Period                    

Third-Party Construction Bond

River House will utilize a payment and performance bond, payment and construction completion assurance provided by a major insurance company, to ensure that the project is built according to plan and that all contractors and subcontractors are paid.In the event that the contractors do not complete the job or pay their subcontractors, the insurance company will cover any financial shortfall if necessary. As a result, investors can be confident that River House will be built as planned.

Exit Strategy

Government support and strong market demand for residential, retail, and office space in this area should make this project very successful. After about 5 years, we will attempt to sell or refinance the complex, creating a liquidity event and repayment plan for the investors.

We are happy to share detailed information on our exit strategies with our registered investors.