1010 Common, New Orleans, LA

Octagon funded a $44 million historic tax credit bridge loan to the 1010 Common project in New Orleans, Louisiana to convert the vacant 31-story former Bank of New Orleans Building into a 250-key luxury hotel, a 216-key extended stay hotel, plus associated amenities. 100,000 sq ft. of currently existing office remains in the structure, in addition to an adjacent existing 525 car parking garage, supporting the entire rehabilitation. The loan is secured by the state and federal HTCs funded in the five months following the start of construction.

Completed in 1970, The Bank of New Orleans building was completed in 1970 in the International Style. The building gains its significance chiefly from the utilization of high capacity long steel piles, a technology that had previously been limited to offshore oil rigs. It allowed for a deeper embedment and a higher design stress that made the building the tallest in New Orleans by far and for many years following its completion.