HRI Properties secures additional backing for future development

Posted on: March 17 2016

By: Robin Shannon, Managing Editor  

New Orleans-based HRI Properties is poised to receive additional financial backing from a New York investment firm for future projects.

The redevelopment of 225 Baronne St. in the CBD into an Aloft Hotel and 192 apartments is among the most recent projects HRI Properties has completed in downtown New Orleans. Photo by Robin Shannon

The company announced Thursday that Almanac Realty Investors LLC has committed up to an additional $50 million in growth capital on top of an initial investment of $150 million that was received in 2014. Almanac managing director Justin Hakimian said the additional investment shows continued confidence in HRI’s national growth and development of mixed-use and revitalization projects.

Hakiman said in a news release that when the initial funds were contributed in 2014, Almanac expected that capital would last until 2017. Those funds have since been spent on 16 projects across eight states.

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