The Garage, an upscale apartment complex in the Warehouse District that was part of the city’s post-Katrina wave of historic building conversions downtown, has been taken over by its mortgage holder, bringing to a close efforts by architect and developer Marcel Wisznia to rescue his $52 million project.
The new owner, a unit of Bridge Investment Group, a New York City-based real estate investment fund, acquired the building for $28.8 million earlier this month as a secured creditor in a bankruptcy involving the property, according to court records.
The sale price is equal to the amount of the original loan Bridge provided to the previous owner, Stephens Garage Building LLC, a company controlled by Wisznia.
Bridge had foreclosed on the loan in the spring of 2024. In December, Wisznia put the company into voluntary bankruptcy, known as Chapter 11, in an effort to resolve the company’s debts…