New Orleans-based real estate developer HRI Properties announced that Almanac Realty Investors has committed up to $50 million in additional growth capital.

“When funds advised by Almanac Realty Investors committed to provide $150 million of growth capital to HRI Properties in April 2014, we expected the capital to be fully deployed by 2017,” but those funds already have been used on projects, said Justin Hakimian, Almanac’s managing director.

Since its founding in 1982, HRI has completed more than 70 large-scale projects in 16 states totaling more than $2.5 billion, HRI Properties President and CEO Tom Leonhard said. It owns and manages 24 hotels and 43 apartment communities in 16 states, in addition to more than 1.4 million square feet of retail and office space.