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Greystone Provides $13.4 Million in Fannie Mae Financing for Two Multifamily Properties in Louisiana
Greystone, a leading national commercial real estate finance company, has provided $13.4 million in total Fannie Mae Delegated Underwriting Services (DUS®) loans to refinance two multifamily properties in Baton Rouge, Louisiana. The loans were originated by Keith Hires and Carter King, Managing Directors at Greystone, on behalf of Patrician Management.
An $8,100,000 Fannie Mae loan was provided for Bienville Towers, covering 160 units of the 200-unit fractured condominium property located at 2100 College Drive. The non-recourse loan carries a 10-year fixed rate with a 30-year amortization and four years of interest-only payments. Amenities at the property include two swimming pools and four laundry centers.
A $5,339,250 Fannie Mae loan was provided for Parc at Mid City, an 88-unit property located at 1100 South Foster Drive. The non-recourse loan also carries a 10-year fixed rate with a 30-year amortization and the first 5 years of interest-only payments. On-site amenities at the property include a swimming pool, a barbeque / picnic area, and a community laundry center.
“The timing to refinance these two properties was right, and the borrower received favorable terms for both properties, given the rising occupancy demand and strong fundamentals for multifamily in the Baton Rouge market,” said Mr. Hires. “Greystone’s deep expertise and knowledge of Fannie Mae financing products serve as a strength for borrowers like Patrician.”
“Greystone has been an incredible partner over the years as we’ve worked on optimizing our portfolio,” said Alex Lewis, operating partner of the borrower. ‘We appreciate their guidance on refinancing and their industry experience in multifamily.”
Greystone Provided $7.2 Million in Freddie Mac Financing for the Transaction
Greystone Brown Real Estate Advisors announced it has closed the $10,300,000 sale of Castlegate Commons, a multifamily property in Bonaire, GA. Greystone Brown advised the seller, Castlegate Property Group, and brought the buyer, Patrician Management, to the deal. The sale was handled by Cory Caroline Sams and Barden Brown, and a $7.2 million loan for the transaction, originated by Keith Hires, was also provided by Greystone.
The acquisition was financed with a 10-year Freddie Mac loan, with three years of interest-only payments. Built in 2001, Castlegate Commons is a 120-unit garden-style apartment community offering one-, two- and three-bedroom floorplans with features such as walk-in closets, in-unit laundry hook ups, fireplaces and vaulted ceilings. Residents also enjoy access to the property’s swimming pool, clubhouse and fitness center, basketball area, dog run and detached garages. Located at 725 GA-96 in Houston County’s rapidly growing Warner Robins metropolitan area, the property is located in a reputable school district with access to major highways, the Robins Air Force Base and the region’s other major employers.
“We are pleased that we were able to help our long-time client find the right buyer for this attractive property, and also able to help the buyer secure desirable financing terms for a seamless and quick-to-close transaction,” said Cory Caroline Sams, Director, Greystone Brown Real Estate Advisors. “Our team excels at matching up prospective buyers and sellers of multifamily properties, and we are especially thrilled when our creativity and industry-leading service experience benefits all parties throughout every stage of a transaction like this.”