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Greystone Provides $13M in Fannie Mae Financing for LA Multifams
Greystone has arranged $13.4 million in total Fannie Mae Delegated Underwriting Services loans to refinance two multifamily properties in Baton Rouge, LA. The loans were originated by Keith Hires and Carter King, Managing Directors at Greystone, on behalf of Patrician Management.
An $8.1-million 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.
A $5.3-million 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.
“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 Hires.
- ◦Financing
