Greystone Provides $15.4 Million Fannie Mae Financing for Baton Rouge Multifamily Acquisition
November 5, 2019
Category: Fannie Mae, Multifamily
Greystone announced it has provided a $15,375,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to finance the acquisition of a 184-unit multifamily property in Baton Rouge, LA. The transaction was originated by Keith Hires, Managing Director in Greystone’s Atlanta office, on behalf of Cyprus Multifamily in New Orleans.
The $15.4 million Fannie Mae Green Rewards loan carries a 12-year term with 2 years of interest-only payments. The property, Live Oaks Apartment Homes, is a Class A apartment community built in 2001. Its current age enables the new owner to implement impactful energy efficiency tactics to reduce water and electricity usage, and receive discounted pricing on the financing.
Live Oaks provides its residents with a range of upscale finishes and amenities, including crown molding, vaulted ceilings, bay windows, built-in bookshelves, patios/balconies, clubhouse, pool, and fitness center. Located off Jefferson Highway, Live Oaks is minutes from the city’s leading employers, including LSU, Lady of the Lake Regional Medical Center, and Turner Industries Group. Live Oaks also provides residents with one of the best locations with close proximity to premier retail centers.
“The buyer saw an opportunity to acquire a high-quality asset and execute energy-efficient retrofits to reduce debt service and optimize the value of the asset,” said Mr. Hires. “With Fannie Mae’s Green Rewards product, buyers of properties in the 15-20 year vintage can certainly benefit from making these changes, as well as to the benefit of the residents and the environment overall.”