Greystone Provides $25 Million in HUD-Insured Construction Financing for Multifamily Project in Youngsville, Louisiana
March 31, 2020
Category: Multifamily, FHA/HUD
Greystone provided $25.2 million in construction financing under the HUD 221(d)(4) program for the development of Sugar Mill Villas Apartments, a new 164-unit multifamily apartment community located at 1931 Chemin Metairie Parkway in Youngsville, LA.
The $25,248,200 loan will fund 85% of total project costs and is structured as a non-recourse, fixed-rate construction loan that automatically converts to a 40-year, fully-amortizing permanent loan upon stabilization. With this green-certified and energy efficient project, the borrower also qualifies for reduced Mortgage Insurance Premium (MIP).
Located within the master-planned Sugar Mill Pond neighborhood with convenient access to Lafayette, Sugar Mill Villas Apartments will offer easy access to the area’s shopping, restaurants, retailers and sought-after schools. Sugar Mill Pond hosts year-round activities, which include festivals, live music, and other family-oriented events. The community is located within walking distance of the Youngsville Sports Complex, the region’s $20 million 70-acre recreational center. Youngsville was recently ranked the top city to reside in Louisiana by 24/7 Wall St., as covered by USA Today.
“The Greystone team is comprised of exceptional professionals who understand our vision and gets us the right financing quickly,” said client Robert Peek, who has nearly three decades of commercial and multifamily real estate experience. “We look forward to continuing our long-term relationship with Greystone as we continue to grow our portfolio.”