Cushman & Wakefield and Greystone Close Sale and Financing of Louisiana Multifamily Property
The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for The Lumiere, a 336-unit multifamily community located in Metairie, Louisiana, a sub-metro region of New Orleans. The multifamily property was sold by LURIN to buyer Onyx Partners.
Cushman & Wakefield’s Mike Kemether, Christian Schedler, Larry Schedler, and Cheryl Short represented the seller in the $55.8 million transaction. Greystone’s Judah Rosenberg originated a $40 million non-recourse Fannie Mae Delegated Underwriting and Servicing (DUS®) loan featuring a 10-year term and fixed rate below 5%, with 60 months of interest-only payments.
“The seller, LURIN, is a vertically integrated investment firm out of Dallas that has a proven track record in implementing comprehensive renovation programs,” said Mr. Schedler. “Through an interior/exterior upgrade, LURIN was able to drive rents significantly. The purchaser, Onyx Partners, led by Jeremy Y. Rieder, is well poised to further grow revenue in the supply constrained, high-demand Metairie market. Onyx continues to grow their Louisiana footprint, making Lumiere their third acquisition in the state.”
Located at 3301 W. Esplanade Ave N., The Lumiere is a 336-unit luxury apartment community situated on a 7.34 acre site comprising 20 buildings. Amenities at the property include a swimming pool, BBQ grill area, package center, clubhouse, and fitness center. The property received a Green Building Certification in May 2022.
“We are thrilled to have secured attractive financing for this acquisition and buyer as a result of our close working relationship with Cushman & Wakefield,” added Mr. Rosenberg, Vice President at Greystone. “We look forward to working with Onyx on future transactions as they grow their portfolio in the Metairie market and beyond.”