Greystone 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.”