Greystone announced it has provided a $24,220,000 HUD-insured permanent loan to refinance The Highland Club Apartments, a 247-unit multifamily property in Baton Rouge, LA. The transaction was originated by Jason Stein in Greystone’s New York office.
The Highland Club Apartments, located 20 minutes from Downtown Baton Rouge, offers a number of attractive amenities for residents including a resort-style swimming pool with lake views, stocked lakes with fountains, multi-hole putting greens, dog park, business center, fitness center, and on-site personal trainer.
The HUD-insured loan for The Highland Club carries a 35-year term at a low, fixed rate. The property was previously refinanced by Greystone in 2012, and the new loan enables a combination of phased renovations and continued investment back into the property.
“Greystone’s expertise in helping us navigate the HUD-insured financing world has enabled us to continually invest in the property while enjoying long-term, low-rate financing,” said Ed Kramer, owner of The Highland Club Apartments. “Greystone is a truly dynamic and knowledgeable asset for us.”
“We are thrilled that Mr. Kramer continues to seek Greystone’s expertise and look forward to helping him grow his portfolio,” said Mr. Stein.
“HUD’s $24 million in insured financing will directly be employed to help renovate The Highland Club Apartments and provide amenities that will continue its viability into the future,” said Beth Van Duyne, HUD Regional Administrator. “HUD welcomes its partnerships with the multifamily industry, and Greystone’s work with both HUD and ownership will ensure that the property will be an asset to the community.”