Greystone announced it has provided $24.3 million in HUD financing for Belmere Luxury Apartments in Houma, Louisiana. Nathan Schuss, originator in Greystone’s New York office, worked to close the loan.
The refinancing was structured as a 40-year fully amortizing HUD 223(a)7 loan. Belmere Luxury Apartments, located approximately 60 miles southwest of New Orleans, is a gated, limited access multifamily rental community comprising 249 units. The complex features amenities such as a resort-style pool, jacuzzi, fitness center, jogging trail, BBQ area and dog park.
“Securing this refinancing through Greystone enables us to maintain a long-lasting presence for Belmere as a premier luxury apartment community in the suburban New Orleans region,” said Robert M. Aiello, the borrower of record in partnership with Ronald V. Turner. “The lending process was incredibly smooth. We look forward to developing more luxury properties which are seeing greater demand in today’s recovering economy. We also look forward to having Greystone as a trusted partner going forward,” Aiello added.
“Greystone was delighted to facilitate a refinancing of this project in Louisiana, an area that is still experiencing recovery and revitalization today,” said Betsy Vartanian, head of FHA lending at Greystone. “The interest rate savings will undoubtedly benefit the project and, indirectly, its tenants. This is a fantastic property and we are comforted to know that it will thrive for many years to come.”