By Tudor Scolca
Greystone has secured a $24.2 million HUD-insured permanent loan for the refinancing of The Highland Club Apartments in Baton Rouge, La. The loan carries a 35-year term with fixed interest rates. In 2012, Greystone facilitated another HUD-insured refinancing loan for the property, valued at $16.4 million.
The new funds provided by Greystone will allow the owner, Ed Kramer, to continue phased renovations and investments 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. Greystone is a truly dynamic and knowledgeable asset for us,” said Kramer in a prepared statement.
The 247-unit Baton Rouge apartment community is located at 17505 Jefferson Highway. Its 27 buildings comprise 81 one-bedroom, 150 two-bedroom and 16 three-bedroom units. They range in size from 882 to 1,441 square feet. According to Yardi Matrix, the property is currently 89 percent occupied, while monthly rent averages $1,135. Common area amenities include:
- fitness center
- business center
- community room
- swimming pool
- 566 parking spaces
The property is in a Southeast neighborhood of Baton Rouge, near numerous other communities, parks and a golf course. Commuting is facilitated by the proximity to Route 61 and interstates 10 and 12. The intersection of Route 42 and I-10 features a wide array of restaurants, while multiple shopping centers and malls can be found towards the city proper, about six miles away. Downtown Baton Rouge and Louisiana State University can be reached in 20 minutes by car. New Orleans is 70 miles away.
Jason Stein, vice president of real estate finance at Greystone, originated the loan.
Image courtesy of Yardi Matrix