Fannie Mae Issues First Commercial Loan Marking 10-Year Katrina Anniversary
The refinancing was for the first commercial loan financed by Fannie Mae in the Katrina-affected area following the storm in 2005.
By Andie Lowenstein, Associate Editor
Bethesda, Md.—Walker & Dunlop Inc. announced it recently provided a $15.7 million refinancing for The Crossings Apartments in Metairie, La. The refinancing was for the first commercial loan financed by Fannie Mae in the Katrina effected area following the storm in 2005.
Walker & Dunlop used Fannie Mae’s Early Rate Lock program to structure the fully leveraged, conventional 10-year loan with a 30-year amortization schedule.
“This refinance shows the endurance of New Orleans since Hurricane Katrina and Fannie Mae’s support of this market immediately following the storm, through the national recession and continuing today,” said Managing Director Stephen Farnsworth. “As we approach the 10th anniversary of Hurricane Katrina, New Orleans is exhibiting strong growth across all measures and continuing to diversify sectors throughout the city.”
“The recovery and growth of the Greater New Orleans area since Hurricane Katrina has been phenomenal,” said James Favrot, president of Favrot & Shane Companies Inc. “This has largely been made possible by the faith and support of lenders like Fannie Mae. Favrot & Shane’s long association with Walker & Dunlop has resulted in another successful collaboration at The Crossings Apartments. We greatly appreciate Stephen’s efforts and look forward to further business in the future.”
“We are pleased with the progress that has been made to date in New Orleans since Katrina and we are very proud that Fannie Mae has been part of this overall effort,” said Jeffery R. Hayward, executive vice president of multifamily, Fannie Mae. “We are excited to work with partners such as Walker & Dunlop and Favrot & Shane to finance much needed rental housing in New Orleans and help the region build long-term strength.”
Situated in Metairie, The Crossings Apartments is minutes from downtown New Orleans and includes 10 three-story apartment buildings totaling 247 multifamily units. Residents have access to pools and grilling stations, and security features include access gates and off-street parking.
As a repeat borrower of Walker & Dunlop and Fannie Mae client, Favrot & Shane Companies Inc. is the largest multifamily development and management company in Louisiana. Favrot & Shane designed and developed or acquired more than 9,500 apartment units, as well as numerous suburban office buildings, neighborhood shopping centers, warehouses and self-storage projects in the New Orleans area. 1st Lake Properties, the sponsor-affiliated management company for The Crossings Apartments, managed the property for more than 20 years and currently manages more than 9,000 units in the New Orleans MSA where they’re headquartered.
