Greystone Procures $42M Financing for Louisville Asset

Fannie Mae provided the debt.

800 Tower Apartments. Image courtesy of Greystone

Greystone has arranged for a $42.3 million Fannie Mae Delegated Underwriting and Servicing loan to 800 City Apartments LLC for a multifamily property in Louisville, Ky. The non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with three years of interest-only payments.

The apartment community, 800 Tower Apartments, is a 286-unit, 29-story property built in 1963. Located at 800 S 4th Street in Louisville, the property features studios and one and two-bedroom units. Features and finishes of residences include in-unit washers and dryers, storage units, walk-in closets and high-speed internet access. A bark park and pet washing station are among common-area features.

Downtown vibe

Louisville, the oldest city west of the Appalachian Mountains, offers a vibrant downtown district with numerous shopping and dining venues and breweries. The Kentucky Center for the Performing Arts, the Louisville Slugger Museum and Factory, the University of Louisville, Brown Theatre, Fourth Street Live and Kentucky International Convention Center are situated nearby.

Three shopping centers are located within approximately one-half mile of the apartment community. Spalding University, Jefferson Community & Technical College Downtown Campus and University of Louisville Health Sciences Center are all within one mile of the property. The Kentucky Science Center and Louisville Zoo is 1.2 miles away and the Louisville Waterfront Park and Rauch Planetarium is two miles away. Churchill Downs, home to the Kentucky Derby, is approximately three miles south of downtown. The area is very walkable and friendly to bicyclists.

Financing was originated by Anthony Cristi, managing director of Greystone, on behalf of 800 City Apartments LLC. Last month, Greystone arranged $287 million for Douglaston Development’s Brooklyn multifamily project.

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