Greystone Arranges Loan for Louisiana Development
- Mar 25, 2020
Greystone has secured $25.2 million in HUD construction financing on behalf of a private investor for Sugar Mill Villas Apartments, a new 164-unit multifamily development in Youngsville, La. Upon stabilization, the non-recourse, fixed-rate loan converts to a 40-year, fully-amortizing permanent loan. Recently, Greystone provided Pennant Housing Group with a $9.9 million acquisition loan for a Boston-area senior housing community.
The financing provides 85 percent of Sugar Mill’s total costs. The project is scheduled to be green-certified and energy efficient, with the borrower being eligible for a reduced Mortgage Insurance Premium.
Located at 1931 Chemin Metairie Parkway, within the master-planned Sugar Mill Pond neighborhood, the property is 10 miles from Lafayette, La., and the regional airport. The surrounding area includes local restaurant and several schools. Sugar Mill Villas is also located within half a mile of the Youngsville Sports Complex, a $20 million, 70-acre recreation center.