Greystone Provides $30.6M Loan for Luxury Community in Louisiana
- Nov 18, 2015
Baton Rouge, La.—Greystone provided a $30.6 million FHA-insured loan to Noland McKay Manchac Limited Partnership—a joint venture controlled by the Amesbury Companies of Baton Rouge—toward the construction of a 272-unit luxury multifamily property.
The construction loan for the Manchac Lake Apartments carries a low, fixed interest rate during the initial construction period followed by a 40-year term with straight amortization. The loan was originated by Donny Rosenberg of Greystone.
The Manchac Lake Apartments will be built by on a 23.3-acre site in the Ascension parish of Prairieville and will consist of 272 market-rate units. The community will feature 132 one-bedroom units, 128 two-bedroom units and 12 three-bedroom units contained in 12 garden-style buildings. Amenities at Manchac Lake Apartments include a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garage.
“As an established player in the multifamily development space, we were well aware of the challenges that developing in an area such as a wetland area and flood zone could present. But we were more than confident in Greystone’s ability to work with us and deliver an innovative financing solution that could accommodate these needs. We were able to lock in a low rate and long-term permanent financing option that will allow us to bring in-demand rental housing to the existing and potential residents of this area and protect against any market/interest rate movements for a very long time,” said Robert Peek of Amesbury Companies.