Greystone has provided a $23,000,000 Commercial Mortgage Backed Security (CMBS) loan to refinance a three-property portfolio of multifamily communities in New Orleans, Louisiana. The financing was originated by Gill Dolan, Managing Director at Greystone.
The multifamily communities are 1970s vintage Class C assets being refinanced after two years of ownership. The CMBS financing carries a ten-year term with full-term interest-only payments.
“CMBS financing offered an ideal outcome for the property owner, who invested in capex for these properties over the past years since their acquisitions and sought to extract some value from the assets while securing a long-term financing solution,” said Mr. Dolan.