Apartment Community near Big Easy Gets Financial Help
- Aug 14, 2015
By Adelina Osan, Associate Editor
In 2005 Hurricane Katrina devastated more than 70 percent of all housing units in and around New Orleans. Fast forward ten years, and The City that Care Forgot is well on its way to becoming one of the top urban centers in the U.S.—refinancing loan after refinancing loan.
Walker & Dunlop, Inc. provided a $15.7 million refinancing loan for The Crossings Apartments in Metairie. This refinancing was for the first commercial loan financed by Fannie Mae in the Katrina effected area following the storm in 2005.
Using Fannie Mae’s Early Rate Lock program to structure the fully leveraged, conventional 10-year loan with a 30-year amortization schedule, Walter & Dunlop provided refinance to show 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.
Located at 2200 Severn Ave. and minutes away from downtown New Orleans, The Crossings Apartments community features 10 three-story apartment buildings adding up to 247 units. Recreational amenities include swimming pools and grilling stations.
“The recovery and growth of the Greater New Orleans area since Hurricane Katrina has been phenomenal. 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,” said in a prepared statement James Favrot, President of Favrot & Shane Companies, Inc.
Image via Yardi Matrix