NEW YORK, NY / ACCESS CABLE / July 20, 2022 / The joint venture team Cushman and Wakefield Y gray stone announced that it arranged the sale and provided financing for the acquisition of the lumiere, a 336-unit multi-family community located in Metairie, Louisiana, a metropolitan sub-region of New Orleans. The multi-family property was sold by LURIN to the buyer Onyx Partners.
Mike Kemether, Christian Schedler, Larry Schedler and Cheryl Short of Cushman & Wakefield represented the seller in the $55.8 million transaction. Greystone’s Judah Rosenberg originated a $40 million Fannie Mae Delegated Underwriting and Servicing (DUS®) non-recourse loan with a 10-year term and a fixed rate below 5%, with 60 months of interest-only payments.
“The seller, LURIN, is a vertically integrated Dallas investment firm with a proven track record of implementing comprehensive renovation programs,” said Mr. Schedler. ”Through an interior/exterior upgrade, LURIN was able to significantly increase rents. The buyer, Onyx Partners, led by Jeremy Y. Rieder, is well poised to further increase revenue in the high-demand, supply-limited Metairie market. Onyx continues to grow its presence in Louisiana, making Lumiere its third acquisition in the state.”
Located at 3301 W. Esplanade Ave N., The Lumiere is a 336-unit luxury apartment community located on a 7.34-acre site comprised of 20 buildings. On-property amenities include a swimming swimming pool, barbecue grilling area, package center, clubhouse and physical aptitude center. The property received a Green Building Certification in May 2022.
“We are delighted to have secured attractive financing for this acquisition and buyer as a result of our close working relationship with Cushman & Wakefield,” added Mr. Rosenberg, Vice President of Greystone. “We look forward to working with Onyx on future transactions as they grow their portfolio in the Metairie market and beyond.”
About Cushman & Wakefield
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Cushman & Wakefield is a leading global real estate services firm that offers exceptional value for real estate owners and occupants. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in more than 400 offices and approximately 60 countries. In 2021, the company had revenue of $9.4 billion in core property, facility and project management, leasing, capital markets and valuation and other services. For more information, visit www.cushmanwakefield.com or follow @CushWake in Twitter.
Greystone is a national private commercial real estate finance company with an established reputation as a leader in health care and multifamily finance, having ranked as a top FHA, Fannie Mae and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information visit www.greystone.com.
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