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$11M in Financing for Louisiana Apartments

LAFAYETTE, LA-With the existing credit enhancement expiring, the owner of the 300-unit Emberwood Apartments here secures a new loan through Fannie Mae's floating rate credit enhancement program for tax-exempt and taxable bonds.

By Brian K. Miller | Updated on November 07, 2003

LAFAYETTE, LA-The owner of Emberwood Apartments, a 296-unit garden-style apartment complex here has secured $11.2 million in mortgage financing through Fannie Mae’s floating rate credit enhancement program for tax-exempt and taxable bonds.

The 14-acre development consists of one- to three-bedroom apartments in 24 two-story buildings. Located at 100 S. Meyers Dr., the property was constructed in 1985 and is 97% occupied.

CharterMac subsidiary PW Funding provided the financing. PW vice president Timothy Leonhard tells GlobeSt.com the bond refunding was completed because the existing credit enhancement through GE was expiring. The owner of the property is listed as Emberwood Ltd. Partners.

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