Onyx Partners Lands $56M For New Orleans-Area Multifamily Community
Onyx Partners has secured $55.8 million in financing to acquire The Lumiere, a multifamily community in Metairie, La., near New Orleans., Commercial Observer can first report, LURIN sold the property.
The joint venture team of Cushman & Wakefield (CWK) and Greystone arranged the sale, and provided acquisition financing. Cushman & Wakefield’s Mike Kemether, Christian Schedler, Larry Schedler and Cheryl Short represented the seller in the $55.8 million transaction. Greystone’s Judah Rosenberg originated a $40 million, non-recourse Fannie Mae Delegated Underwriting and Servicing loan with a 10-year term and fixed rate below 5 percent, with 60 months of interest-only payments.
“The seller, LURIN, is a vertically integrated investment firm out of Dallas that has a proven track record in implementing comprehensive renovation programs,” said Christian Schedler.
The Lumiere is Onyx’s third acquisition in Louisiana. LURIN’s upgrades enabled the seller to raise the rents, according to Christian Schedler, leaving Onyx poised to grow revenue.
Located at 3301 West Esplanade Avenue North., The Lumiere is a 336-unit, 20-building luxury apartment community situated on 7.34 acres. Amenities include a swimming pool, a BBQ grill area, a package center, a clubhouse and a fitness center.
“We are thrilled to have secured attractive financing for this acquisition and buyer as a result of our close working relationship with Cushman & Wakefield,” said Rosenberg, “We look forward to working with Onyx on future transactions as they grow their portfolio in the Metairie market and beyond.”
Onyx Partners and LURIN did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
