SLIDELL, LA. — NorthMarq has secured a $2.4 million loan for the acquisition of Royal Eden Apartments, a 50-unit property situated outside of New Orleans in Slidell.
Lawrence Larisma and Ryan Taylor of NorthMarq’s Charlotte office, in coordination with NorthMarq’s San Antonio office, secured the Freddie Mac loan through an unnamed regional bank. The 10-year loan was structured with two years of interest-only payments, a fixed interest rate and a 20-year amortization schedule.
Royal Eden Apartments contains multiple buildings that were originally built in phases during the 1970s and 1980s. Community amenities include waterfront views, a sundeck, picnic tables and flat lot parking, as well as walk-in closets and private patios and balconies in select units. .