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AFC Realty arranges $9.6M in New Orleans.

AFC Realty Capital Inc. has arranged $9.6 million in permanent first-mortgage financing for Sawmill Creek Apartments, a 322-unit apartment complex in the River Ridge section of this New Orleans suburb, reports AFC president Arthur Fefferman.

Financing was provided by an institution under the Federal National Mortgage Association (Fannie Mae) "DUS" program, said Fefferman.

Located in Metairie, East Jefferson Parish, Sawmill Creek Apartments was built on a 11.6-acre site in 1984. It contains 125 one-bedroom apartments and 197 two-bedroom apartments, all three stories.

The middle to upper-middle class area has enjoined a significant economic recovery since the regional recession that began in the mid-1980's, and is now projected as a growth region. Amenities at Sawmill Creek Apartments include two pools, two tennis courts, three man-made creeks/lagoons with extensive landscaping, and 14 parking lots.

The complex is owned and operated by an affiliate of Favrot and Shane Companies, Inc., one of the area's largest apartment developers.

Favrot and Shane had developed and manages over 7,000 apartment units, as well as a number of office buildings, shopping centers, and office/warehouse projects in the New Orleans area over the past 25 years.
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Title Annotation:AFC Realty Capital Inc. finances apartment building in New Orleans, Louisiana for $9.6 million
Publication:Real Estate Weekly
Date:Dec 2, 1992
Words:193
Previous Article:Lee Hecht Harrison renews.
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