Greystone Closes $64.3 Million Freddie Mac Loan for Multifamily Property in Atlanta
May 4, 2015
Greystone Brings Bridge Loan to Permanent Exit on 664-Unit Luxury Roswell Apartment Complex
Greystone announced it has closed a $64,270,000 Freddie Mac loan for a 664-unit multifamily property in Roswell, GA. The loan for Park 83 was closed by Keith Hires and Tim Wright of Greystone.
Greystone provided a $60,500,000 bridge loan in 2014 for the acquisition of Park 83, and then guided Cortland Partners to a permanent exit with Freddie Mac’s Program Plus platform within 12 months. The 7-year Freddie Mac loan includes 3-years of Interest Only followed by 30-year amortization for the remaining term.
Park 83 is a luxury apartment complex located north of Atlanta, GA which offers a range of one-, two- and three-bedroom units with community amenities including two swimming pools, fitness center, nature trails, tennis courts, volleyball court, dog park, and playground. In the last year, the property increased occupancy to 96%.
“Park 83 has been a key investment within our portfolio, and Greystone’s execution of bridge and permanent financing was outstanding,” said Mike Altman, Chief Investments Officer, Cortland Partners. “After the initial renovation, Park 83’s rents were still rising and outpacing market growth. Greystone’s unique bridge product allowed us to fully realize the stabilized value of Park 83 before pursuing permanent financing through Greystone’s capital markets platform.”
“We are grateful to have had the opportunity to perform for the borrower on both the interim and permanent financing for this transaction,” said Mark Jarrell, head of Greystone’s Portfolio Lending Group. “As we knew from the beginning, time was of the essence for the bridge loan, which closed quickly, and we were able to execute the best outcome for an exit to Freddie Mac financing,” he added.