Greystone Provides $179.2 Million in Freddie Mac Financing for Multifamily Portfolio
August 21, 2019
Category: Multifamily, Freddie Mac
Greystone announced it has provided $179.2 million in Freddie Mac loans to refinance four multifamily properties totaling 1,188 units. The loans were originated by PJ McDevitt, an originator for Greystone, on behalf of Watermark Residential. Christopher Hilbert of 3G Capital Advisors served as advisor to the borrower in the transaction.
Located in Arkansas, Colorado, and Texas, the four properties and individual loan amounts include:
- Watermark at Steele Crossing in Fayetteville, AR, 306 units
- Watermark on Harvest Junction in Longmont, CO, 276 units
- Watermark on Twenty Mile in Parker, CO, 294 units
- The Ranch at Sienna Plantation in Missouri City, TX, 312 units
The four separate Freddie Mac Conventional loans all carry 15-year terms with a fixed interest rate and 30-year amortization, as well as 7 years of Interest-only payments. The collection of properties are all newly-constructed and fully stabilized, or nearing stabilization, and offer a range of attractive amenities for residents in the suburbs of Fayetteville, Denver, and Houston.
“It was a pleasure working with the Watermark Residential team to secure a permanent financing solution for this portfolio of newly-stabilized multifamily communities,” said Mr. McDevitt. “Freddie Mac was a pleasure to work with, and their commitment to support the work of quality sponsors is clearly evident.”
“Greystone’s execution of the Agency loan product was flawless, from their market knowledge to product expertise, and we thank both 3G Capital Advisors and Greystone for their guidance through this process. We are thrilled to bring these quality communities to market as we continue to grow our offerings in key submarkets,” said Josh Purvis, Managing Partner, Watermark