Greystone Provides $62 Million Freddie Mac Loan for Multifamily Property in Atlanta
August 31, 2016
Greystone Brings Bridge Loan to Permanent Exit on 510-Unit Luxury Marietta Apartment Complex
Greystone announced it has closed a $62,000,000 Freddie Mac loan for a 510-unit multifamily property in Marietta, GA. The loan for Watermark at East Cobb was closed by Keith Hires and Greg Krafcik of Greystone and arranged by Mike Galla and David Collie of iCap Realty Partners.
Greystone provided a $58,000,000 bridge loan in 2015 for the recapitalization of Watermark at East Cobb, and then guided Cortland Partners to a permanent exit with Freddie Mac’s Program Plus platform within 11 months. The 7-year floating rate Freddie Mac loan includes 2 years of Interest-only followed by 30-year amortization for the remaining term.
Watermark at East Cobb is a luxury rental community in the Atlanta metro area which offers residents two resort-style pools; tennis courts; an athletic center; playground; volleyball courts; outdoor kitchen; nature trail; fishing lake; and pet park.
“Having seen the benefits of Greystone’s bridge-to-permanent financing process with Park 83 in Roswell, we were confident the takeout for Watermark at East Cobb would be equally successful,” said Mike Altman, Chief Investment Officer, Cortland Partners. “Greystone’s soup-to-nuts finance offerings and stellar execution have made our investment portfolio stronger, and we continue to seek Greystone out as a lending advisor and partner in future opportunities.”
“Greystone’s Agency lending platform has continued to prove itself as a highly attractive permanent financing option for multifamily property owners, and this financing has contributed to a record amount of Freddie Mac financing provided by Greystone in 2016,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.