Greystone has provided a $62 million Freddie Mac loan to Cortland Partners on its 510-unit Watermark at East Cobb apartment complex at 2000 East Lake Parkway in Marietta, Georgia, a suburb of Atlanta.
The seven-year floating rate loan includes two years of interest-only followed by 30-year amortization for the remaining term, according to the lender. Greystone provided a $58 million bridge loan in 2015 for the recapitalization of the property and subsequently guided Cortland Partners to a permanent exit within 11 months.
“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, in a statement.
The lender also announced this week that it had provided a $33 million FHA-insured loan on a multifamily development in Virginia Beach, Virginia. Earlier this month, the firm provided $49.4 million in Freddie Mac loans to refinance two assisted living facilities in Carmichael, California and Denver, Colorado.
Mosley had stated previously that the government’s $4 billion increase made to Fannie Mae and Freddie Mac lending caps for 2016, from $31 billion to $35 billion, was an incentive for the firm to boost its agency loan business.