Greystone has provided a combined $105,780,000 in Freddie Mac refinancing for two multifamily communities in El Cajon. The financing, totaling 476 apartment units across Colonnade at Fletcher Hills and Forest Park at Fletcher Hills, was originated by Clint Darby and Andrew Remenschneider of Greystone on behalf of Bridge Investment Group. Spencer Dunlop, managing director, Bridge Debt Capital Markets, led the debt financing effort for the borrower, with BMO serving as correspondent.
The Freddie Mac loans include a $32.3-million loan for the 138-unit Colonnade at Fletcher Hills and a $73.5-million loan for the 338-unit Forest Park at Fletcher Hills. Located in the Fletcher Hills neighborhood of El Cajon, both garden-style apartment communities have benefited from significant capital improvements in recent years.
“Freddie Mac continues to provide an attractive execution for well-located multifamily assets with experienced sponsorship,” said Darby. “We were pleased to help Bridge Investment Group secure long-term financing solutions for these two communities, positioning the properties for continued success while supporting the borrower’s long-term investment strategy.”
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