Greystone Completes $83M in Apartment Loans
- Oct 14, 2015
By Dees Stribling, Contributing Editor
New York—Real estate lender Greystone has provided two major loans for different properties in different parts of the country. The larger of the two is a $58 million bridge loan to recapitalize the ownership of Watermark at East Cobb Apartments in Marietta, Ga.
The purpose of the three-year bridge loan, which was provided to Cortland Partners, is for repayment of current debt, recapitalization of membership interests, and positioning for permanent financing. Greystone’s Keith Hires and Greg Krafcik originated the loan, which was arranged by Mike Galla and David Collie of iCap Realty Advisors.
Watermark at East Cobb is a 510-unit rental property in the Atlanta market that offers residents two resort-style pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and pet park. Since acquiring the asset in 2013, Cortland has undertaken a number of major renovations.
Greystone has also provided $25 million for a CMBS loan to refinance a 211-unit multifamily property in Fayetteville, N.C. The 10-year CMBS loan on Addison Ridge is interest-only for five years with a 30-year amortization and 75 percent loan to value ratio. It was originated by Greg Krafcik of Greystone and arranged by Jackson Howard of Capstone Capital.
Addison Ridge is a garden-style apartment community completed in 2014. Common amenities include a clubhouse with movie theater, pool and fitness facilities with on-site personal trainer. Proceeds from the Greystone loan will be used towards a Phase II of the property, which is located in close proximity to Fort Bragg.