September 6, 2016
Greystone closed a $62-million Freddie Mac loan for the 510-unit Watermark at East Cobb in Marietta, GA. The financing offered the borrower a seven-year floating rate and two years of interest-only, followed by a 30-year amortization for the remaining term.
The loan follows a three-year, $58-million recapitalization bridge loan issued in 2015 for owner Cortland Partners, also arranged by Greystone. Cortland acquired Watermark at East Cobb at 2000 E. Lake Pkwy. in 2013 from Simpson Financial for $34.6 million, and spent $9.2 million on renovation and repositioning.
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