Greystone Provides $106M Freddie Mac Refi on Two El Cajon Properties

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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Greystone's Darby

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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