Greystone announced it has provided a $58,000,000 bridge loan to recapitalize the ownership of Watermark at East Cobb Apartments in Marietta, Georgia. The loan was originated by Keith Hires and Greg Krafcik of Greystone and arranged by Mike Galla and David Collie of iCap Realty Advisors.
The purpose of the three-year bridge loan, provided to Cortland Partners, is for repayment of current debt, recapitalization of membership interests and positioning for permanent financing. Watermark at East Cobb is a 510-unit luxury rental community in the Atlanta region which offers residents two resort-style pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and pet park.
"We are thrilled to have been able to provide Cortland Partners with the bridge financing to facilitate a partnership buyout and increase their ownership stake in such a quality asset, and look forward to completing future transactions as they seek permanent financing and additional acquisitions," said Mark Jarrell, Executive Vice President at Greystone.
Mike Altman, Chief Investment Officer, Cortland Partners, added, “Greystone has once again proven to be a valued partner in real estate financing as they guided us through a smooth lending process on the recapitalization of Watermark at East Cobb. Since acquiring the asset in 2013, we have been able to create significant value through comprehensive renovations and intensive management. We are excited to increase our equity position as we continue to create value in the asset.”