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Greystone, BMO Bank collaborate on $81m Freddie Mac financing for California multifamily property
Transactions - FEBRUARY 28, 2024

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Greystone, BMO Bank collaborate on $81m Freddie Mac financing for California multifamily property

by RELEASED

Greystone has provided an $81.1 million Freddie Mac Optigo® loan to refinance a 397-unit multifamily property in Jurupa Valley, Calif. The financing was originated by Greystone, working in conjunction with BMO Bank. BMO provided the construction loan on the property and collaborated with Greystone for a permanent exit on behalf of client Bridge Investment Group.

Vernola Marketplace Apartments is a luxury multifamily property built in 2022. Amenities at the community include a resort-style swimming pool, fitness center, clubhouse, dog park, playground, EV-charging stations, game room, three outdoor kitchens, soccer field and resident events.

The non-recourse, fixed-rate loan was financed through Freddie Mac's Optigo® Program and index-locked within 24 hours after the Federal Reserve meeting in early November 2023, resulting in an opportunistic rate drop.

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