Freddie Mac Loans

THE SITUATION

Cortland on the River was a 237-unit, mid-rise multifamily community located in Ada County, Boise, Idaho. Constructed in 2021, the property offered studio, one-, and two-bedroom residences with smart home features and a modern amenity package that included a resort-style pool, fitness center, dog park, outdoor kitchen, and on-site parking. In a capital markets environment marked by rising cap rates, the property continued to demonstrate strong occupancy and solid operating performance. The sponsor sought to refinance existing debt with long-term financing that recognized the asset’s quality and resilient fundamentals.

THE SOLUTION

Greystone provided a $42,400,000 Freddie Mac loan to refinance the property in conjunction with BMO Bank as correspondent. The financing delivered stable, long-term capital structured to support the asset’s ongoing performance and the sponsor’s investment strategy. By leveraging the property’s recent vintage, high-quality construction, and consistent cash flow, the refinancing addressed market volatility while aligning with long-term ownership objectives.

THE RESULTS

The refinance allowed the sponsor to secure long-term financing while preserving flexibility in a shifting market environment. With strong sponsorship and sustained demand in the Boise market, Cortland on the River was positioned for continued operational success. The transaction strengthened the sponsor’s capital structure and mitigated refinancing risk, demonstrating Greystone’s ability to deliver efficient, customized capital solutions for institutional-quality multifamily assets.