Greystone Provides $42M Loan for Boise Multifamily Property
Greystone has provided a $42.4 million Freddie Mac loan to refinance Cortland on the River, a 237-unit multifamily community in Boise, Idaho.
The transaction was originated by Clint Darby and Andrew Remenschneider of Greystone, in conjunction with BMO Bank as correspondent. Located in Ada County, Cortland on the River is a mid-rise apartment community built in 2021, featuring well-appointed studio, one- and two-bedroom units and smart home features. Property amenities include a resort-style pool, fitness center, dog park, outdoor kitchen and on-site parking.
The property benefits from strong sponsorship by Cortland, a national multifamily investment and management firm with an extensive agency lending track record. Despite rising cap rates, the property has maintained high occupancy and strong operating performance.
“Freddie Mac’s index lock provided Cortland with the flexibility to strike in a volatile rate environment while optimizing proceeds,” said Darby. “Greystone values the high-quality clients we continue to serve, and this addition to the portfolio is exceptional.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout