Freddie Mac dispensed the funds to borrower Woodlake Co. LP, which acquired the multifamily community in 1996 for $27.3 million. The financing is co-terminus with the second mortgage on the property. With garden-style buildings and townhouse structures sprawled out among a 58-acre parcel on Holly Point Boulevard, Holly Point Apartments got its start in 1985 and wrapped up development nine years later. Added features of the property include a nine-hole putting green, two tennis courts and a swimming pool.

City records indicate that that the apartment complex's current assessed value is nearly $36 million. "This is a premier property, and Freddie Mac was very aggressive in its pricing," GMACCM vice president and Virginia Beach branch manager Arthur T. Gormley III says.