Watermark at Steele Crossing

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INDIANAPOLIS, IN—Locally-based Watermark Residential has secured $179.2 million from Freddie Mac to refinance four multifamily properties totaling 1,188 units.

New York-based Greystone’s PJ McDevitt originated the loans and Christopher Hilbert of 3G Capital Advisors served as an advisor to the borrower.

Located in Arkansas, Colorado, and Texas, the four properties are:

• Watermark at Steele Crossing in Fayetteville, AR, 306 units
• Watermark on Harvest Junction in Longmont, CO, 276 units
• Watermark on Twenty Mile in Parker, CO, 294 units
• The Ranch at Sienna Plantation in Missouri City, TX, 312 units

The four separate Freddie Mac Conventional loans all carry 15-year terms with a fixed interest rate and 30-year amortization, as well as 7 years of Interest-only payments. The properties are all newly-constructed and fully stabilized, or nearing stabilization.