Greystone Closes $105.8 Million Freddie Mac Refinancing for Bridge Investment Group's Two El Cajon Multifamily Communities
Greystone has arranged $105,780,000 in Freddie Mac refinancing for two multifamily communities in El Cajon, California, on behalf of Bridge Investment Group, the firm announced Aug. 3. BMO served as correspondent on the transaction, which spans 476 apartment units across Colonnade at Fletcher Hills and Forest Park at Fletcher Hills in the Fletcher Hills submarket of east San Diego County.
Loan Structure and Property Details
The financing was structured as two separate Freddie Mac loans. Colonnade at Fletcher Hills, a 138-unit garden-style community, received a $32.3 million loan. Forest Park at Fletcher Hills, a 338-unit garden-style community, received a $73.5 million loan.
Both communities are located in the Fletcher Hills neighborhood of El Cajon, with access to major employment centers, retail destinations, and transportation corridors throughout the San Diego metropolitan area. Both properties have benefited from significant capital improvements in recent years and offer residents a range of amenities.
Clint Darby and Andrew Remenschneider of Greystone originated the financing. Spencer Dunlop, Managing Director of Bridge Debt Capital Markets, led the debt financing effort on behalf of the borrower.
Agency Execution and Sponsor Strategy
The refinancing reflects a broader pattern among institutional multifamily owners using Freddie Mac's agency platform to lock in long-term debt on stabilized, renovated suburban assets. Freddie Mac's lending caps were increased by 20.5% heading into 2026, expanding GSE capacity for multifamily originations and making agency execution an attractive option for sponsors with well-located, improved properties.
"Freddie Mac continues to provide an attractive execution for well-located multifamily assets with experienced sponsorship," said Darby. "We were pleased to help Bridge Investment Group secure long-term financing solutions for these two communities, positioning the properties for continued success while supporting the borrower's long-term investment strategy."
The transaction positions Bridge Investment Group with permanent, long-term agency debt following a period of capital improvements at both communities — a structure consistent with sponsors seeking to de-risk stabilized assets after executing value-add business plans.
Market Context: Multifamily Fundamentals and Capital Markets
The refinancing comes as multifamily remains among the most financeable property types in commercial real estate. National multifamily net absorption rose approximately 20% year-over-year to 531,000 units as of mid-2025, with vacancy at roughly 8.1% nationally. Class B suburban product — the segment most comparable to the renovated Fletcher Hills communities — has led rent gains in recent periods, while Class A assets have faced comparatively higher vacancy rates.
San Diego County has historically faced housing undersupply relative to population and job growth, limiting overbuilding risk compared with some Sun Belt markets. El Cajon and the Fletcher Hills submarket, as lower-cost suburbs within the broader San Diego metro, capture renter demand from households priced out of more centrally located, higher-rent neighborhoods — a dynamic that supports occupancy at well-maintained suburban communities.
Commercial real estate investment volume has also been recovering. Full-year 2025 commercial investment volume rose approximately 22% versus 2024, to nearly $500 billion, driven in part by interest rates beginning to ease from their 2022–2024 highs. That improving capital markets backdrop has encouraged institutional owners to term out debt on stabilized assets through agency channels while conditions remain favorable.
About the Parties
Greystone is a commercial real estate finance company with a focus on multifamily and agency lending, including Freddie Mac and Fannie Mae executions. Bridge Investment Group is a real estate investment manager. BMO is a financial institution that served as correspondent on this transaction.
National apartment vacancy is expected to gradually decline through 2026 as new construction completions slow — a trend that could further support the long-term performance of stabilized suburban assets like those refinanced in this transaction.