GRS | Corteq Provides Services on California Apartment Transactions totaling $62.4 Million
GRS | Corteq recently completed Phase I, PCA and Seismic services on a $37.5 million refinance transaction in Escondido, CA. The property, Latitude 33 Apartments, is a newly constructed 198-unit Class A property in Escondido. Latitude 33 has two components, a mid-rise apartment building with one- and two-bedroom units and a townhome neighborhood with two- and three-bedroom units.
A second, concurrent service package, involved a $24.9 million acquisition loan for Briarwood Square Apartments in Stanton. GRS | Corteq successfully completed Phase I, PCA and Seismic services within the client’s tight timeline enabling Freddie Mac to process the loan and issue a firm commitment in 17 days.
Walker & Dunlop provided the finance packages, for both transactions, under Freddie Mac’s Capital Markets Execution program; and GRS | Corteq director, Kevin May, spearheaded GRS | Corteq’s servicing package.