Greystone has provided $105.8 million in Freddie Mac refinancing for two multifamily communities in El Cajon, California, totaling 476 apartments, the commercial real estate finance firm announced Aug. 3. The borrower is Bridge Investment Group, the real estate investment manager that Apollo Global Management acquired in a deal completed in September 2025.
The financing lands as Freddie Mac continues to back well-located, professionally sponsored apartment properties even as many lenders remain cautious on multifamily credit heading into the back half of 2026.
The refinancing covers two adjacent properties in the Fletcher Hills neighborhood of El Cajon, a San Diego, California, suburb with access to regional employment centers and transportation corridors. Colonnade at Fletcher Hills, a 138-unit community, was refinanced with a $32.3 million loan. Forest Park at Fletcher Hills, a larger 338-unit property, received a $73.5 million loan. Combined, the two loans total $105.78 million.
Greystone originators Clint Darby and Andrew Remenschneider led the financing on the lender’s side. Spencer Dunlop, managing director at Bridge Debt Capital Markets, led the transaction for the borrower, with BMO serving as correspondent on the deal.
“Freddie Mac continues to provide an attractive execution for well-located multifamily assets with experienced sponsorship,” Darby said in the announcement. “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.”
Greystone is a national commercial real estate finance company that specializes in multifamily and healthcare lending and ranks among the top FHA, Fannie Mae and Freddie Mac lenders in the country, according to the company.
Apollo-owned sponsor, Freddie Mac backing
The borrower’s ownership structure adds context to the deal. Bridge Investment Group built a national multifamily investment platform β including a $2.26 billion fund raised in 2023 dedicated to apartment acquisitions β before Apollo Global Management, one of the largest alternative asset managers in the world, completed its all-stock acquisition of the firm in September 2025. The El Cajon refinancing is one of the larger Freddie Mac executions tied to the combined platform’s West Coast holdings to surface publicly this year.
Freddie Mac’s multifamily arm has remained one of the more active sources of apartment debt capital through 2026, even as bank and life-company lenders have pulled back on new originations amid elevated interest rates and softer rent growth in parts of the country. San Diego County, where vacancy has stayed relatively tight compared with national averages, has continued to draw refinancing activity from agency lenders looking to place capital behind stabilized assets.
What it means: The loan amounts, unit counts, property names, and the parties involved are drawn directly from Greystone’s announcement and are verified facts. The characterization of Freddie Mac’s broader lending posture and the relative caution among other capital sources reflects RealtyWire’s assessment of current multifamily financing conditions, not a claim made in the release itself.
What to watch: Whether Apollo’s ownership of Bridge Investment Group accelerates additional refinancing or disposition activity across the platform’s existing multifamily portfolio, and whether Freddie Mac’s continued appetite for agency-eligible apartment loans persists if interest rates stay elevated through the rest of 2026.
See also: Zions Bancorporation’s purchase of Basis Investment Group’s agency multifamily lending platform and Freddie Mac’s second-quarter 2026 earnings report for more on the agency lending landscape.
