Greystone has provided a $115 million Freddie Mac loan to refinance Courtlands on the Park, a 918-unit multifamily apartment community located in Des Plaines, Illinois.

The financing was originated by Greystone’s Eric Rosenstock, Senior Managing Director, on behalf of CLK Properties, a repeat client. Built in 1973, Courtlands on the Park in Cook County is a garden-style apartment community consisting of 153 buildings with 913 one- and two-bedroom units, recently renovated with modern appliances and finishes.

The $115 million non-recourse, fixed-rate Freddie Mac loan features a five-year term and 30-year amortization, along with three years of interest-only payments. The loan refinances the bridge financing used to acquire the property in 2019 and enables the borrower to use a portion of the equity in the property.

“We are thrilled that we were able to provide our client with a permanent solution that enables them to continue to realize their vision for the property,” said Rosenstock.