Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Greystone Provides $31M to Add Affordable Units in MN
Greystone provided a $30,821,000 Freddie Mac Forward Tax-Exempt Loan to help finance the addition of 172 units to an existing affordable housing property in Bloomington, MN, within the Twin Cities metro area. The loan was originated for Aeon by Greystone’s Kyle Jemtrud.
The Freddie Mac affordable loan carries a two-year forward period plus an 18-year term at a fixed rate with a 40-year amortization. The financing, in combination with other capital sources, will be used to construct new apartments on land adjacent to the existing Village Club apartment complex.
The two new four-story buildings will include three- and four-bedroom units to serve larger families. With construction due to begin in August, the community will be known as SoLo Apartments.
“Greystone’s knowledge and expertise in affordable housing, as well as their strong relationship with Freddie Mac, were all integral to this financing package being a success,” said Aeon CEO Alan Arthur.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development


