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Greystone Provides $59M Loan for Apartment Property in Illinois
Greystone has provided a $58.6 million Freddie Mac Workforce Preservation program loan to refinance a 427-unit multifamily property in Elk Grove Village, Illinois.
The financing was originated by Greystone Senior Managing Directors Eric Rosenstock and Dan Sacks, on behalf of Bayshore Properties, a long-time Greystone client. Built in 1968, Terraces of Elk Grove in Cook County is a garden-style community consisting of nine apartment buildings, including a clubhouse, with one- and two-bedroom units.
The $58,605,000 non-recourse, fixed-rate financing, which refinances an existing Greystone bridge loan on the property, features a 10-year term and 35-year amortization, with five years of interest-only payments. 30% of the units are designated for households earning under 80% of Area Median Income.
“Greystone is committed to facilitating transactions that enable multifamily investors to provide quality, affordable housing to families in and around Chicago,” said Sacks.
