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Greystone Provides Refi on Loft Apartments in River West
Greystone provided a $12,075,000 Fannie Mae Delegated Underwriting and Servicing loan to refinance a 36-unit multifamily property Downtown. The transaction was originated by Clint Darby in Greystone’s Chicago office with 925 Chicago Investment Partners LLC.
Located in the River West neighborhood, Germain House is a mixed-use property with ground-floor retail and loft-style units. The building, which began life as a lumber yard in 1886, was converted from commercial office-use to residential in 2018, including new amenities for residents such as a fitness center, clubhouse, pool, bike room, and rooftop deck.
“Our clients were able to repurpose this vintage commercial building into a collection of highly desirable, unique market-rate units—a great addition to the River West area,” said Darby.
The Fannie Mae Near Stabilization loan carries a 10-year term with a 30-year amortization, with the first four years of interest-only payments. This permanent loan represents an exit from construction financing.
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- ◦Financing
