NEW YORK, NY - Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $12,075,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 36-unit multifamily property in Chicago, IL. The transaction was originated by Clint Darby in Greystone’s Chicago office with 925 Chicago Investment Partners LLC.
The $12.1 million 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.
Located in the River West neighborhood of Chicago, Germain House is a mixed-use property with ground-floor retail and loft-style units. The building 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 Mr. Darby. “We are thrilled to have provided the permanent financing solution as the project becomes stabilized, and congratulate them on a job well done. We look forward to working with them on future projects.”
“This development project was a labor of love for us, and we are thrilled with the outcome for long-term financing, and for Greystone’s guidance along the way,” said Ted Thilman, Principal, Rockwell Property Co.
About Greystone: Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greyco.com.