NEW YORK, NY - Greystone, a leading national commercial real estate finance company, 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. In accordance with Freddie Mac’s Preservation program, 30% of the units are designated for households earning under 80% of Area Median Income (AMI).
“Greystone is committed to facilitating transactions that enable multifamily investors to provide quality, affordable housing to families in and around Chicago,” said Mr. Sacks. “Our wide range of lending platforms means that we have the right solutions for most any property finance need.”
“We’re big fans of Greystone because of their extensive experience in multifamily lending and deep understanding of affordable housing in particular,” said Mr. Nikola Kozul, principal of the borrower. “On every transaction, Greystone exceeds our expectations with financing solutions that work to the benefit of the families who call our properties ‘home’.”
About Greystone: Greystone is a private national commercial real estate finance 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. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com