Dealmaker: Greystone Provides $58.6M Freddie Mac Loan for Illinois Multifamily

(Image courtesy of Greystone)

Greystone, New York, provided a $58.6 million Freddie Mac Workforce Preservation program loan to refinance a 427-unit multifamily property in Elk Grove Village, Ill.

The financing was originated by Greystone Senior Managing Directors Eric Rosenstock and Dan Sacks, on behalf of Bayshore Properties, a long-time Greystone client.

The 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). 

Elk Grove Village is about 20 miles from Chicago. The property, Terraces of Elk Grove, is a garden style community with nine buildings and a clubhouse.