Dealmaker: Greystone Provides $115M Freddie Mac Financing for Illinois Multifamily

(Illustration courtesy of Greystone)

Greystone, New York, provided a $115 million Freddie Mac loan to refinance Courtlands on the Park, a multifamily community in Des Plaines, Ill.

Greystone Senior Managing Director Eric Rosenstock originated the financing for repeat client CLK Properties, Woodbury, N.Y.

Built in 1973, Courtlands on the Park in Cook County is a garden-style apartment community consisting of 153 buildings with 913 one- and two-bedroom units. Property residents have amenities including a playground, dog park and grilling stations.

The five-year, non-recourse, fixed-rate loan featured 30-year amortization with three years of interest-only payments. The new loan refinanced the bridge financing CLK Properties used to acquire the property in 2019 and enabled the borrower to use a portion of the equity in the property.

Rosenstock noted Greystone was able to provide its client with a permanent solution that enables them to continue to realize their vision for the property.