The financing includes a $95,870,000 non-recourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization, as well as three years of interest-only payments. The second loan is a non-recourse, fixed-rate DUS Lender Affiliate (DLA) mezzanine loan for $6,816,000 with a 10-year term and full-term interest-only payments. Greystone was able to leverage Fannie Mae’s Green Rewards program for the financing, as the borrower is committed to making energy and water usage upgrades to the property.
Park Ridge Commons, located in Cook County, is a 48-building garden style apartment community constructed in 1965 that consists of 752 one-bedroom and two-bedroom units, as well as a clubhouse with fitness center, pool and outdoor sports courts. The property is located near O’Hare International Airport and is easily accessible to Chicago from Interstates 90 and 294.