Greystone Lends $44 Million on Purchase of Multifamily Property in Chicago Suburb
Greystone has provided a total of $44,200,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) senior proceeds and mezzanine proceeds for the $49,500,000 acquisition of a 344-unit multifamily property in Mount Prospect, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors at Greystone, on behalf of Bayshore Properties, a longtime client of the firm.
Constructed in 1973, Mount Prospect Greens Apartments consists of 14 garden-style buildings with one-, two- and three-bedroom units. The first mortgage, a $40,788,000 non-recourse Fannie Mae loan, carries a 10-year term and 30-year amortization along with six years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversation measures.
Greystone also secured for the borrower a $3,412,000 Fannie Mae DUS Lender Affiliate (DLA) mezzanine financing on the property, which includes a 10-year term that is co-terminus with the first mortgage and full-term interest only payments.
“We consider it an honor to serve clients again and again – we view every transaction as an opportunity to provide an even higher quality experience than the last,” said Mr. Sacks. “Clients trust Greystone not only because of our extensive multifamily lending platform or our deep expertise – our demonstrated commitment to executing on their vision is what brings them back.”
“Greystone is the leader in multifamily finance and the partner we lean on for helping us grow our portfolio of properties,” said Mr. Nick Kozul, CEO of Bayshore Properties. “They understand our vision and work tirelessly for us on every transaction, with service and execution standards that no one else can touch.”