Greystone has provided a $15,985,000 Freddie Mac Optigo® loan for the acquisition of a 192-unit multifamily property in Lansing, Illinois. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office.
The non-recourse $16 million Freddie Mac loan carries a floating rate with a 10-year term, a 30-year amortization and five years of interest-only payments. Originally built in 1972, Salem Cross Apartments contains eight apartment buildings including one- and two-bedroom units. Community amenities at Salem Cross include a pool, clubhouse, and laundry facilities. The new owner plans to make renovations to nearly all interior units and the exterior of the property. Located within the South Cook County submarket in Chicago, Salem Cross is 99% occupied.
“It’s gratifying to help clients achieve their goals in financing new multifamily acquisitions that will be part of their portfolio for years to come,” said Mr. Sacks. “With a range of capital solutions available, Greystone is able to meet the needs of property investors nationwide for acquisitions or refinance.”