Greystone has provided a $20,686,000 Fannie Mae loan to finance the acquisition of The Manors at Brookmere, a 108-unit multifamily community in Matteson, Illinois. The financing was originated by Clint Darby and Andrew Remenschneider at Greystone. Cushman & Wakefield’s Jack Maloney and Brad Smith represented the seller in the transaction.
Built between 2016 and 2018, The Manors at Brookmere is a build-to-rent community situated on more than 11 acres and located south of downtown Chicago. The property consists of 108 townhome-style apartment units featuring two- and three-bedroom floor plans. Residences offer private entrances, attached garages, granite countertops, in-unit washers and dryers, and walk-in closets. The Fannie Mae financing for this property carries a seven-year fixed-rate term with three years of interest-only payments followed by a 30-year amortization schedule. Loan proceeds were used to facilitate the acquisition of the property by a joint venture between Ashland Capital and Crest Capital.
“The Manors at Brookmere represents a compelling investment opportunity in a supply-constrained suburban Chicago submarket, with a differentiated build-to-rent product and strong long-term fundamentals,” said Mr. Darby. “Greystone was pleased to deliver a Fannie Mae financing solution that supports our client’s acquisition strategy and positions the property for continued success.”
“The property's spacious townhome-style residences, attached garages, and suburban location continue to resonate with renters seeking a single-family-home experience with the convenience of professional management,” added Mr. Remenschneider. “We are proud to help facilitate the acquisition with financing tailored to the borrower’s business plan.”