Greystone has provided a $25,500,000 Fannie Mae loan to finance the acquisition of 422 & 424 W. Melrose Ave., a 169-unit multifamily property in Chicago, Illinois. The financing was originated by Clint Darby and Andrew Remenschneider of Greystone. Christopher Sackley and William Montana of Global Real Estate Advisors brokered the sale.
The Fannie Mae acquisition financing enables the borrower to acquire the 15-story apartment community, which was originally built in 1926 and has benefited from more than $7 million in capital improvements over the past decade. Located in Chicago's highly desirable Lakeview neighborhood, the property offers residents convenient access to Lake Michigan, Wrigley Field, public transportation, employment centers, and a wide variety of dining, shopping, and entertainment destinations.
"Fannie Mae continues to provide an attractive execution for well-located multifamily assets with experienced sponsorship," said Mr. Darby. "We were pleased to help our client secure long-term financing for this exceptional Chicago property, positioning the asset for continued success while supporting the borrower's long-term investment strategy."