Greystone Provides $54.6 Million in HUD-Insured Financing for a Multifamily Property in Chicago Metropolitan Area
Greystone has provided a $54.6 million HUD-insured loan to refinance a 360-unit multifamily property in the northwest Chicago metropolitan area suburb of Bloomingdale, Illinois. The financing was originated by Clint Darby, Managing Director, and Phiet Nguyen, Managing Director, on behalf of Chern Camden.
The $54,560,000 HUD-insured Section 223(f) financing carries a 35-year term and 35-year amortization, along with a low fixed interest rate. The transaction qualified for HUD’s Green financing via Energy Star certification, which further reduced the interest rate. The loan proceeds enabled the borrower to refinance an existing Fannie Mae loan on the property, continue with ongoing maintenance, and monetize existing equity.
Built in 1991, Camden at Bloomingdale consists of 19 garden-style apartment buildings offering one-, two- and three-bedroom units with modern amenities and appliances, in-unit washers/dryers, vaulted ceilings, fireplaces and private outdoor living spaces. Amenities include a clubhouse and business center, fitness center, pool, outdoor sports courts, picnicking grounds and playground areas. The property’s location offers easy access to downtown Chicago and Chicago O’Hare International Airport, and is close to restaurants, shopping at Stratford Square, and nearby recreation centers and parks, including the Mallard Lake Forest Preserve.
“Our team’s extensive HUD platform and knowledge of the multifamily space means that we will always deliver a transaction experience that far exceeds the industry standard,” said Mr. Darby. “We commit to taking a creative, collaborative approach to uncovering the right terms for each client, to bring their unique projects to life.”
“I am truly impressed with Greystone’s speed and care in putting together the right resources and financing for this transaction,” said Mr. Paul Chernawsky, principal of Chern Camden. “Greystone’s service standard is of the highest caliber and I was extremely impressed with the loan processing experience.”