Greystone has provided a $94,451,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the $131 million acquisition of a 586-unit multifamily property in Arlington Heights, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties.
Constructed in 1973, Stonebridge Luxury Apartments in Arlington Heights is a garden-style apartment community consisting of six buildings that offer one- and two-bedroom units. The $94,451,000 non-recourse, fixed-rate Fannie Mae loan carries a 10-year term and amortization, with full-term interest-only payments and 9.5 years of yield maintenance. In addition to the acquisition, loan proceeds enable the borrower to make improvements to the property.
“We truly appreciate when clients repeatedly rely on Greystone and our deep resources for the multifamily properties in their portfolios,” said Dan Sacks. “We work tirelessly to earn our clients’ trust by leveraging our extensive financing platform to secure the right solutions and deliver an exceptional service experience on every transaction.”
“We keep coming back to Greystone because the team continues to outperform on every transaction with financing that addresses the particular needs of the properties in our portfolio,” said Mr. Nick Kozul, Chairman of Bayshore Properties, a repeat client of Greystone. “Greystone is a team with multifamily expertise that is simply unparalleled in this industry.”