Salem Cross Apartments
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.