Greystone provided a $43,824,000 Fannie Mae DUS loan for the acquisition of a large multifamily property in Lakemoor, Illinois.
Strategic Properties of North America acquired The Meadows Apartment Homes, a 496-unit property, for $53 million. The terms of the 12-year Fannie Mae DUS loan include 4 years interest-only at a low fixed rate. The Meadows, located at 450 Sullivan Lake Boulevard in Lakemoor, offers one- and two-bedroom apartments and townhomes with amenities including fitness center, pool, resident lounge, and tennis and volleyball courts.
“The Fannie Mae DUS multifamily product is extremely competitive with terms that are favorable for acquisitions or refinancings, and we were able to close The Meadows quickly and smoothly by leveraging our experienced execution team and long-term relationship with Fannie Mae,” said Joe Mosley, Executive Managing Director and head of agency lending at Greystone.
"This transaction marks a critical step in achieving our portfolio strategy for acquisitions in 2015," said Strategic Properties’ Saul Kuperwasser. “We look forward to expanding this already beautiful property and offering a top-notch rental property for residents in Lakemoor.”