Greystone provides $94.5 million financing for multifamily acquisitions in Chicago worth $131 million
NEW YORK, Jan. 17, 2023 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, 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 Arlington Heights is an apartment community that features six buildings. These units include one- and double-bedrooms. The Fannie Mae loan, which is non-recourse and fixed-rate at $94,451,000, has a 10-year repayment term. Also, the amortization includes full-term interest only payments and 9.5 year of yield maintenance. Loan proceeds are available to help the borrower 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.”
Greystone
Greystone is a national private commercial real estate finance firm. With a reputation for being a leader and innovator in multifamily and healthcare financing, Greystone has been ranked as a top FHA and Fannie Mae lender in these segments. Greystone Servicing Company LLC or Greystone Funding Company LLC can offer loans. For more information, please visit www.greystone.com.
PRESS CONTACT
Karen Marotta
Greystone
212-896-9149
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