Greystone, a leading national commercial real estate finance company, has provided a total of $102,686,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans for the acquisition of a 752-unit multifamily property in Des Plaines, Illinois. The transaction was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties, a long-time client.
The financing includes a $95,870,000 non-recourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization, as well as three years of interest-only payments. The second loan is a non-recourse, fixed-rate DUS Lender Affiliate (DLA) mezzanine loan for $6,816,000 with a 10-year term and full-term interest-only payments. Greystone was able to leverage Fannie Mae’s Green Rewards program for the financing, as the borrower is committed to making energy and water usage upgrades to the property.
Park Ridge Commons, located in Cook County, is a 48-building garden style apartment community constructed in 1965 that consists of 752 one-bedroom and two-bedroom units, as well as a clubhouse with fitness center, pool and outdoor sports courts. The property is located near O’Hare International Airport and is easily accessible to Chicago from Interstates 90 and 294.
“We keep coming back to Greystone because of their deep expertise in multifamily and the local market – they secure the most optimal financing terms for our capital needs for every property in our portfolio,” said Nick Kozul, principal of Bayshore Properties. “The process couldn’t be smoother or more seamless, which is why we trust Greystone with our most important transactions.”
“Our number one goal in every transaction is to exceed our clients’ expectations by delivering the best financing options for them in every market,” said Mr. Sacks. “We know our clients have a choice and work hard to earn our clients’ trust on every project – and there is no greater thank you than when they choose to come back to Greystone for their next deal.”
