Greystone Provides $59M Loan for Apartment Property in Illinois

Greystone Provides $59M Loan for Apartment Property in Illinois
News| June 6, 2025| Jasmine Kilman
Chicago & Midwest + Apartment Buildings

Greystone has provided a $58.6 million Freddie Mac Workforce Preservation program loan to refinance a 427-unit multifamily property in Elk Grove Village, Illinois.

The financing was originated by Greystone Senior Managing Directors Eric Rosenstock and Dan Sacks, on behalf of Bayshore Properties, a long-time Greystone client. Built in 1968, Terraces of Elk Grove in Cook County is a garden-style community consisting of nine apartment buildings, including a clubhouse, with one- and two-bedroom units.

The $58,605,000 non-recourse, fixed-rate financing, which refinances an existing Greystone bridge loan on the property, features a 10-year term and 35-year amortization, with five years of interest-only payments. 30% of the units are designated for households earning under 80% of Area Median Income.

“Greystone is committed to facilitating transactions that enable multifamily investors to provide quality, affordable housing to families in and around Chicago,” said Sacks.

Other News

Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap

Apartment Buildings

Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...

Learn more

Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap

Apartment Buildings

An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...

Learn more

Revere, MA Weighs 1,700-Unit Housing Project

Boston & New England + Apartment Buildings

The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up