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Greystone Supports Refin of Multifamily Property in Chicago

March 04, 2020, 09:00 AM
Filed Under: Real Estate
Related: Greystone

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $12,075,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 36-unit multifamily property in Chicago, IL. The transaction was originated by Clint Darby in Greystone’s Chicago office with 925 Chicago Investment Partners LLC. 

The $12.1 million Fannie Mae Near Stabilization loan carries a 10-year term with a 30-year amortization, with the first four years of interest-only payments. This permanent loan represents an exit from construction financing.

Located in the River West neighborhood of Chicago, Germain House is a mixed-use property with ground-floor retail and loft-style units. The building was converted from commercial office-use to residential in 2018, including new amenities for residents such as a fitness center, clubhouse, pool, bike room, and rooftop deck.

“Our clients were able to repurpose this vintage commercial building into a collection of highly desirable, unique market-rate units - a great addition to the River West area,” said Mr. Darby. “We are thrilled to have provided the permanent financing solution as the project becomes stabilized, and congratulate them on a job well done. We look forward to working with them on future projects.”

“This development project was a labor of love for us, and we are thrilled with the outcome for long-term financing, and for Greystone’s guidance along the way,” said Ted Thilman, Principal, Rockwell Property Co.

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