Greystone 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. In accordance with Freddie Mac’s Preservation program, 30% of the units are designated for households earning under 80% of Area Median Income (AMI).
